Customer Experience: The Ultimate Battleground For Financial Services

Customer Experience: The Ultimate Battleground For Financial Services

Financial service companies have always faced stiff competition. Whether through traditional sources, such as other banks, or the emergence of non-bank banks such as PayPal. With so many choices available, financial services companies cannot take their customers for granted and need to engage more deeply with their customers. The truth is, there is usually only a very small difference in price between these offerings so firms are turning to customer experience (CX) as the number one way to retain current customers and also to attract new ones.

Companies that don’t focus on CX can find themselves losing out to competitors who can provider a better experience. According to a report from Kantar, financial institutions that lead in customer experience have higher share of deposits as well as a better chance of cross-selling other products and services to their current customers.

A wave of transformation is currently sweeping through the financial services sector with customers replacing the expertise of financial professionals in favour of online engagement. The relationship between financial institution and customer has changed dramatically and businesses need to adapt to this new generation of customer expectations.

How To Create a Positive CX

So how can financial service firms improve their customer experience? One of the best ways to improve CX is to look at technology to increase automation and personalisation. Customers want to be treated as an individual and want any issues raised to be dealt with as quickly and easily as possible. Consumers prefer more personal support and interactions but dealing with a large number of customers at scale is difficult and demands resources. So, what’s the answer?


A Chatbot can have these more personal interactions, meaning you do not have to commit to extra resources and that most importantly your customers are getting the information or resolution they require as quickly as possible. A chatbot can be set up to answer frequently asked questions, collect feedback, provide resources and more. This means you have the information available 24/7 but still can offer a more interactive way of communicating than simple web forms or online content.

Get To Know Your Customers

Another key element in delivering a positive customer experience is actually getting to know your customers. What is important to them, why did they choose your company and what do they like/dislike about your services? Getting this information can help you increase customer loyalty, cross sell other services and improve your overall service.

But before you go and send out your traditional survey questionnaire, take a moment to think about what we have discussed so far. Your customers want a more engaging, personalised experience and collecting feedback is still an important part of this customer journey. Instead of sending them a generic set of rating questions, why not send a chatbot led conversational survey?

This way the chatbot can interact in a more human like way, reacting and asking relevant follow up questions to get deeper insight. The companies that best understand and anticipate ever evolving behaviours and expectations will lead the field in the years ahead.

Using Data To Elevate Customer Experience

Gathering customer feedback through this method means you generate much more detailed responses. So how can you turn customer comments in actionable insight? The good news is that you don’t have to manually filter through all these comments yourself. This is where artificial intelligence and automation can help you out. Text analytics can automatically pick out common topics and identify sentiment around feedback. This helps categorise responses not only in terms of the areas that customers are talking about the most, but also the areas that are having the biggest negative emotional impact on their experience. This enables you to set priorities, track sentiment over time and implement changes that will directly improve your customer experience.

How Wizu Can Help Financial Service Companies

Wizu offers a CX tool kit that was designed with financial services in mind. At the heart of the platform is a voice of the customer program that will help you create engaging, conversational surveys that generate higher response rates and more actionable insight. Wizu also enables you to deal with complaints, encourage social sharing and use conversational marketing to upsell to your happy customers.

Wizu is also more than just surveys. You can use Wizu as a website pop up to capture leads or answer FAQs, can generate case studies, create assessments, measure employee satisfaction and more.

Get in touch with our team to today to arrange a demo and find out more about Wizu.