Key Strategies to Improve Financial CX


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With the rise of FinTech, complex security regulations, and increasing customer expectations, it has become essential for banks to deliver a robust CX. Banks must streamline their communication systems, localize content marketing strategies, and use AI in customer service to elevate the CXs.

Customers expect robust levels of personalization, speed, and convenience from their banks. Moreover, having a customer-centric approach is the key to being a successful financial brand.

As per a recent report by Zendesk, “CX Trends 2023,” 61% of consumers eagerly await immersive CX. Hence, banks must deliver great customer experiences (CX) to stand out and become a go-to brand company.

Here are some key strategies that financial brands can use for better CX-

1. Act on Customer Feedback

Collecting customer feedback and understanding their pain points and needs is essential. To enhance CX, banks must refine their ways rather than just sticking to the surveys and feedback forms. They must-

  • Consider customer reviews
  • Overlook the conversations between the customers and the marketing representatives
  • Overlook customer success teams, support ticket trends, cancellations, and social media posts sharing their views about the brands.

A sentimental analysis of this collected data is an excellent strategy to improve the financial industry CX. This kind of data will make customers feel valued. But, banks need to take action on that feedback within a reasonable time.

2. Respond to Customer Queries Instantly

When it comes to financing, any losses to the accounts make customers panic. Therefore, 24-hour availability to respond to customer queries is desirable.

Zendesk’s report states that-

  • 65% of leaders believe the AI/bots they use are becoming more natural and human-like
  • 77% of customers say AI/bots are helpful for simple issues
  • 71% of customers believe AI/bots help get faster replies
  • 67% of customers believe bots often provide the correct information

Banks can use AI agents or chatbots to interact with customers, while human interaction may be unavailable. These AI chatbots will help customers with their queries instantly without making them wait.

These instant responses develop trust and brand credibility. This way, banks can also save costs on human agents for every shift. Advanced tech can help banks scale up their customer support and answer the complex questions that bots cannot.

3. Platform User-Experience

Making the platform or app as easy as possible for a seamless customer experience is essential. Banks must optimize their platform or app for multiple devices to deliver the best CX. This financial strategy of making UX for all the platforms will boost CX.

4. Notifications Over an App

Rather than sending notifications over email or SMS to alert customers, banks can reach out to them on active accounts to make them instantly see essential notifications.

Banks can use AI chatbots to send notifications to customers on the apps they open and use multiple times. This way, customers do not miss the necessary notifications, enhancing CX.

5. Data Security and Digital Twin (DT) for Fraud Detection

To ensure the privacy and security of financial transactions and operations, banks must strengthen their customer support data and protect them well. They must ensure that they are PCI DSS compliant.

AI and ML are DTs that help assess customer spending patterns, unusual locations, or buying behavior. It also flags these alerts for them to be reviewed before the transactions can be completed. This minimizes the fraud risk substantially and improves CX.

6. Simplify the Account Opening Process

One of the critical factors in delivering a better customer experience is a quick and hassle-free onboarding process. To achieve this, bank unions must

  • Enable account opening through the mobile app
  • Minimizes the number of clicks to open an account
  • Initiate digital KYC & verification
  • Minimize data collection

7. Develop an Omnichannel Customer Experience

For banks, delivering an omnichannel customer experience requires significant investment. But, by using tech to manage interactions across all channels, banks can deliver a consistent experience quickly to build trust and loyalty.

Here are a few ways to deliver an omnichannel CX.

  • Monitor and provide personalized end-to-end customer journeys   

While every customer has different preferences and expectations, banks need the best strategies to deliver the best-personalized banking experience. This can be done by understanding the customers’ journey.

Banks must-

  • Monitor customer touchpoints across all the branches
  • Regularly review the digital channels
  • Use data to measure the CX performance against industry benchmarks
  • Determine opportunities to improve your customer experience
  • Communicate the major improvements with internal stakeholders
  • Become Flexible to Change and Embrace Open Banking

The traditional banking model will become obsolete. Also, the customers expect their banks to connect with third-party products and services seamlessly. Therefore, banks must respond to the new demands of customers who want total transparency in their finances.

The open banking initiatives empower customers with direct access to their data. It gives them unprecedented choice and flexibility in interacting with their banks.

Here are a few ways banks can embrace open banking.

  • Prioritize Customers: Customers must know how their data is being used. Let customers take control of this data by creating an account on the open banking platform.
  • Ensure Proper Communication: Banks must communicate the benefits of the product or service and how it works.
  • Focus on Security: Banks must consider security risks like fraud alerts and data privacy concerns when connecting with external providers.

8. Offer Financial Education and Embrace Conversational Banking

Offering financial education can help customers effectively navigate their choices. It can help banks map strategies to influence customers’ financial well-being positively. Moreover, banks can deepen customer relationships and increase profitability. At the same time, it can help customers improve their wealth over time.

Also Read: Five Big Customer Experience (CX) Transformations in Fintech in 2023


Better customer service must involve understanding the prevailing customer sentiment around the product and addressing their queries.

Zendesk’s report also states that-

  • 81% of the leaders see CX and support as growing priorities over the next year
  • 80% plan to increase their customer service budgets over the next year
  • 71% of leaders plan to revamp the customer journey

By adopting the best strategies, banks can become more agile, offer personalized services, and remain available 24/7, even remotely.

Nisha Sharma
Nisha Sharma
Nisha Sharma Tech Journalist at Talkfintech, Nisha Sharma, helps businesses with her content expertise in financial services to enable their business with good financial advice to enhance business decisions. With 3+ years of experience in content writing, content management, and financial technological investment, Nisha has put her hands on content strategy and social media marketing and worked for the News industry. Nisha focuses on working with OnDot on its publication to bridge leadership, business process, and technology acquisition. She combines her in-depth industry expertise into every article she writes to give her readers the most insightful content possible.


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