The Demand for Personalized, Comprehensive Experiences in Financial Services
In today's uncertain economic climate, customers are seeking more from their financial service providers. The Salesforce Connected Financial Services Report, which surveyed over 6,000 global financial institution customers, reveals that customers are looking for personalized, comprehensive experiences that help them navigate the current economic environment. Key findings from the Report include:
- Lack of guidance: 79% of customers don't feel their financial service provider helped them fully prepare for economic uncertainty.
- Preference for non-digital interactions: The majority of customers prefer non-digital interactions across all three financial sectors.
- Switching providers: Over half of the customers would switch financial service providers if services felt impersonal.
The Report highlights the importance of financial institutions providing personalized guidance and support to their customers. As customers feel less financially secure than they did just one year ago, they are turning to their financial institutions for help and guidance.
The Impact of Economic Uncertainty on Customer Needs
The Report reveals that 84% of customers have experienced financial challenges due to the current economic climate. This has led to a heightened demand for personalized, comprehensive experiences from financial service providers. Customers are looking for guidance on navigating the current economic environment, with 20% of customers reporting that their financial institution helped them significantly in preparing for today's economy.
The Importance of Human-to-Human Interaction
Despite the increasing digitization of financial services, the Report reveals that customers still crave human face-to-face interactions with their financial providers. The majority of customers prefer non-digital interactions (over digital ones) across all three financial sectors. This preference for human interaction suggests that customers want to feel seen, known, and taken care of.
Personalization as a Must-Have
The Report emphasizes the importance of financial institutions providing personalized guidance and support to their customers. 73% of customers expect companies to understand their unique needs and expectations, up from 66% in 2020. The cost of not providing personalized service is steep, with more than half of customers saying they would switch providers if services were not personalized.
Proactive Communication and Trust
Customers want proactive and timely communication with personalized services and relevant offers. In the case where an issue arises, it is essential that they are able to get in touch with their financial services providers easily. Unfortunately, the majority of banking and insurance customers say they do not receive proactive outreach from their providers.
The Role of Artificial Intelligence
There is a push-pull between customers' expectations that FSIs provide proactive, personalized service and their comfort level with some aspects of artificial intelligence (AI). In particular, customers feel ambivalent about financial service chatbots powered by generative AI - a newer form of artificial intelligence that generates original content, including text, images, and audio. A lack of familiarity could underlie some of the doubt.
Conclusion
The evolving needs and expectations of financial services customers. Financial institutions must adapt to these changing expectations by providing personalized, comprehensive experiences that combine both digital and human interactions while also addressing concerns around data security and the use of AI. By doing so, financial institutions can build trust and foster long-term relationships with their customers. The insights from the Connected Financial Services Report align closely with Vantage Point's observations and experiences. As a Salesforce Consulting Partner focusing exclusively on Financial Services, we are committed to helping financial institutions navigate these challenges by designing and implementing personalized, comprehensive experiences that combine both digital and human interactions. By doing so, we aim to assist our clients in building trust and fostering long-term relationships with their customers.