Customer experience is a key battleground for financial services organisations who, like their peers in other industries, recognise the rapid shift in customer expectations. Mobility, granular insight, self-service, mass customisation and personalised interaction are now basic requirements in our always connected, on-demand world. In fact 92% of companies now expect to compete on the basis of customer experience, and customer experience is now twice as valuable to an organisation as brand.
As a result 50% of all investments in new products are being redirected to customer experience innovation.
However as traditional legacy organisations look to innovate, and to remain competitive against the ‘digital native’ newcomers, they are constrained by old ways of working, legacy technologies and, crucially, a lack of skills with 63% of firms citing this as a key obstacle to digital innovation.