CX and Compliance Don’t Have to be Opposing Forces; A Look at Customer Data in Financial Services

Full Report Available: May 2020

The improvement of customer experiences within the financial services space can serve as a serious differentiator. In an industry where many products are similar in nature, the ability to deliver a positive and streamlined experience may be the most important factor promoting customer loyalty. In fact, apart from the location of a nearby branch, the way that customers feel that they are treated may be what they remember most when looking to establish or develop a banking relationship.

Businesses are developing within a moment in time where data is growing in importance, in particular customer data that can tell an organization anything from what products might appeal the most to an individual, to how they would like to have those options presented to them and when. The forces powering customer experience innovations are being rocket-boosted forwards by the profusion of data and touchpoints going on in the market right now, but an equally compelling force is checking their progress.

The past several years have seen significant media coverage around customer data breaches or the misuse of personal information, along with an increasingly complex landscape of compliance requirements that must be navigated carefully. How can financial institutions maintain a strict approach to the management of their customer data, while at the same time aggressively pursuing opportunities to provide streamlined, personal experiences that will make their customers take notice?

These questions will be answered in Overcoming Compliance Challenges while Improving CX, a research report from FIMA and WBR Insights coming in May of 2020. By taking a close look at both the data and customer expectation sides of the equation, we will seek to understand how CX managers within the financial space are balancing these equally pressing challenges.

Full Report Available: May 2020