The financial services industry is facing intense competition and technological disruption, with 81% of banking CEOs expressing concern about the speed of technological change. Agile, digital native companies and start-ups are particularly disruptive due to their tighter product portfolios, targeting younger demographics, and ability to move faster without legacy infrastructures. In response, many market players are focusing on customer experience (CX) as a key differentiator to expand customer lifetime values and retention rates. Over 80% of CX Network’s financial services research panel have witnessed that customers are willing to spend more on convenience. Financial services brands are removing points of friction to boost customer loyalty and increase profitability by building a consistent customer-focused channel strategy.
