Financial Service Digital Experience Trends

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Financial Service Digital Experience Trends

Key Takeaways

  • Bank-linked personalized digital insurance is one of the digital banking features that ensure customers would have a smooth banking experience.
  • Customers expect to receive guidance on how to improve their financial health, not just assistance with routine product interactions.
  • Digital banking customers expect speed and simplicity. Most customers prefer to have an improved customer experience over new services. Thus, many fintech companies have been focusing on improving their existing services instead of offering new ones.

Introduction

This research presents insights into customer expectations for digital full-service banking. This includes digital banking features that ensure a smooth customer experience. The details are outlined below.

Bank-Linked Digital Insurance

Real-Time Assistance

  • In 2021, banking services customers preferred to have the ability to approach a bank whenever they needed. They started to not like being approached by a brand. About 49% of customers consider instant support essential in establishing customer loyalty.
  • To address this customer expectation, banks started using AI chatbots to offer real-time assistance.
  • Customers expect to receive guidance on how to improve their financial health, not just assistance with routine product interactions.
  • Erica, Bank of America's chatbot, has managed over 100 million client concerns in just 18 months.

Sustainability

  • Modern digital banking consumers also prefer to be involved in something grand. Thus, sustainability in banking has been a customer expectation.
  • Around 68% of digital banking consumers are much more likely to be loyal to a brand that shares similar values such as social equality, community investment, sustainability, and environmentally-friendly consumption.

Personalized Services

  • Personalized customer service is one of the keys to superior customer experiences in digital banking. Since customers manage their finances differently, hyper-personalized service is an expectation.
  • Modern digital banking consumers don't care about the number of services offered. What they care about is whether the bank can address their needs.
  • The TD Bank Group launched MyTD Experience to personalize the customer experience. TD Bank's AI-based assistant has been sending "data-driven, contextualized nudges" such as the Low Balance Prediction (based on the customer's recent spending) and Upcoming Transactions (based on the customer's recurring payments) features. These two features send encouragement to customers to prioritize timely payments and spending.

Speed and Simplicity

  • Digital banking customers expect speed and simplicity. Most customers prefer to have an improved customer experience over new services. Thus, many fintech companies have been focusing on improving their existing services instead of offering new ones.
  • According to Kyle Priest, TeleTech's chief strategy and marketing officer, the customer experience market is already at an inflection point. Priest explained, "Brands are working behind the scenes to make experiences appear simple to their customers."
  • Apple Card is a good example of a "simple, speedy, and omnichannel customer experience with digital and physical versions of a card." Last year, about 2.2% of all US adults who own a credit card used Apple Card. The card can be applied for directly from the Wallet app and can be used immediately. Apple Pay has also been leading the mobile payments space in the US.

Research Strategy

For this research in financial service digital experience, we leveraged the most reputable sources of information in the public domain, including Relevant Software, SDK Finance, Bright FI Services, Financier Worldwide, and Insider Intelligence.

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