The collective rise of the tech giants and challenger banks is placing significant pressure on traditional financial institutions. Disruptive digital savvy ‘newbies’ are designing their entire ethos around simplifying and enriching the customer experience, and anyone slow to respond could find themselves serving as another stark reminder of the pace at which customer loyalties can change.
Essentially, the customer experience (CX) in financial services has reached an impasse. While a whopping 94% of financial services professionals see CX as a key differentiator in their crowded and competitive market1, only 30% of respondents see it as a business challenge that’s prioritised by the board – signalling a worrying disconnect between recognising the importance of CX and bringing it into the spotlight as a critical business imperative.
