According to research by Seagate, two-thirds of global CEOs will start focusing on digital strategies to improve customer experience by the end of 2019. While customer experience (CX) has emerged as a powerful way to stand ahead of the competition, companies are embracing technology-driven innovations with artificial intelligence, smartphones, and digital communication for delivering great CX.
Organizations are increasingly turning to consultative managed services partners who can navigate the choppy waters of their CX transformation, including their migration to enterprise-grade hybrid environments. A managed service plays an imperative role to drive prospecting, acquisition, retention, and growth in customer value. While a significant number of organizations surveyed in 2019 have increased their investment in CX technology, for the banking sector, it is a rather recent phenomenon.
CX data helps businesses to research effectively on consumer behavior and develop enriched customer experience by anticipating their needs early. With the advent of technologies like AI, machine learning, robotic process automation (RPA), and IoT, the online banking service providers who are skilled at delivering CX, have exceeded the offerings of the traditional banks. Omnichannel service, one of the current trends in CX transformation, is being implemented by the top CX service providers in the banking sector. Omnichannel services help banks to remain consistent across all its touchpoints, which provides the customers enriched banking experience.
Customer centricity comes in different forms, be it deployment of new technology or acting on feedback for building strong relationships. AI-powered chatbots working as a virtual personal banker and financial advisor for the customers are taking engagement levels to a new high. Banks are going digital with apps that are turning personal smartphones into wallets. This CX transformation in the banking sector is rendering a better experience to the customers as now they can transact online from their own banks’ online platforms and avoid using the other online money transfer platforms. The CX service providers are also helping the banks to establish smart branches. With the help of data analytics, CX services providers are bringing on the most significant change in the banking sector.
Increased competition in the financial sector, growing customer expectation, and automation are the three primary reasons for the growing demand of the CX service providers in the banking sector. The top CX service providers are modernizing themselves more to keep bringing the right combination of people, processes, and technology for the banking sector to help them earn back customer loyalty and cater to the customers’ rising demand for a smart banking experience.
There are a growing number of CX service providers in the market. To help banking organizations choose the right customer experience service providers, the editorial team at Banking CIO Outlook, in conjunction with an illustrious panel of CEOs, CIOs, VCs, and industry analysts, has put together a list of the ten most promising customer experience consulting/services companies in the industry. The list intends to help the banks find a trustworthy ally.
We present to you Banking CIO Outlook’s “Top 10 Customer Experience Consulting/Services Companies 2019”.