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The Team at CallMiner
January 15, 2024
In financial services, 2023 was marked by economic challenges and resource constraints. Just like other sectors, financial institutions found themselves grappling with an ongoing economic slowdown, compelling them to reevaluate how they can do more with less.
However, amid these challenges, many forward-thinking organizations turned their focus towards enhancing customer satisfaction and retention. They recognized the long-term benefits of cultivating deeper customer relationships and the intrinsic link between employee experience (EX) and customer experience (CX).
As we step into 2024, many financial services organizations are exploring how artificial intelligence (AI) can further enrich these experiences. AI has the potential to augment the capacity and capabilities of contact centers, ensuring exceptional service even in complex situations.
Here are some of the top CX trends that will define the financial services industry in 2024 and how technology can help meet these challenges.
The financial services industry, like many others, continues to grapple with economic uncertainty. While some predict a "soft landing" for the turbulent economy in 2024, slow growth is expected to persist. Inflation, a key concern, is projected to remain above target until 2025. The fallout from the collapse of regional banks in the U.S. in 2023 has settled, yet consumer trust remains fragile.
To add to the situation, financial organizations are under mounting pressure to accomplish more with fewer resources. According to CallMiner's 2023 CX Landscape Report, 90% of CX teams in financial services are expected to deliver more with less. However, there's room for improvement in analyzing and leveraging omnichannel customer interaction data to boost contact center operations and drive overall business enhancements.
Many teams in 2023 experienced a significant surge in AI adoption, with Generative AI solutions gaining attention for innovative applications. According to the CX Landscape Report cited above, financial services organizations are increasingly turning to AI to:
In 2024, AI's prominence is set to continue. However, it is crucial to integrate AI seamlessly into employee workflows, or the hype risks falling short of business expectations. For example, conversation intelligence solutions aimed at contact center improvements should fit seamlessly into a frontline agent’s workflow.
Forrester reports a decline in employee engagement and culture energy metrics from 2022 to 2023, with further declines expected in 2024, potentially leading to an "EX recession." However, financial services organizations can invest in talent development without straining budgets. This investment is crucial to enhance skills, boost morale, and provide effective customer support.
The correlation between CX and EX is well-understood by most financial services firms. In 2024, they should prioritize maintaining an engaged frontline workforce through actions such as process improvements, real-time guidance, and comprehensive onboarding processes.
Financial services organizations have embraced the use of CX data for data-driven decision-making, but many feel they can do better. In 2024, the challenge lies in fostering cross-functional collaboration and data-sharing to unlock the full potential of customer insights.
The ability to share and act upon CX data across departments promises to drive bottom-line impact beyond the contact center, benefiting areas like sales, marketing, and product development.
Despite the lingering uncertainty, financial services organizations can gain control over both customer and employee experience. With AI-based conversation intelligence and optimized workflows, they can harness 100% of customer insights to their advantage. This not only benefits contact centers but extends across all departments, reinforcing the vision of becoming a truly customer-centric organization.
CallMiner is the global leader in conversation analytics to drive business performance improvement. Powered by artificial intelligence and machine learning, CallMiner delivers the industry’s most comprehensive platform to analyze omnichannel customer interactions at scale, allowing organizations to interpret sentiment and identify patterns to reveal deep understanding from every conversation. By connecting the dots between insights and action, CallMiner enables companies to identify areas of opportunity to drive business improvement, growth and transformational change more effectively than ever before. CallMiner is trusted by the world’s leading organizations across retail, financial services, healthcare and insurance, travel and hospitality, and more.