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7 Dynamic Customer Experience Trends in Banking & Financial Services

The banking and financial services industry is changing due to several established factors and current innovations. One area that has dramatically impacted the financial services industry, and banking in particular, is the area of Customer Service or Customer Experience.

Customer experience in financial services, as its name suggests, is the sum of a customer's interactions with various touchpoints, such as online platforms, emails, call centers, online advertisements, in-person interactions, and social media.

Top Trends in Banking/ Financial Services & Customer Service or CX

  1. Digitalization of financial and self-services:

One of the fastest-growing user experience patterns is self-service. Customers can now completely access their banks or financial services company’s resources from their mobile devices anywhere they have Wi-Fi, transforming what was once a distant fantasy into a fundamental expectation.

Customers now anticipate the unmatched convenience that a mobile app offers, making mobile apps less of a nice-to-have and more of a necessity. They want to interact with their provider via website, chat, and messaging platforms, and be able to help themselves at their convenience, rather than wait for someone to respond. Financial services organizations, especially Banks, without this capacity are at a significant disadvantage. The good news is that these applications can easily be created using a low-code development tool or by working with a vendor.

  1. Integration of AI & Data analytics in banking services:

With the volume of inbound calls constantly growing and not enough agents on hand to handle them, financial institution call centers are in a perilous position.

As customer self-service becomes more common, novel solutions to relieve this pressure and enhance the customer experience in banking and financial services are being created. When confronted with a problem, consumers can now contact AI-enabled chatbots rather than waiting on the phone for a human being to resolve their issue.

  1. Advising Services

With the aid of customer relationship management (CRM) technology, you can gather, evaluate, and create thorough customer profiles. Your internal advisors can then use these profiles to get a comprehensive understanding of the client and their particular situation. This degree of knowledge is priceless because it allows advisors to provide tailored guidance to clients at every step of their financial path, foster stronger client relationships, and guarantee client loyalty. 

  1. Support for digitalization & remote services

The COVID-19 pandemic spurred businesses across all sectors to extend their online services — a coordinated effort that not only improved public safety during the pandemic's peak but also improved access for people with impairments, allowing for more inclusive customer experiences. However, many banking and financial services clients, particularly older groups with limited digital literacy, have found it challenging to make the shift to digital. But a lot of them have done so – and the organizations which offer a user-friendly way to do so, are seeing the returns from it.

  1. Humanizing Digital

An increasing number of financial services organizations, and many banks, provide a combination of AI and live assistance for customer service, resulting in efficiency increases while still providing customers with the personalized attention they desire. Some financial institutions have taken this concept a step further, experimenting with various methods to make their chatbots and other AI services feel more human.

  1. Great Individualisation

Banks, credit unions and other financial services providers will use client data more and more in 2023 in order to provide a higher degree of personalization at every touchpoint. This will involve providing customers with specific product suggestions via chat support, anticipating their requirements based on their past behaviour, and offering material that can help them manage their finances.

Personalization is no longer discretionary because 80% of customers are more likely to make buy from a business that offers a personalized experience. Additionally, businesses will start implementing technologies that let consumers create highly customized solutions online without having to follow conventional product specifications. There will be seamless money transfers between goods, with integration both inside and outside the main banking organization.

  1. Providing direct help

Mapping your client’s direct path is a great method to obtain a thorough grasp of your customer’s experiences. It can assist institutions in the following ways: to learn about typical customer concerns

  • Discover how you can enhance the customer experience.
  • Determine the places of contact your clients have with your bank.
  • Improve your understanding of client standards.

Understanding customer path-mapping enables banks and financial service providers to provide consistent and outstanding customer care, regardless of which touchpoint your client employs. You can provide live help based on client issues using advanced tools such as co-browsing and video chat.


These are some of the prominent trends in Customer experience (CX) that we are seeing in the Banking & Financial Services space. With AI tools rapidly evolving, several of these trends may accelerate, or other areas may come into prominence very quickly.

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