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ICYMI: 3 experts share 5 ways BFSI brands can improve their CX

Delaney McDonald

December 28, 2021 | 3 min read

Contentsquare and Kameleoon recently hosted a panel to discuss current digital and customer experience (CX) trends for banking, financial services and insurance (BFSI) companies.

Retailers lead the pack when it comes to creating exceptional CX, but why is that? We sat down with industry leaders to discuss how financial services organizations can replicate those successes and create a stand-out digital experience for their own users.

During our discussion all roads seemed to lead to the importance of data and the insights you can leverage from it. Once you have an understanding of your current customer journey, you can then see what elements of your digital strategy need to be adjusted to create that CX retailers will be envious of.

You can watch the webinar on-demand here for all the in-depth details, but if you’re short on time—like many of us are—we’ve summarized the top five takeaways for you.

Frame your CX strategy around convenience.

You can grab a lot of inspiration from retailers on better connecting digitally with your customers while helping them understand your products and services through a clear, concise and easily-navigated website.

Example: Allow customers to pre-fill form fields online.

Build and establish trust with your customers.

Because of the nature of the business, many BFSI organizations are built on extreme privacy and strict regulations. This leads to hesitation around collecting and using data to create those amazing customer-centric experiences. But without adapting to this customer-obsessed mindset, you will lose users that are now accustomed to dynamic, hyper-personalized online experiences other industries provide.

“You should be less terrified of data and more terrified of losing your customers.” — Collin Crowell, Senior Director, Marketing and Partnerships, Kameleoon

Simplify the onboarding process of new customers.

You can no longer have a site filled with jargon and built on the assumption that customers know the ins and outs of your industry. To improve your CX during onboarding and beyond, simplify the customer journey—make resources and tutorials concise, and use clear and plain language to explain your products and services.

Example: Clearly define the difference between a Roth IRA and a Traditional IRA on your retirement planning landing page.

Create an omnichannel CX strategy.

Customer data isn’t just for one single moment or transaction, it’s about connecting the online and in-person customer journeys. Use CX data from every touchpoint to build a dynamic and personal experience. Every interaction a customer has with your brand—whether it be calling into a customer service line, downloading your app or visiting your website—all add to their customer journey and overall experience with your brand.

Customer journey example: visit a website → receive an email to start the onboarding process → download an app → contact customer service → cont.

Personalize not just your products but your experience too.

Customers have a different goal or intention each time they visit your site and/or app. Personalizing the experience for their specific intention can take many forms—maybe you ask them if they want to pick up where they left off, maybe you display a chatbot for someone who is a newer user, and so on. Regardless of the customer, each journey needs to be personalized to help the customer reach their intended goal of that session.

Example: Offering a different customer journey for newer customers by having a chatbot readily available or more pronounced guidance to your resource section vs. an older customer who is already familiar with your site.

These are just a few of the many tips and guidance provided throughout the webinar. For more in-depth information from the CX-perts on creating a top-notch customer journey, watch the full on-demand webinar here.