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Digital Transformation in Financial Services: The Age of CX

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The landscape of the financial services sector has been completely transformed by Digital Transformation. Banks are now head-to-head with new, digital-only competitors, reinventing the way they engage with customers. In this article, I explain how this newly competitive landscape is giving birth to innovative digital solutions like CPaaS that enable an advanced approach to creating high-quality customer experience.
Category: Enterprise Solutions
Subject: CPaaS Platform, Digital Transformation, Mobile CX Design
Detail: Beginner
Author: Matt Thompson

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About Matt Thompson

Matt joined Soprano in 2013 to create and lead Soprano’s global product management and marketing efforts across all regions, including Asia, Australia, Europe, LATAM and the US. He helps shape and execute Soprano’s product strategy both globally and with individual regions and MNO partners. He oversees Soprano’s carrier revenue acceleration model, which includes direct involvement in new product launch activities, carrier-branded industry websites, B2B digital marketing campaigns, and ongoing product marketing. He lives and works in Seattle, Washington.

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The landscape of the financial services sector has been completely transformed as customers move online.

Banks are now head-to-head with new, digital-only competitors – from online banks to payment apps – reinventing the way they engage with customers.

So what tools do banks and financial service companies need to keep their customers loyal and keep up with digital transformation?

Competition breeds innovation

This newly competitive landscape has pushed banks to test new approaches. As well as offering new features like account alerts and account access verification, they are engaging in targeted marketing and promotions for credit cards, loans and other financial services to keep themselves competitive.

Security has become a big concern now that more customer interactions are taking place virtually. Bank CDOs are investing heavily in combating fraud and breaches, while customers increasingly expect tools like two-factor authentication and fraud alerts to keep their accounts safe.

These challenges have birthed innovative new tools like CPaaS to enable financial services to securely manage their customer’s data while providing automated and proactive customer service that aligns with customer preferences. This advanced approach to customer experience (CX) will be critical to maintaining customer loyalty in the face of strong competition.

Digital Transformation in Financial Services: The Age of CX

The role of personal connection

Personal connection is what makes the difference for customers. Make this personal connection, and you have a chance of maintaining customer loyalty.

Banks need to find new ways to create personal connections with customers in an increasingly digital world. Their competitors are no longer another bank down the street – they are more likely to be another app, like Venmo or Paypal, conveniently located next to them in the app store.

For customers, these payment apps – along with non-traditional peer-to-peer lending companies – are presenting attractive alternatives. But a personal connection with their bank can be the deciding factor for who they trust with their money.


The role of omnichannel communication

Financial organizations can no longer afford to offer a one-size-fits-all communication experience. That’s why omnichannel communications are so important.

Wherever your customer engages with you – online, over text or in person – they need a consistent and rewarding experience. Customer expectations now demand that brand communications are tailored to their preferences, where they are in their customer journey, their device, goals and more.

The right message can fail if delivered over the wrong channel for that customer. For example, customers with hearing impairments or a preference for more personal engagement may prefer voice messaging rather than SMS. Younger customers, on the other hand, may be more accustomed to interacting on particular social media channels.

An advanced CPaaS solution makes this omnichannel approach possible. It enables banks to design CX journeys that not only take into account WHAT is communicated, but HOW and WHERE.

How can Soprano help you with digital transformation?

Soprano offers the tools you need for digital transformation to deliver a high quality customer experience.

Soprano Connect is an advanced CPaaS solution that enables you to fully design and control your digital CX communications.

With Soprano Connect, you can automate proactive interactions with customers to keep them engaged throughout their entire journey and understand their preferences. Our experts work with your CX teams to put in place the right channels, tools and features so that you can build a CX journey that fully engages all customers.