Sometimes confused with customer service, customer experience is defined as the interactions a customer has with a business across its marketing and sales teams, with customer satisfaction scores (CSAT) or Customer Effort score the main metrics to measure it.
From a tools perspective, customer relationship management (CRM) software tends to help finance companies collect, track, and analyse data resulting from customer experience. There are also A/B testing tools on the market which allow businesses to test which forms of messaging work best across their customer base. Dynamic recommendations are another option businesses use for products or accessories based on previous purchases.
AI is taking it to the next level
AI is gradually playing more of a pivotal role within customer experience across the banking sector, and according to a survey by The Economist, 31% of financial services leaders say the top benefit of using AI is enhanced personalised service and customer satisfaction.
AI comms are a great example of how banks can have taken customer experience to the next level. Back in 2023, Forbes announced that “It is the year of the chatbot in banking” and cited a study that states that consumers provided a higher rating of their mobile banking experience for banks with a digital experience.
And as generative artificial intelligence products grow even more powerful, an increasing number of financial services companies are using this technology to analyse customer data to offer tailored recommendations and financial and product advice faster and more finely tuned than what a human could offer.
Customers are using these AI-powered chatbots to access 24/7, real-time accurate and personalised information, advice, and support. As a result, customer experience expectations are growing and it is now becoming a necessity rather than a bonus for banks.
