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How Financial Firms Can Transform CX Through Big Data

Updated: Jun 30, 2023

Discover how JourneyTEAM helps financial institutions create a seamless customer experience by building a personalized and connected Microsoft platform.

The financial industry is arguably the most data-intensive industry. Every day, enormous amounts of data flow into firms from withdrawals, online payments, point-of-sale purchases, and more. However, while most institutions have billions of pieces of data available, most are not equipped to fully utilize these datasets due to a lack of technology, poor processes, and skillsets.

This is why many within the industry have invested heavily in data collection, analysis, and visualization technologies in hopes of uniting data from multiple, disparate systems. By unifying and centralizing data, financial firms can finally overcome messy reporting processes, meet compliance regulations, and, most importantly, improve the customer experience (CX).

This is where JourneyTEAM comes in. We have extensive experience in helping the industry to consolidate data and build a single source of truth, allowing key stakeholders to better understand and visualize data and make data-driven, successful business decisions that enhance customer experience.

Below, we’ll review the growing importance of CX in finance, how data enhances the experience, and how JourneyTEAM helps firms fully leverage data to provide the experience today’s customers expect.

online shopping

Why Customer Experience Matters in Finance

The days of assured lifetime customer loyalty are gone. With new technologies emerging and customer expectations shifting, companies across industries have to compete vigorously to both win and retain customers. One Gartner survey found that 81% of marketers compete mostly on a CX basis, making CX a major competitive differentiator for financial firms. In fact, Akami reported that fewer than 50% of millennials see themselves remaining with their current financial firm for longer than a few years. And with a myriad of financial firms to choose from, it’s easier than ever for consumers to switch to a competitor—most likely one that provides a better, faster CX.

What Customers Expect from Financial Firms

The financial industry is becoming increasingly more demanding which means industries must change in order to remain competitive and relevant. For most, this means prioritizing the customer experience and investing in new technology to ensure consumers’ high demands are met.

Here are just a few of the expectations today’s customers have of financial institutions:

  • Personalization: Banks that personalize their services and offerings show that they are aware of and understand their customer base. Financial firms can leverage new big data tools to dive deeper into data and provide the highly personal experience consumers want.

  • Speed: New technologies have the ability to shrink processing times from days to minutes, enabling customers to get the information or approvals they need significantly faster.

  • Consistency: Banks looking to provide a high-quality and consistent experience must automate processes in order to eliminate errors and increase quality.

  • Trust: Customers expect to work with banks that are reliable, approachable, and supportive. They need to feel that their financial partner is on their side, committed to protecting their sensitive financial information, and is transparent.

With fintech continuing to rise in popularity, banks and financial service organizations have a unique opportunity to revolutionize their CX and provide the personalized, trust-heavy experience customers want.

Data: The Next Step to Improving CX

Hidden within large company datasets are valuable insights that reveal customer trends, patterns, and behaviors—all of which are instrumental in enhancing CX. In fact, 63% of senior decision-makers stated that big data and analytics were the most important tool for improving customer experience.

Financial organizations looking to improve CX via data and analytics tools can do so in the following ways:

Customer Profiling

Customer profiling takes customer segmentation to the next level. It provides financial firms with more granularity, enabling them to more fully understand customers’ wants and needs. Big data tools provide insights such as customer demographics, popular products, financial health, behavioral patterns, and more.

With more detailed profiles, financial service organizations can more effectively engage with customers and ensure they’re offering the right products or services at the right time. This helps to grow firms’ customer base and revenue.

Omni-Channel Experience

Customers are interacting with banks and financial firms from a variety of channels. To ensure customers have a seamless experience across channels, institutions can leverage analytics tools such as Microsoft Power BI to identify potential disruptions or security risks. This helps to build smooth, streamlined processes that improve customer satisfaction and, as a result, boost customer retention.

Mitigating Risks

With more consumers utilizing online payments, the number of frauds occurring is also rising. Luckily, big data tools with advanced security tools, like Microsoft InTune, utilize data to identify potential fraud risks or security threats. The insights provided by this data can help firms reduce fraud risks and ensure customer and company data stays secure.

financial team

JourneyTEAM: Financial Institution's Trusted Partner for Improving CX

A financial firm’s customer experience can make or break an organization. That’s why it’s crucial for institutions to partner with the right technology partner—someone that is experienced, trustworthy, and knowledgeable. That partner is JourneyTEAM.

We help financial institutions create a powerful, modern workplace using a connected Microsoft platform. From Power BI and Dynamics 365 to Intune and SharePoint and Azure, we implement powerful tools that deliver incredible results, all targeted at creating an ideal customer experience.

Below are just some of the ways JourneyTEAM helps firms to unleash the full power of data and enhance their CX.

Unify Business and Disparate Systems

JourneyTEAM consolidates businesses' entire technology stack onto a single platform, ensuring no piece of data goes unused. This also helps to eliminate bottlenecks and provide a deeper view of customer data. And with a deeper view of customer data, firms can easily identify potential security risks, sales opportunities, bottlenecks, and more.

Said Chad Dunbar, Account Executive at JourneyTEAM: “Clients are [financial institution’s] lifeblood—we make sure that technology can help financial service organizations keep their customer relationships growing and happy.”

Gain a 360-Degree Customer View

With data centralized on a single platform, JourneyTEAM then provides firms with a 360-degree view of the entire customer journey—from the first interaction to purchase. For operations teams or project managers, this allows them to see where opportunities for streamlining or automating processes lie to ensure a seamless transaction from start to finish.

Increase Customer Retention

Finally, JourneyTEAM enables organizations to put unlocked insights to use. From using Dynamics 365 SaaS Subscriptions to safeguard company and customer data to utilizing Power BI reports to illuminate potential opportunities—the use cases are endless but each is designed to keep customers happy and loyal.

Ready to Get Started?

For nearly 30 years, JourneyTEAM has been designing and tailoring Microsoft solutions specifically for financial institutions. We perform a careful and thorough examination of firms’ existing technology stack to create a detailed roadmap designed to help firms reach their goals.

To learn more about our services and offerings, contact a JourneyTEAM representative today.


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