In the rapidly evolving world of financial services, customer experience (CX) has become the cornerstone of growth and sustainability. Inspired by trailblazers like Apple, banks and financial institutions are now reimagining their customer journeys, striving for a more seamless, integrated, and personalised experience. Here's a glimpse into the future of customer experience in financial services, shaped by a connected ecosystem.
1. Seamless Integration Across Platforms
Future banking will transcend traditional boundaries, offering a seamless experience across various digital platforms. Imagine conducting a transaction on your bank's mobile app and seamlessly continuing it on your smartwatch or through a voice assistant. This omni-channel approach will not only offer convenience but also a consistent brand experience, similar to how Apple synchronises its services across devices.
2. Personalised Customer Journeys
Banks will increasingly leverage data analytics and AI to offer personalised services. From tailored financial advice to customised product offerings, your banking experience will be as unique as you are. This personalisation, akin to how online retailers suggest products, will transform financial services into more than just a necessity – it will be a tailored experience that understands and anticipates your needs.
3. Enhanced Security with Biometrics
Taking a leaf from Apple’s book, financial institutions will enhance security through biometric authentication. Facial recognition, fingerprint scanning, and even voice recognition will become standard, providing a secure yet convenient way to access services, much like unlocking an iPhone with Face ID. NatWest's biometric payment approval feature, using Face ID or Touch ID, exemplifies this, offering flexibility and secure transactions.
4. AI-Powered Customer Support
The days of waiting in long queues or navigating through complex IVR systems will be history. Banks will employ AI-powered chatbots and virtual assistants, providing instant, 24/7 support. These digital assistants, much like Siri or Alexa, will handle queries, transactions, and even offer financial advice, making the customer support experience more efficient and user-friendly.
Santander UK, for example, already relies on AI to visualize international trade trends and customer insights in real time.
Recent McKinsey research, examining more than 60 use cases of gen AI across sectors, estimates that the technology could potentially reduce between $200 billion and $300 billion in operating expenditures in the banking sector and boost productivity by about 3 to 5 percent.
5. Immersive Experience with Augmented Reality
Imagine visualising your financial portfolio through augmented reality (AR) or having a virtual meeting with your financial advisor in your living room. Financial services will embrace AR and VR technologies to provide an immersive and interactive experience, transcending physical boundaries. For instance, some banks are utilizing AR to help customers locate nearby branches and ATMs. These forward-thinking institutions are incorporating AR technology to present exclusive offers and deals seamlessly within customers' real-life surroundings, transforming their mobile screens into interactive AR projections.
Many banking apps now offer features allowing users to register their cards and visualize financial data in 3D bar charts. These interactive features provide users with insights into their balances, transaction history, and spend locations, enhancing the overall banking experience.
6. Sustainability and Social Responsibility
Taking cues from socially conscious brands, financial services will integrate sustainability and ethical practices into their business models. This shift will not only resonate with the environmentally and socially conscious consumer but also foster a sense of community and responsibility.
7. Collaborations and Partnerships
The future will see more collaborations between financial institutions and tech companies, similar to Apple's partnerships. These collaborations will bring together the best of both worlds – the reliability of traditional banking with the innovation of tech giants.
The future of customer experience in financial services is not just about technological advancements; it's about creating a connected, empathetic, and intuitive experience. By drawing inspiration from brands like Apple, financial institutions can revolutionise how they interact with customers, making financial services more than just transactions – a part of the customer's lifestyle.
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