Financial Services

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Nov 29, 2021

Customer Experience (CX) Trends in Financial Services in 2021

by Gordon Polovin

It’s the busiest shopping season of the year, and companies are working hard to get you to spend your hard-earned money on the goodies they offer. Banks and others in the financial services industry are competing for your cash, too, even though they’ve got a slightly different goal. What do all of these competitors have in common, though? They’re banking on customer experience as the not-so-secret weapon in the battle for your business. Financial services in modern times The arena is massive, diverse, and touches our lives at every level. First in line are the banks (like Wells Fargo and Chase), responsible for processing checks, deposits, electronic payments, and transferring clients’ funds left, right, and center. National and regional banking brands connect closely with the credit/debit card organizations (e.g., American Express, Master Card, and Visa). The two categories combine to facilitate the rapid movement of monies between buyers and sellers, alongside lending money at higher interest rates than what they borrow it for. Then there’s insurance and related services designed to offset the risk of damage to property, business assets, ships, airplanes, autos, our well-being, and lives. Their close cousins are the reinsurers (like Lloyds of London), who essentially take on the risk of the direct insurers. Also, consider the vital roles of intermediaries, agencies, and brokers (e.g., Fisher Investments, Charles Schwab) stepping in to sell policies and investments to customers and deal with all the protocols involved. Other crucial participants are the trading platforms (e.g., TD Ameritrade, Trade Station) that digitally channel millions of dollars of transactions daily. The latter […]

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