2018 is seeing financial service organizations shift their strategic focus to the “customer experience,” or CX. Changing customer expectations and competitive pressures will require a new approach to pretty much everything involving today’s tech savvy consumer.

The financial services’ new commitment to CX will impact nearly every organization, everywhere, while inspiring game-changing innovation like never before. Why? Financial services organizations must pursue customer experience initiatives to make doing business with them easier and more enjoyable, to build consumer trust, and to increase efficiency.

Rising to this CX “challenge” requires a strong understanding of customers and their goals and preferences at every stage of the journey. Half of the world’s population will be digital natives by 2020 – That means a significant (and rising) proportion of financial services customers around the globe will have grown up with a computer on their desks or a mobile device in their hands.

What will financial services organizations be doing to serve these digitally savvy consumers with relevant, satisfying, and even enjoyable experiences — experiences that also serve the bottom line? The Frost & Sullivan White Paper suggests:

1. Map your customer’s journey to provide a more consistent and relevant experience
2. Connect online with offline to build a comprehensive view of your customer
3. Build online experiences around customer segments to improve relevance
4. Go beyond the basics to stay connected on mobile

Financial services organizations must pursue customer experience initiatives to make doing business with them easier and more enjoyable, to build consumer trust, and to increase efficiency. Effective CX is necessary to keep customers loyal, respond to their rapidly evolving needs and preferred modes of communication, provide for competitive differentiation, and take financial services companies to the next level.

You can and should, see your business through your customers’ eyes. BARE International‘s customer experience research can provide you with critical data to make meaningful business decisions. Tell us a bit about your business here and what keeps you up at night. We can help.