How do you build a world-class customer experience in today’s digital world? It’s a question the financial services industry is motivated to answer. But are the answers attained thus far simple snap responses or long-term truths that set institutions up for the future?

To provide clarity on these questions and to identify evolving trends, Siteimprove recently helped sponsor Worldwide Business Research’s Future Digital Finance Event that brought industry experts together from across the financial services industry.

If you couldn’t attend the event, here are the key takeaways from the participating experts. Each is sure to dictate the future of financial services.

Trend #1: Consumers are demanding a seamless experience

The path to providing service may have changed but the expectations remain the same. Consumers today expect streamlined digital service offerings.

How do financial institutions deliver?

First, providing a seamless experience requires you break down the silos in your digital properties. This allows you to connect the dots on previous interactions and transition from static, isolated instances to create a connected experience on your website that supports a seamless customer journey.

You can do this by:

  • Creating a welcoming environment that matches solutions to customer needs, uses simple language, and removes complex decisions
  • Eliminating duplication and errors
  • Reducing page loading times and improving the site’s overall appearance

Lastly remember that your website experience will be judged not just against that of your competitors and FinTechs but against a user’s other website experiences as well. This places expectations for your website in competition with giants like Amazon or Apple. It’s up to you to provide a similar experience.

Trend #2: Harnessing the power of your data is vital to reduce customer friction

The data on your website holds the potential to dramatically improve your customers’ experiences. Start by leveraging this data to identify common customer search trends. Your data will also provide you with insight into areas that are causing negative user experiences on your website. Are you providing customers a plethora of options or a precise answer to their needs? Your data will show the answer.

Once you have your answers you can start working to improve the results. Once again, your data and web analytics can help you reassess your customer journey and identify which areas are most used by your customers. You’ll also identify those areas where your process breaks down.

Correcting these problems as quickly as possible requires testing – bold testing. A bold testing strategy applied to the journey, creative, or any other facet of your website, can clearly identify what is and isn’t working for your customers. If the tests identify a failed effort, you can step away immediately. If test results are positive, you’ll know you’ve solved a frustration for your consumers more quickly than conventional, conservative testing would have allowed.

Trend #3: The new normal is unknown but the digital branch is here to stay

An accurate forecast for the post-COVID market is anyone’s guess but the experts agree the habits consumers have built surrounding the digital branch will remain.

For those businesses that have already invested heavily in their digital properties, the money is well spent. And those lagging behind can ill-afford to do so any longer. Consumers are actively demanding not only access to digital services but that those services equate to the offerings they would receive through other business interactions. Start first by focusing on the member/customer experience, regardless of channel, and you’ll enjoy success.

Just remember to keep laying the foundation for your digital transformation and your website at the forefront now. You can always rebuild or optimize your efforts in the future. However, if you wait to begin, you put your financial institution further behind its competitors.

Ready to learn more?

These trends are just a few of the key findings discussed during The Future of Digital Finance event. To learn more about these insights and to hear more for the panel of financial services experts, watch our session “The Pivot to Digital” with our partners