Top 7 Use Cases for CX in Financial Services 2022

The importance of CX solutions in financial services

Top 7 Use Cases for CX in Financial Services 2022
Contact CentreInsights

Published: January 10, 2022

Rebekah Carter

According to some reliable sources, like Capgemini, the Financial Service industry is one of the slowest sectors for implementing AI at scale. Financial services groups have also struggled with other forms of innovation, particularly when it comes to implementing solutions for customer experience.

Fortunately, this issue could be beginning to change. A recent survey produced by the Digital Banking Report found that improving customer experience and enhancing digital transformation are two of the biggest focus points for these companies since the pandemic.

A strong CX strategy is therefore an excellent opportunity for financial services companies, as it allows them to combine customer experience and digital innovation into one plan. Here are just some of the top use cases for CX in financial services during 2022.

1. Improved Employee Engagement and Management

A strong customer experience relies on a positive agent experience. This is why many of the CCaaS systems and tools available for CX today focus on engaging, connecting, and aligning teams, so they can better serve clients. With competition fierce in the financial services company, a strong CX strategy can help to align staff members, so they can offer support and guidance faster, and more effectively than ever.

An excellent strategy for CX also requires business leaders to think carefully about how they’re going to engage and manage staff in a world where work is growing increasingly distributed. Strong CX solutions should provide access to CRM information, customer data, and effective insights regardless of where employees are.

2. Improving Team Efficiency

CX solutions in the financial services landscape can include investing in a host of tools that assist with overall team efficiency. For instance, Gartner believes the majority of companies going forward will be using AI and chatbots in the years ahead. Indeed, one report even suggested 85% of banks would be using bots by the end of 2021.

Investing in the right CX solutions provides financial companies with the chance to implement innovative solutions for self-service and support in the digital landscape. The use of bots and self-service solutions means clients and customer can get around-the-clock assistance with a crucial aspect of their life – their finances. The in-app chatbots you create for your team, or website bots can also tap into CRM tools and other information to provide personalised experiences.

3. Adapting to Changing Customer Demands

The pandemic has been a major catalyst for change for virtually all businesses – no matter the industry. In the banking and financial service world, we’ve seen a significant increase in the number of digital experiences currently happening among clients. People want to be able to invest and check their portfolios through smartphone apps, and access self-service tools wherever they are.

Your financial services customers are looking for an increasingly digitised and omni-channel environment for customer service and support. Embracing the right CX solution empowers financial services brands to meet with their customers wherever they are and deliver experiences that can improve loyalty and unlock new opportunities.

4. Increasing Customer Loyalty

CX solutions in the financial services industry offer companies a chance to not only implement new tools for customer service but also understand the specific needs of their target audience too. With access to the right CX solutions, companies can effectively track the customer journey from start to finish, determining exactly what customers need at each stage in the transaction process, and what kind of assistance is required.

As financial services solutions become increasingly competitive, and consumers discover access to a range of services online, companies are under increasing pressure to ensure they can offer the best experience for their clients. Fail to understand the end-to-end customer journey and implement tools for loyalty, and you risk losing your entire community.

5. Boosting Net Promoter Score

More than just increasing your chances of consumer retention, a good CX solution in financial services also improves your chance of attracting new customers through better word of mouth and NPS. When you use the right technology to map your customer journey, you can provide a consistent level of excellent customer service, no matter which touchpoint your client is using.

You can discover new opportunities for service like co-browsing and video chat with the right CCaaS and CRM solutions and improve customer resolution times. You’ll also be able to deliver stronger, more personalised experiences for your audience. 80% of customers are more likely to make purchases with companies offering personalized experiences.

6. Becoming More Competitive

Particularly since the pandemic, modern customers prefer to connect with brands effectively and efficiently across a range of channels. Digital channels are gaining more significance across the financial sector on a yearly basis. Companies capable of providing a comprehensive omnichannel experience with the right CX solutions will be able to stay one step ahead of the competition.

Not only can you provide the kind of flexible experiences your customers are looking for, but you can also use end-to-end connectivity between the channels you offer for customer service to provide a memorable and consistent set of interactions.

7. Leverage Better Security

Security has always been a critical concern for the financial services landscape. Customers want to know their investments and finances are well-protected, no matter where their brand might be located. Using the analytics and advanced tools in a CX landscape provides companies with the solutions they need to deliver excellent peace of mind. You can create end-to-end tracking in your contact centre and CX landscape to make sure data always travels to the right place.

With the right CX solutions, it’s even possible to access the latest in innovative new tools for customer service and support, like biometric voice scanning to reduce the risk of things like fraud. The more you innovate from a security perspective, the more valuable your business becomes to your target audience.

The use cases for CX solutions in financial services are endless. Make sure you don’t underestimate the importance of the right customer experience.



Artificial IntelligenceChatbotsDigital TransformationFinanceFinancial ServicesSecurity and ComplianceSelf Service

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