Increased competition, changing customer expectations, and the rise of omni-channel experiences are all driving change for financial services. This means financial services institutions need to evolve the way they engage customers to stay competitive.
“A lot of financial institutions have to reimagine their operating model, as many banks and insurers are disintermediated by fintechs and insuretechs,” said Cyril Cymbler, VP Financial Services Practice EMEA & ASEAN, Salesforce. He was speaking during a discussion at the recent IDC Asian Financial Services Congress 2022.
“To overcome that challenge, banks and insurers are focusing on initiatives to simplify their processes and create efficiencies, while improving the customer experience.”
This shift highlights the link between customer relationships and profitability. However, Salesforce research revealed that in recent years, exceptional customer service and support became more important than ever due to changing customer expectations in the digital age. This presents a massive opportunity for financial services institutions to stand out among the competition by elevating the customer experience.
How are customer journeys being reimagined in response? What opportunities exist to drive profitability? Here are five strategies to help financial services institutions drive profitability through a unified customer experience.