Only CX can save banks from the rise of the fintechs
Every bank is aware of the rapid growth of the Fintechs (Financial Technology companies). These innovative startups have been carving out slices of...
Technology is changing how brands and customers interact faster than ever; almost everything we think of today as “normal” did not even exist a decade ago. In turn, customer expectations are evolving and changing when it comes to interacting with customer service professionals. Look at the various areas of dramatic change that customer experience teams are facing at present, and the impact they are having on customer expectations:
These technologies are not only affecting expectations – they are causing profound changes to the type of service that is now delivered. However, various innovations are evolving at different speeds, and may be of different importance to different industries. How can you decide where to focus and invest?
Industries like financial services are seeing a change not just in the approach to customer service, but even how services are delivered. New market entrants are building solutions entirely based on the needs of the customer and therefore offering services that appear to be far superior to what customers are used to in traditional banks.
These technologies I mentioned are only the tip of the iceberg. There is a technological revolution taking place. But where does that leave the humans? Traditionally, successful interactions with other people have always been essential for great customer service, whether it was with the front of house team in a hotel, the cashier in a supermarket, or a contact centre advisor.
Are we entering a customer service age that is post-human? I don’t think so. I see all these technologies as supportive of what we are achieving with human-focused contact centres, but what’s your view? How fast do you think these technologies might take over – if ever? Let me know your thoughts by leaving a comment here, or get in touch on LinkedIn, and let me know.