How to Drive the Future of Customer Experience at Your Bank with Digital Transformation

Providing the Right Service and Tools for Your Digital Customer

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Chapter 3

Defining Priorities for CX Technologies

There are myriad CX technologies available to banks and financial institutions, but decision makers must prioritize those technologies they can integrate into their existing or forthcoming digital environments. Many banks have already adopted CX tools like mobile apps and digital payments but will expand their capabilities in these areas shortly.

The two technologies respondents feel will be the most important to deliver better customer experiences within the next 12 months are mobile apps and omnichannel and personalization tools. AI, machine learning, improved digital payment systems, customer analytics, and augmented and virtual reality technologies are ranked “very important” by over a third of respondents.

Significantly, over one-third of respondents also place voice-assisted “conversational banking” technologies and blockchain technologies at above-average importance.

However, it’s important to note that blockchain, AI, and machine learning were also deemed less important by a significant number of respondents.

Banks appear to be prioritizing specific technologies for CX instead of attempting to adopt them all at the same time. This is an important step. Banks must be able to identify which technologies will produce the most value for their customers, as well as their bottom line, then run experiments to develop a business use case for them.

Emerging technologies like blockchain hold promise but may not offer the quick wins provided by other solutions.

Which technologies do you feel will be the most important to deliver better customer experiences within the next 12 months?

To what extent has your organization adopted the following technologies?

This fact is reflected in responses to the next question, in which respondents were asked which technologies their organizations had already adopted. Many organizations have already integrated customer analytics, endto-end experience platforms, omnichannel technologies, mobile apps, bots and automation, and VoC technologies. Fewer have integrated blockchain or voice-assisted “conversational banking.”

Nonetheless, a majority of respondents have either already integrated most of these technologies or are in the process of doing so. The only technology that isn’t a high priority for most respondents is voice-assisted banking. Voice interaction technology can contribute to a frictionless customer experience, and 32% of consumers already use voice interaction technology to shop.2 But other technologies seem to hold more promise for most banks.

Please rank the following in the order of importance that they have for your organization, with 1 being most important and 10 being least important.

These results are reflected in which technologies banking and financial organizations deem most important. Respondents cite improved digital payments, omnichannel technologies, and automation or bot technologies as the most important. They are split on other technologies, like blockchain, end-to-end experience platforms, and customer analytics, and about half of respondents (52%) rate mobile apps as at least somewhat important.

The least important technologies on the list are VoC technologies and voice-assisted banking technologies.

VoC technologies can connect customer feedback across channels to provide the organization with customer insights and create a more seamless customer experience. They must also be accompanied by a VoC program backed by strong leadership, collaboration, and alignment. Many banks may intend to pursue VoC programs after integrating other CX technologies so they can better leverage their data.

Nonetheless, the results show that many banks have already adopted VoC and mobile apps, which may account for their lower priority.

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