Customer experience trends in financial services for 2021
- June 1, 2021
- Micah Group
- Lending Library
A disruptive year compounded challenges for the financial sector, while presenting opportunities for innovative financial institutions.
The COVID-19 crisis also drove innovation as banks quickly learned what was important to customers. A recent report from Microsoft explores how customer experience (CX) has changed and what the future will bring.
63% of respondents claim providing enough self-service options for customers is a challenge to delivering consistent, high-quality CX.
- Nearly three-quarters of respondents (73%) claim about 50% or more of their customers’ activities switched from in- person services to digital services in 2020.
- Although half of the respondents don’t expect their customers’ habits to change much in the next 12 months, most remaining respondents (38%) believe customers will embrace digital financial tools over physical branch services in 2021.
Customers are not as easily swayed by the friendly, person-to-person customer service that dominated the past. They want to be able to complete financial tasks quickly and efficiently, and they want to be able to do so on their terms.