AMERICAS FINANCE
New CX Business Models Driving Financial Services Transformation In a complex, competitive and fast changing financial world with increasing customer demands, regulatory obligations, and disruptive technologies, the pressure is on for financial services to drive strategic growth and secure future success. Many are looking at CX leadership to drive transformation to deliver differentiated, superior customer experiences. 40 percent of US millennials have switched banks due to poor customer service. Indeed, more than two-thirds (77 per cent) would switch to receive better service, according to recent research1. Meanwhile, in the traditionally slowto-change insurance sector, 75 percent of incumbent insurers “believe the biggest impact to the industry will come from building new products to address the changing needs of the customer”, according to research
from PwC and Startupbootcamp. Only 26% of financial executives say their contact centres are somewhat or very future-ready (down from 31% last year). So how can the industry up its CX game? Use emotion analytics Emotion analytics enables you to treat individual customers differently, developing engagement that is personalized to each of their emotional as well as product needs. For example, the expected outcome of an inquiry may be to obtain a loan, but two customers with the same inquiry may have very different emotional needs, which in turn means they will respond differently to the same treatment. For banks, the issue is about how to appear human in a highly automated world and empathic towards their customers to help build stronger relationships.
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