Top 5 Insights on Using CX Data to Drive Growth in Financial Services

Published June 20, 2024

We recently hosted an exciting webinar, “Banking on CX Data: Maximizing Growth in Financial Services,” featuring our CX Evangelist, Matthew Storm and special guest Jonathan Allen, Director of Enterprise Strategy at Amazon Web Services (AWS). In this post, we highlight the top five insights on how financial services can leverage customer experience data to drive growth for your banking needs. Let’s dive in! 

“Personalization in financial services isn’t just a competitive edge—it’s a necessity. By leveraging AI and breaking down legacy tech barriers, institutions can transform customer experience and drive significant growth. The future of banking lies in data-driven decisions and agile, customer-centric operations.”

— Jonathan Allen, Director of Enterprise Strategy, AWS

1. Personalization is Essential in Financial Services:

Personalization driven by data is no longer optional. Financial services must overcome tech barriers to meet customer expectations. 

Personalization isn’t just nice-to-have anymore; it’s essential. Knowing your customers through data and offering personalized experiences can make or break your relationship with them. Many companies are stuck with outdated tech that makes this tough. Breaking down these tech barriers is crucial to delivering the personalized experiences customers now expect. 

2. Overcoming Legacy Technology in Financial Services:

Modernizing tech infrastructure is vital for agility and customer satisfaction in the financial sector. 

Legacy systems are a huge roadblock. Jonathan called these “museums of technology.” To keep up with the fast pace of change and customer demands, financial institutions need to modernize. Moving to cloud solutions like Amazon Connect, which can help shed these old constraints and enable more agile and customer-focused operations. 

3. AI and Machine Learning in Customer Service:

Implementing AI can significantly enhance customer service efficiency and satisfaction. In fact, 80% of executives have reported demonstrable improvements in customer satisfaction, service delivery, and overall contact center performance as a result of implementing conversational AI (MIT Technology Review).  

AI and Machine Learning are game changers for customer service. They can assist agents in real-time, offering suggestions and insights that make interactions smoother and more effective. This not only improves the customer experience but also makes the agents’ jobs easier and more satisfying. 

4. Importance of Data Security and Compliance:

Ensuring data security and regulatory compliance is critical when leveraging customer data. 

With all this data flying around, keeping it secure and compliant with regulations is a top priority. There is a huge need to emphasize the importance of robust data governance. Using tools with strong security features, like those offered by AWS, ensures that customer data is safe and trustworthy. 

5. Focusing on Real Business Problems:

Addressing specific business challenges with technology can drive tangible value and secure organizational support. 

When adopting new technologies like AI, it’s important to tackle real, impactful problems rather than just jumping on the latest trend. Jonathan’s advice: find specific issues that can drive value for your business, whether it’s saving money, improving customer satisfaction, or ensuring compliance. This targeted approach can help secure support for your initiatives and demonstrate their value more clearly. 

From prioritizing personalization to overcoming legacy tech, using AI, ensuring security, and focusing on real business problems – there’s a lot to take away and apply. 

For a deeper dive into these insights, watch the webinar here!

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