In today’s digital world of instant gratification, customer expectations are rising across all sectors. It’s no longer enough to meet expectations, they must be exceeded. Demand for exceptional customer experience is growing, especially among the millennial generation.
CMOs understand those customer demands. Nearly three quarters agreed that ‘Customers expect highly relevant, personalised and integrated omnichannel messaging and experiences’, when questioned as part of an overall Customer Experience Trends & Insights report compiled by our friends at MarTech Alliance and supported by Treasure Data.
Data and technology play a pivotal role in delivering those exceptional experiences.
Cloud computing, AI & machine learning, customer data platforms, and integrated tech stacks are all making personalisation at scale possible. Financial institutions can delight customers by providing personalised and contextual recommendations, insights and nudges that help them to manage their finances effectively.
However, improved personalisation and service cannot be traded for a reduction in data compliance, privacy, and ethics. Especially in financial services.
A question of Trust
70% of those 200 CMOs agreed that ‘Data compliance, privacy and ethics are critical to customers gaining brand trust’.
Trust, in various forms, has been a topic of conversation amongst CMOs in financial services for as long as I can remember.
From a personal perspective, I view my bank and other financial institutions as the most trusted when managing my personal data and privacy. Their reputation as the trusted guardian of my personal data had been built over many years. I trust them more than any other kind of organisation to keep my data safe and secure.
But while banks and insurance companies may take pole position in my data trust race, they can still fall short in customer experience.
Customer experience, still a learning curve
So, it’s not surprising that nearly half (48%) of survey respondents said the customer experience they deliver falls below or significantly below their customers’ expectations.
Financial services can be a unique space with its legacy systems, marketing requirements, and regulations.
There are customers, like me, that remain loyal to a brand for over 40 years, despite the odd customer experience blunder. What we won’t entertain is a breach in our personal financial data.
Beware the 30% of CMOs who don’t consider data compliance and privacy as essential for consumer trust. Financial services may not be the sector for you.
To request a copy of the full report from MarTech Alliance, please click here: https://www.martechalliance.com/cx-research-report