Love learning? We do, too! Since we can’t all be all the places all the time, our team is happy to share takeaways from the events we attend!
The 4th edition of the Customer Experience for Financial Services (CXFS) Summit in Toronto was not just another conference. As a dedicated platform for all things customer experience within the financial services sector, it was a hotbed of insights, strategies, and trends that are shaping the future.
Here are my top takeaways.
1. Simplicity and personalization: The balancing act
Monique Koehli-Duquette, Head of Marketing Technology and Analytics of the BMO Group, made it abundantly clear that while simplicity can help banks scale, it often runs counter to personalization. Banks often lean on standardized processes, but at what cost? We heard from Anita Gosh, CEO of Bridjr, about her experience of losing a card in Spain. Her bank’s inability to see beyond its standard procedure cost it an opportunity to truly connect with her – the customer.
For true personalization, Northwestern Mutual suggests focusing on key life moments, like turning 40 or welcoming a new child. This nuanced approach can help banks better serve and understand their customers.
2. Data: It’s not just what you have, but what you do with it
This theme echoed throughout the event. Don Beck, CEO of The MSR Group, commented on the dangers of ‘bells and whistles’ in CX tools that often drown out the real value. But he also emphasized the importance of analytics over mere measurements. It’s not about collecting data but deriving actionable insights from it. Another attendee, Zur Yahalom, Senior Vice President and Head of Financial Services for Americas at Amdocs, shared a personal anecdote to drive this point home. When his house was hit by a storm, no banks reached out, despite having his address and knowledge of the storm. The message? Use your data compassionately and meaningfully.
3. The need for a human touch in an AI world
Beck again stole the show with his observation on self-serve strategies. He urged businesses to ensure that self-serve options, while automated, should also have a human element. Whether it’s a face-to-face meeting or a simple phone call, the human touch must not be entirely erased from customer interactions.
4. Crafting a meaningful experience
Sean Alberston, Founder & CXO at CX4Rocks, captured it best: UX + CX + BX = Experience. Companies need to ensure that every touchpoint, be it user experience, customer experience, or brand experience, works in tandem to create a holistic experience.
Laura Scheck, VP of Credit Cards at Scotiabank, and Sandip Chaundhry, Head of International Banking & Customer Growth at HSBC, shed light on the importance of understanding customer segments and sub-segments. These insights, combined with the right tech tools, can help companies personalize experiences even for new customers they know little about.
5. The human advice gap in financial relationships
Jean-Pierre Lacroix, Founder & CEO of Shikatani Lacroix Designs, the star of the conference, highlighted a critical issue: The human advice gap. Even as 50% of consumers now use mobile as their primary channel for transactional relationships, the move to digital has failed to address financial anxiety. He emphasized that driving customers primarily towards mobile apps could inadvertently lead to customer attrition. Balance is essential.
The CXFS conference was a timely reminder that while technology, data, and AI play a vital role in enhancing customer experience, the human element remains irreplaceable. As the financial industry continues to evolve, striking a balance between personalization, simplicity, and technology will be the key to success.
One key stat from Salesforce was echoed again and again throughout the conference: “88% of customers say that the experience they have with a company is as important as the product or services.” It’s a call to action for all in the financial services industry to prioritize and redefine the customer journey.
Ultimately, people who interact with your financial institution are suffering from less-impactful experiences. Let’s set up a chat to learn about Sogolytics’ radically different approach to analyzing human experience (HX).