CIO Finance Summit Europe | October 26, 2017 | The May Fair Hotel - London, UK

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Customer Engagement Trends in Financial Services

Think Tank - 1:25 pm - 1:50 pm

As banks around the world, but particularly in North America, struggles to overcome the broken trust with consumers as a result of the 2008 financial crisis, increasingly they are finding that enhanced customer engagement is the lever they must actuate. The complication for the financial services sector however, is that while they are trying to engage more with their customers, those customers are becoming harder to engage as they move to online and mobile banking channels wherever possible. Though these channels offer convenience for the customer, and the potential of cost savings for the bank, they limit interaction. Fortunately for CIOs this makes their role ever more important because interactions, and therefore the opportunity to engage, is occurring ever more through digital channels. As a result, CIOs need to become go-to executives within their organization to facilitate these positive experiences.

Takeaways:  

  • Customer engagement is becoming the single biggest indicator of success for enterprises within the financial services sector  
  • Engagement is made more difficult as consumers increasingly more away from branches and personal interactions  
  • Engagement is a two-way street and banks must be prepared to listen and respond to consumer requests; IT must facilitate that and other processes