The rise of fintech has had a sweeping impact on customer experience (CX) in the financial industry. From mobile payments to rapid fire rate quotes and loan approvals, fintech has disrupted the status quo for bankers and made improving the CX a top priority for every banking organization.
Banks seeking to develop a strategy to improve the CX will do well to break apart the disruption taking place into four distinct components. Each of these has emerged into the mainstream in 2017 and will continue to develop in 2018:
- Connected consumers. Smartphones in hand, today’s banking customer lives in a connected, mobile, and always-on digital environment that initially opened the window of opportunity fintech has seized. Banking customers have gained leverage in their banking relationships because they have more information, more options, a louder voice, and faster transaction times. They are not only engaging in financial relationships differently, they are also sharing information with their peers through social media, online reviews, and similar real-time outlets. For banks, new insights about consumers can be gleaned through social listening—enabling more granular and accurate customer segmenting. However, these customers also fully expect the banking organizations they engage with to respond with an immediate, highly personalized, and relevant approach. They also expect their bank to communicate with them in the way they prefer.