PERSONALISATION SHOULD BE THE CX OF MODERN FINANCE
Commentators from Appnovation and Zopa help us determine what the contemporary financial customer experience should be and why personalisation is key
WRITTEN BY : WILL GIRLING
Digital transformation has changed how finance companies operate , but how is it altering the customer experience ( CX )? Although the answer might not be straightforward , there has been a palpable shift away from ‘ one-size-fits-all ’ products and a renaissance in flexible , transparent , and engaging alternatives . This is because , instead of being product or service-centric , companies now have an added layer of agility that enables them to mould deliverables around the end user .
As customers themselves become more technologically sophisticated , the necessity of accommodating unmet needs will become central to competitiveness . The business case for doing so is clear : banks , for example , can expect to
gain a 27.5 % growth rate via this relatively subtle cultural transformation .
To help us determine the best path for optimising CX in modern financial services , we spoke with Clare Gambardella , Chief Customer Officer at Zopa , and Allison Humphries , VP of Strategy at Appnovation .
Refocusing around the customer Recognising the shift towards more customercentric operations is an important step , but understanding why is essential . “ As finance becomes generally more fragmented and physical money is replaced by digital transactions , automatic payments , and more ; people are inherently craving more control over their individual finances ,” explains Humphries . Herein lies the value : digital technology is handing power back to the consumer ; FSIs are now the facilitators of that empowerment and their CX must reflect this .
Yet , for many , legacy infrastructure and convoluted systems and processes impede progress . However , this must be remedied as soon as possible – for the modern customer , what Appnovation called the
40 June 2021