CX will be the key battleground for differentiation in 2020
In almost every industry, emerging technologies are disrupting the status quo and the state of competition through convenience-led digital products and services. The digitization of the human experience means that consumers must look no further than to the device in their pocket for solutions to everyday problems.
This is no exception in the BFSI sector where smartphones have become the new banking channel for debanked consumers, especially the millennial generation.
While digital wallets and mobile banking grants the freedom of a paperless society, it also drastically change the relationship between traditional banks and their customers.
Not surprisingly, research shows that 81% of banking CEOs are concerned with the pace of technological change.
The concern is not unfounded as the seamless CX of tech leaders across industries such as Uber, Airbnb or Amazon are creating a spillover-effect on consumer expectations towards all other
To keep up with the new competition, many incumbents have put CX transformation on the top of their agenda.
While some have entered into strategic partnerships with tech players to add great CX as a top layer, others are adopting technologies such as robotics, AI, machine learning and advanced data analytics to provide improved context-based experiences.
While technology is not always the answer to improve CX, it can aid remarkably in supporting and enhancing efforts and accelerating results, especially when it is prioritized as a means to provide the benefits that matter most to consumers – speed, convenience, trust and service.
Moving from a one-size-fits-all to a segmented and seamlessly integrated customer experience should be a top priority of every company looking to compete in the digital age.
5 key questions we answer in the whitepaper
1. What is the business value of great CX, and how can it help you gain and retain customers?
2. What is the cost of poor CX, and what are the most common industry barriers to improving CX?
3. What major CX trends do we see, and what are ‘best in class’ companies doing to drive CX to new levels?
4. What technologies will transform CX in 2020?
5. What are the most critical components to a successful CX transformation?
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Based on the research for the report, we have identified:
- 5 major CX trends and best in class companies who are driving CX to new levels with tech
- 4 critical components to a successful CX transformation
Relevant if you…
- Work in banking, financial services or insurance
- Are involved in digital transformation and CX at your company
- Want to learn from other industries