# Financial services is upping its customer experience game
Author:  Pal Sinha, Barnali 
Author URL: https://financedigest.com/author/pal-sinha-barnali
Published: 2021-08-06
Category: TECHNOLOGY
Category URL: https://financedigest.com/category/technology
Meta Title: Financial Services Sector Adapting to Digital Transformation
Meta Description: Discover how digital transformation and intelligent virtual assistants are reshaping the way banks and financial institutions interact with customers.
URL: https://financedigest.com/financial-services-is-upping-its-customer-experience-gamehtml

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_By_ **_Jeff Woodland,_** _Director of Verticals at_ [_Five9_](https://www.five9.com/)

The financial services industry has always been behind other sectors when it comes to digital transformation. Ingrained cultures alongside ancient financial institutes with legacy systems are tough cookies to crack. However, due to impacts from changing customer expectations, banks and other [financial services](https://www.financedigest.com/can-financial-services-brands-ever-be-credible-on-social.html "Can financial services brands ever be credible on social? ") companies have had to do a complete 180 on what they once thought was good customer service. Other sectors have revolutionised the [customer experience](https://www.financedigest.com/insurers-ready-to-fight-back-against-poor-customer-experience.html "Insurers ready to fight back against poor customer experience") model, and the financial services sector is now following suit.

Many people find it difficult to cope with the stress that comes with managing money. Our world [revolves around our](https://www.financedigest.com/the-medication-dispenser-market-revolve-around-digitally-driven-innovation.html "The Medication Dispenser Market revolve around digitally driven innovation") finances and is essential to everyday living. Being able to speak with a [human when they need to discuss concerns and ask questions can put](https://www.financedigest.com/the-human-platelet-lysate-market-to-stay-digitally-put.html "The Human Platelet Lysate Market to stay digitally put") customers mind at ease. Similarly, receiving easily accessible services on whatever channel a customer chooses can [improve the customer journey](https://www.financedigest.com/how-artificial-intelligence-can-help-improvethe-customer-journey-in-insurance.html "How Artificial Intelligence can help improve the customer journey in Insurance") and build brand loyalty.

Those unable to connect customers through the right channel at the right time may begin to see huge impact on [customer service that can](https://www.financedigest.com/revolutionising-customer-service-three-sectors-that-are-leading-the-way.html "Revolutionising Customer Service: Three sectors that are leading the way…") be detrimental to reputations.

**Integration is essential**

[Challenger banks](https://www.financedigest.com/the-rise-of-challenger-banks.html "Challenger banks") like Monzo and Revolut also set a new standard for legacy banks. They offered a different way of banking with [digital at the heart and this challenged traditional customer service](https://www.financedigest.com/matching-digital-adoption-with-cybersecurity-in-the-financial-services-industry.html "Matching digital adoption with cybersecurity in the financial services industry"). As such, traditional [banks had to step](https://www.financedigest.com/uk-banks-and-insurers-told-to-step-up-help-for-struggling-customers.html "UK banks and insurers told to step up help for struggling customers") up. Through scale and innovation, big [banks have made significant gains in customer](https://www.financedigest.com/christmas-debt-hangovers-how-banks-can-help-customers.html "CHRISTMAS DEBT HANGOVERS: HOW BANKS CAN HELP CUSTOMERS") satisfaction over the last decade.

[Digital transformation is paying off for financial services but](https://www.financedigest.com/the-future-for-financial-services-is-digital-engagement.html "The future for financial services is digital engagement") it has also left siloed data and applications which are in need of integration in order to offer the most seamless experience for customers. Technology is essential when it comes to [customer experience, but unless it is integrated and connects to all core systems, it cannot deliver its intended value – and may be more costly than it’s worth](https://www.financedigest.com/how-will-open-banking-impact-the-customer-experience.html "How will Open Banking impact the customer experience?").

**Intelligent assistance**

That consumers have grown increasingly comfortable with interacting with smart devices in a natural and conversational manner shows how this tech can be done right. As a result, there has been a huge shift in consumer behaviour over the last few years, with research suggesting that shopping through voice-activated devices in the UK will be worth [£3.2bn by 2022](https://www.occstrategy.com/pl/about-occ/news-and-media/article/id/1938/2018/02/voice-shopping-in-the-uk-to-be-worth-35bn-by-2022). Customers have come to expect virtual assistants at all points of the purchase journey – and [financial services](https://www.financedigest.com/as-hackers-declare-cyberwarfare-financial-services-cannot-afford-to-be-complacent.html "As hackers declare cyberwarfare, financial services cannot afford to be complacent") is no exception.

Whether it is through an AI chatbot, over SMS or via email, being able to get a quick, 24/7 response to questions helps to put a customer’s mind at ease. IVAs (Intelligent Virtual Assistants), are a prime example. They are automated, [self-service applications that offer capabilities similar to human service and support](https://www.financedigest.com/uk-gives-bbc-world-service-20-million-pounds-to-support-english-language-broadcasting.html "UK gives BBC World Service 20 million pounds to support English language broadcasting") agents but unlike their human counterparts, they just never rest or take holidays. This means that the customer can be looked after and responded to 24/7, offering that seamless experience that they don’t just want but have come to expect.

The [benefit isn’t just for the customer](https://www.financedigest.com/online-marketplaces-embracing-embedded-finance-to-benefit-both-customers-and-vendors.html "Online marketplaces: embracing embedded finance to benefit both customers and vendors     "), however. As adoption of IVAs increases in the [financial sector](https://www.financedigest.com/boom-or-bust-how-the-financial-services-sector-is-coping.html " Boom or Bust: how the financial services sector is coping"), the benefits are ten-fold for businesses too. Being able to offer automated responses to questions, and only having to use agents for bigger queries and complex issues, frees up valuable time for human agents to focus on more urgent customer enquiries. It also reduces average wait times for customers during busy hours, all whilst [delivering a more human experience](https://www.financedigest.com/how-partnerships-fuel-fintech-innovation-and-help-banks-deliver-a-better-customer-experience.html "How Partnerships Fuel Fintech Innovation and Help Banks Deliver a Better Customer Experience") – one that isn’t actually human.

[**Technology enhances experience**](https://www.financedigest.com/how-is-modern-technology-shaping-our-in-store-experience.html "How Is Modern Technology Shaping Our In Store Experience?")

While consumers value speed, convenience and the ability to get quick turnaround answers digitally,for [financial services, the telephone is still the most used channel when it comes to dealing with personal matters](https://www.financedigest.com/what-can-we-learn-from-financial-services-security.html "What can we Learn from Financial Services Security?"). This is where human contact and technology have to marry up perfectly in order to give the [customer a seamless experience](https://www.financedigest.com/visionary-banks-fight-the-blur-hybrid-computing-architecture-brings-a-faster-sharper-customer-experience.html "Visionary banks fight “the blur”: Hybrid computing architecture brings a faster, sharper customer experience").

Customers want to be able to use digital services for tasks such as getting approval for credit cards or making an online transfer, but when it comes to getting a [mortgage or making investments, being able to speak to someone is essential](https://www.financedigest.com/security-backed-mortgages-essential-tips-and-guidance.html "Security-Backed Mortgages – Essential Tips and Guidance"). It sounds simple, but too often businesses get it wrong.

For example, customers can get so far online and then have to speak to an advisor. If they get through to the advisor, they then have to repeat what they have already done online. This can be a huge pain point for customers.

This is where technology should be used to enhance human contact. Being able to provide an advisor with an overview of what the [customer has already filled out and completed will help create that all important seamless experience](https://www.financedigest.com/customer-experience-platforms-market-to-reach-us-18972-7-mn.html "Customer Experience Platforms Market to reach ~US$ 18,972.7 Mn"). To get it right, [financial services have](https://www.financedigest.com/how-big-data-is-sending-shockwaves-through-the-financial-services-sector.html "How big data is sending shockwaves through the financial services sector") to focus on the contact centre.

[**The cloud is the next step**](https://www.financedigest.com/3-steps-to-combat-cloud-outages.html "3 Steps to Combat Cloud Outages")

Now is the time for the contact centre to act as a central “hub” [for customers to receive the best experience possible across](https://www.financedigest.com/curating-a-fully-contactless-customer-experience-for-payments.html "Curating A Fully Contactless Customer Experience for Payments ") all channels. Cloud contact centres are more advanced than ever, implementing AI is seeing the industry transform and [provide more than the traditional customer services](https://www.financedigest.com/red-box-and-bloomberg-partner-to-provide-comprehensive-record-keeping-and-trade-reconstruction-services-for-financial-compliance.html "Red Box and Bloomberg Partner to Provide Comprehensive Record Keeping and Trade Reconstruction Services for Financial Compliance") experience.

Those that want to deliver [exceptional customer experiences](https://www.financedigest.com/is-your-customer-experience-exceptional.html "IS YOUR CUSTOMER EXPERIENCE EXCEPTIONAL?") must provide customers with what they want, when they want it. The [cloud contact centre is here to deliver integrated services](https://www.financedigest.com/tomorrows-world-how-cloud-computing-will-impact-the-financial-services-sector-in-2016.html "TOMORROW’S WORLD: HOW CLOUD COMPUTING WILL IMPACT THE FINANCIAL SERVICES SECTOR IN 2016") that provide quick, easy, convenient experiences for customers.


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