What can we expect to see more of next year? This could be tech adoption, customer behaviour, ways of working, etc.
We will continue to see more focus on delivering optimal customer experience and employee experience. It is imperative to deliver the Total experience otherwise FSIs will lose their competitive edge. CX+EX=TX
Are your priorities different in 2023 vs this year, and if so, why? What is your number one priority next year?
Priorities don’t change drastically. The economy is now more volatile, inflation is high, interest rates are high, and we are seeing increasing numbers of organizations announce layoffs. As such customers are looking at their FSIs to provide financial health advisors and become their long-term partners in their journey
What emerging trends or industry behaviours can we expect to see develop in 2023 and beyond over the coming years?
ESG, faster, digital, personal, secure
- “84% of financial institutions have changed more in the last 12 months than in the company’s lifespan. 70% reported digital transformation to be the main driver.” – Financial services industry crippled by rapid rate of digital transformation | ITRS Group
- EX + CX = ROI – Accenture – Employee Engagement Reimagined
- “66% of customers want their bank to understand their personal needs and expectations” – Lessons from Nearly 2,800 Financial Services Leaders on Resilience in the Face of Crisis
- “78% of respondents would continue using their bank if they received personalized support BUT only 44% of banks are actually delivering it” – J.D. Power’s 2022 U.S. Retail Banking Satisfaction Study
- “With a ‘360-degree customer view’, customer lifecycle information management solutions can support consistent and compliant real-time sales, service, and marketing interactions — across the entire organization and all available channels.” — Jim Marous, Owner and CEO, Digital Banking Report, Host, Banking Transformed Podcast, Using Data and Insights to Deliver Improved Customer and Employee Experiences Paper
- Exclusive survey of bankers sponsored by OpenText and conducted by the Financial Brand discovered that 71% ranked meeting customer expectations and 48%, reducing cost and meeting efficiency as their top priorities. Using Data and Insights to Deliver Improved Customer and Employee Experiences Paper
- Delivering on better employee experiences is critical – it ensures optimal customer experiences, increases employee engagements and increases employee productivity and profitability. 62% of bank employees engage with 3 to 5 systems in order to effectively address issues. Using Data and Insights to Deliver Improved Customer and Employee Experiences Paper
- By 2026, 60% of large enterprises will use total experience to transform their business models to achieve world-class customer and employee advocacy levels – Gartner – Top Strategic Technology Trends for 2022: Total Experience
(The author is Ms. Monica Hovespain – Global Industry Strategist, Financial Services and the views expressed in this article are her own)
