COVID-19 continues to put a strain on financial institutions (FIs) and their customers around the world. As we carefully navigate through this unprecedented period, a ‘new norm’ has been taking shape in the form of accelerated trends in the financial services industry, as well as evolving customer expectations. This new environment has already and will continue to challenge traditional operating models and push FIs to integrate channels and customer segments going forward. Success in the ‘new norm’ will require FIs to be bold and challenge industry and institutional practices.
In the first blog of our series, Situation Analysis: Understanding the Past, Present and Future of Customer Experience, we identified a rapid shift to digital and non-physical interactions resulting from the pandemic. Globally, physical distancing measures were core contributors for digital adoption, which removed the need for physical interactions. A recent article in the Wall Street Journal found that year-over-year bank branch traffic fell more than 30 percent in April 2020. In addition to digital adoption and its impact on the customer experience (CX) offering, we have identified five additional key areas of change that will affect CX in the future – critical functions, workforce strategy, infrastructure, cybersecurity, and communications.
To learn more about re-inventing customer experience, visit https://www.capco.com/customer-experience.