TALKING

Many factors affect customer behavior , but they can be broken down into four major areas :

1 . Social and personal life 2 . Ad-hoc events 3 . Government regulation 4 . Technology

Your business can tailor its services to customers undergoing specific life events , respond to ad-hoc events like a pandemic with social distancing and work from home , and possibly influence laws in your industry . But one area where you have complete control and can affect the customer experience greatly is your technology . And these are all related .

As we have seen from the pandemic , customers adapt quickly and capital often flows through the path of least resistance .

The key to developing your digital strategy is this : Digital experience strategy isn ’ t an IT-driven initiative , it ’ s a customer-needs driven initiative . There ’ s a huge difference between simply using digital technology and actually leveraging it to improve customer experiences and better address customer needs .

The pandemic forced businesses to accelerate the adoption of technology that they were considering or planning on using to better serve their customer base .

These are some specific trends you may see now :

1 . Increased digital adoption : people shifting to digital platforms for day-to-day needs

2 . Change in mobility patterns : less use of public transport , more remote working , etc .

3 . Change in purchasing behavior : move to valuebased purchasing and online shopping . So how are these trends going to affect financial services ?

Expectations in financial services

The obvious expectation from customers in the current environment is that financial service companies will provide digital access to accounts and resources .

This digital self-service can take different forms and your business should consider what fits best . Focus on the outcomes you need and reflect on the following questions :

1 . Do you provide any services that absolutely require in-person contact ?

2 . Is your current digital presence adequate to inform your customers ?

3 . Do you have a customer portal that users can access independently ?

4 . Do you have a lengthy FAQ that could benefit from an AI ‘ Bot ’?

5 . Do you already have digital resources that can be better leveraged ?

These are just some areas of your digital experience to consider . The theme is that customers expect to be able to access their accounts and all their functions at all times , and without the need for human intervention

Ease of access while maintaining security should be a focus of financial service businesses .

– until it ’ s needed . If your business can invest in technologies that make the customer experience more independent , it can reduce overhead and increase profit . If you can develop a good transition from technology to real humans where necessary , your customers won ’ t miss a thing .

Key strategies being implemented

Once you ’ ve defined your specific expectations for your business and customers , it ’ s time to develop a strategy to serve them best while maintaining a well-oiled internal machine . Here are some of the key strategies currently being implemented :

Websites

In a new age of digital expectations , your website still acts as your business ’ front door , but it ’ s not enough anymore . Your business needs content , tools , applications and customer service that work together , all supported by accurate , actionable data .

Customers are satisfied when they are empowered to manage their finances how and when they want , while at the same time they are able to count on expert advice and service when they need it . Ease of access while maintaining security should be a focus of financial service businesses .

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