Findasense presents the study: “The future of CX in banking and finance”
Posted: Mon Jan 06, 2025 4:39 am
Findasense, a global consultancy integrated within the Majorel X unit of the Majorel Group, a leader in customer experience and digital transformation, presents a recently developed study on the future of banking and revolutionary financial services from a Customer Experience perspective. The research, which has been carried out in Spain, Mexico and Colombia, highlights the difficulties that customers still face and how consumer behaviors and responses in each country have laid the groundwork for innovation in this category.
“Customer experience is crucial to building a powerful business strategy. Entities that make up the financial system have to take this into account. The way in which each financial entity approaches customer contact will impact its bottom line,” Ivan Babic, CX Human-Centered Innovation Leader at Findasense.
Findasense has focused on extracting results from a full year of active listening on social networks of user conversations in Spain, Mexico and Colombia, in Banking and Finance. The research, entirely developed by Findasense's global Data Intelligence & Strategy teams, provides key findings on the topic and the main demands of customers.
Although traditional banking still dominates, digitalisation is a fact. With this evolution of the sector, Neobanks and Fintech have emerged, raising the level of customer expectations. Smartmoney, cryptocurrencies and other financial services continue to strengthen their position to offer new options to customers.
In this sense, it is people’s expectations that have driven change, as they demand more fluid and convenient experiences. “The Financial Services industry has responded to this demand with new or renewed products such as digital banking, Neobanks and Fintech, which are not competing but have come to complement each other,” adds Ivan Babic, CX Human-Centered Innovation Leader at Findasense.
Key findings regarding customer experience
Among the key findings in the study, it is found that it is increasingly common for customers to look for an integrated and fluid experience ; without the difficulties or impediments of moving from one place to another. In other words, an almost perfect omnichannel experience . On the other hand, while people are more willing to try new products when there are humans involved, in the case of banking and financial services people are still distrustful of completely digital entities .
With each new service emerging, customers are excited but also have questions about data privacy, security issues and service adoption. Findasense’s study highlights that customers are demanding a more open and transparent financial service when it comes to addressing their concerns.
Another finding that should not be lost sight of is the existence of a group of people who are becoming experts in financial services and willing to provide advice and education to other clients. Financial services must embrace these communities and become ambassadors of knowledge themselves .
Finally, “at the end of the day we are human and we like to be treated by humans to feel listened to and cared for. Thinking about innovation should not be synonymous with human-less interactions. Revolutionary financial services cannot rely on being 100% digital,” concludes Ivan Babic of Findasense.
Key customer demands found in the research
As the research reveals and exposed in the customer journeys of the study, customers are looking for seamless interactions across multiple channels as they lack an omnichannel experience. They need to be able to move from one channel to another without their trail or data getting lost along the way. On the other hand, customers sometimes find it difficult to perform some activities solely through digital platforms or some may be challenging for less digitalized people. Here comes the importance of CX and how each platform is built to be intuitive and user-friendly.
Automation has helped financial institutions deliver faster, more efficient, and jamaica number screening more personalized services; while reducing errors and security loopholes. When it comes to customer experience, automation can help customers reduce time on tasks that would otherwise take much longer; such as opening a bank account in minutes. This is where automation, integration, and digitization start to make more sense for the overall experience.
Methodology used in the research of revolutionary financial services and banking
To extract this information, queries belonging to the intellectual property of Findasense were used, which contain all the Keywords associated with the mentioned topics with a refinement of 85% to map their total conversation.
The research was carried out in Spain, Mexico and Colombia during the period from March 2022 to March 2023 , using the following techniques and sources: Social Listening, Benchmarking, Audience Analysis, Semantic Analysis, Sentiment Analysis, Desk Research, Trends studies.
In the Digital Banking category, the following sample was used in each country: Colombia 402.2K; Mexico 611K; Spain 1.8M.
The sample used for the Neobank category in Colombia was 5.6K, in Mexico 8.2K and in Spain 12.8K. As for the Smart Money category, a sample of 40K was used in Colombia, 110K in Mexico and 149K in Spain.
“Customer experience is crucial to building a powerful business strategy. Entities that make up the financial system have to take this into account. The way in which each financial entity approaches customer contact will impact its bottom line,” Ivan Babic, CX Human-Centered Innovation Leader at Findasense.
Findasense has focused on extracting results from a full year of active listening on social networks of user conversations in Spain, Mexico and Colombia, in Banking and Finance. The research, entirely developed by Findasense's global Data Intelligence & Strategy teams, provides key findings on the topic and the main demands of customers.
Although traditional banking still dominates, digitalisation is a fact. With this evolution of the sector, Neobanks and Fintech have emerged, raising the level of customer expectations. Smartmoney, cryptocurrencies and other financial services continue to strengthen their position to offer new options to customers.
In this sense, it is people’s expectations that have driven change, as they demand more fluid and convenient experiences. “The Financial Services industry has responded to this demand with new or renewed products such as digital banking, Neobanks and Fintech, which are not competing but have come to complement each other,” adds Ivan Babic, CX Human-Centered Innovation Leader at Findasense.
Key findings regarding customer experience
Among the key findings in the study, it is found that it is increasingly common for customers to look for an integrated and fluid experience ; without the difficulties or impediments of moving from one place to another. In other words, an almost perfect omnichannel experience . On the other hand, while people are more willing to try new products when there are humans involved, in the case of banking and financial services people are still distrustful of completely digital entities .
With each new service emerging, customers are excited but also have questions about data privacy, security issues and service adoption. Findasense’s study highlights that customers are demanding a more open and transparent financial service when it comes to addressing their concerns.
Another finding that should not be lost sight of is the existence of a group of people who are becoming experts in financial services and willing to provide advice and education to other clients. Financial services must embrace these communities and become ambassadors of knowledge themselves .
Finally, “at the end of the day we are human and we like to be treated by humans to feel listened to and cared for. Thinking about innovation should not be synonymous with human-less interactions. Revolutionary financial services cannot rely on being 100% digital,” concludes Ivan Babic of Findasense.
Key customer demands found in the research
As the research reveals and exposed in the customer journeys of the study, customers are looking for seamless interactions across multiple channels as they lack an omnichannel experience. They need to be able to move from one channel to another without their trail or data getting lost along the way. On the other hand, customers sometimes find it difficult to perform some activities solely through digital platforms or some may be challenging for less digitalized people. Here comes the importance of CX and how each platform is built to be intuitive and user-friendly.
Automation has helped financial institutions deliver faster, more efficient, and jamaica number screening more personalized services; while reducing errors and security loopholes. When it comes to customer experience, automation can help customers reduce time on tasks that would otherwise take much longer; such as opening a bank account in minutes. This is where automation, integration, and digitization start to make more sense for the overall experience.
Methodology used in the research of revolutionary financial services and banking
To extract this information, queries belonging to the intellectual property of Findasense were used, which contain all the Keywords associated with the mentioned topics with a refinement of 85% to map their total conversation.
The research was carried out in Spain, Mexico and Colombia during the period from March 2022 to March 2023 , using the following techniques and sources: Social Listening, Benchmarking, Audience Analysis, Semantic Analysis, Sentiment Analysis, Desk Research, Trends studies.
In the Digital Banking category, the following sample was used in each country: Colombia 402.2K; Mexico 611K; Spain 1.8M.
The sample used for the Neobank category in Colombia was 5.6K, in Mexico 8.2K and in Spain 12.8K. As for the Smart Money category, a sample of 40K was used in Colombia, 110K in Mexico and 149K in Spain.