Insights from industry leaders on staying ahead of emerging technologies
The CX BFSI UK Exchange recently hosted a panel discussion on how the intersection of technology and customer trends will impact the future of CX in the financial services industry. The speakers on the panel were Filipe Martinez, CIO of Revolut, Maria Schevchenko, COO of Trading & Banking Solutions at LSEG, Ange Johnson De Wet, Head of Function at Lloyds Banking Group, and Sanjeev Kumar, VP EMEA at boost.ai.
One of the key themes of the panel discussion was personalization. The panelists agreed that banks need to understand what customers are looking for beyond their financial products. For instance, customers are not interested in mortgages, but rather homes. Personalizing offerings to customers can help banks retain customers and do more business with them. The panel also agreed that personalisation is a double-edged sword, as while 65% of customers find personalization helpful, 11% find it creepy, so banks must be careful to strike the right balance.
The need for financial services companies to stay ahead of the curve when it comes to emerging technologies was also raised as a topic. The panelists advised companies to keep an eye on customer needs, invest in technology that solves problems, and not be afraid to ask the right questions or fail. Additionally, they stressed the importance of balancing technology with the human element in certain scenarios. While automation is vital, there are situations in which the human touch is necessary, such as during a market crisis when traders need to speak to a human rather than rely on a chatbot.
The panel also discussed the importance of justifying IT costs. The commercial models for buying technology should be based on ROI, according to the panelists. Companies need to focus on future-proofing themselves and creating new value points for their customers, such as marketplaces that enhance customer stickiness.
Finally, the panelists discussed the importance of data. They advised companies to use data wisely and only invest in technologies that solve problems for customers. They also noted that banks should look to social media platforms like Instagram, Facebook, and TikTok for inspiration on gamification to attract younger audiences.
In summary, the panelists agreed that personalisation, transparency, and balancing technology with the human element are crucial to the future of CX in the financial services industry.
Additionally, companies should invest in technology that solves problems, balance technology with the human element, and justify IT costs based on ROI. By following these strategies, financial services companies can adapt to emerging trends and continue to provide an exceptional customer experience.