Getting 'personal' is the key to unlock payments and banking data

As consumers embrace new technologies at an accelerated rate, firms face digital disruption and a growing prioritization of customer experience (CX).

To keep pace with the market and serve customers the experiences they have grown to expect from all industries, there are several ways that the financial services and payment companies can re-examine customer experience to create smart customer journeys that drive leads and attract new users.

Like in many industries, personalization is pivotal for customer experience. Start by unifying digital lead generation assets across both marketing departments and IT to make capturing online consumer data an organizational, not just departmental, priority. With readily accessible data, organizations can construct member profiles to allow for personalization upon future engagement.

A global PwC study showed that 63% of consumers stated that they would share more data with a company, including preferences, if they actually saw a more valuable personalized experience. Organizations need to be aware that along with increased personalization comes increased customer expectations, so individualization efforts can’t be implemented without the ability to meet actual needs.

Customer centricity is all about better meeting the needs of members. To achieve this, institutions should provide helpful services, creating a concierge feeling with their brand’s digital experience.

There is a five-step framework to meeting customer needs in this manner: Start serving instead of selling; put an emphasis on how people perceive your product emotionally; create solutions rather than multiply features; disrupt instead of protect your legacy; and think of the product as a connected flow for the user.

Customers don’t just want to feel heard, they also want to feel confident that they’re in the right hands. CX initiatives should always establish your organization as a trusted advisor, both within finance and beyond.

For example, Mastercard recently launched its Priceless Experiences skill for Amazon Alexa or Google Home smart speakers, enabling users to explore unique experiences available exclusively in large cities for cardholders, such as rooftop bars and private art tours. Additionally, USAA, a bank serving current and former armed forces members, employs veterans to better understand members’ needs and provide reliable service.

Revolving your products and services around individuals is likely to increase consumers’ affinity for your brand and create true business growth. One Kantar study found that financial institutions leading the charge in customer experience have a higher share of deposits and an increased chance of cross-selling products and services to existing customers. By personalizing the experience, catering to user needs, and positioning the organization as a trusted partner, membership organizations can deepen user engagement and create cohesive journeys that are essential for success.

The financial services sector is only beginning disruption toward customer cententricy in the its sector. Keeping a customer focus and ensuring that your efforts are delivering customer value will keep your organization on track to drive deeper and more meaningful connections that build satisfaction and loyalty.