If it feels like artificial intelligence is everywhere these days, you’re not wrong — and banking is no exception. According to an EY survey, a whopping 99% of financial services leaders say their organizations are already using AI in some form. And when it comes to generative AI specifically? Every
The value of brand loyalty cannot be overstated — especially in the banking sector. Loyal customers spend more with their bank, cost less to serve and are more likely to recommend the bank to friends and family, according to Bain & Company. But in an era where customer expectations are
Building trust with your customers is one of the most effective ways to retain customers long-term and benefit from their word-of-mouth referrals. Every business wants to score customers for life — and trust is key to locking in those relationships. When a consumer trusts a brand, they’re more likely to:
It’s no secret that today’s customers are driven by experience. A strong customer experience that removes friction before the purchase experience is a significant factor influencing people to make purchasing decisions or pay extra for increased convenience. For example, 51% consumers opt in to subscription services for convenience. The part
Picture this: A customer who has been with your company for years suddenly decides to leave. Ouch. That’s what we call churn, my friends, and it can hit a company where it hurts the most — right in the bottom line.
The FCA is raising the bar for customer care in the financial services landscape. Firms must now adhere to the Consumer Duty: a package of measures that aims to improve customer outcomes with better communication. This new Consumer Duty, recently issued by the U.K.’s Financial Conduct Authority (FCA), mandates that
For decades, credit unions have offered incredible rates, low fees and face-to-face interactions — an exceptional CX many traditional, major banks are unable to offer. And it’s obvious this customer-first approach works. An impressive 90% of surveyed members believe credit unions are a great place to find both financial advice
From bitcoin to NFTs to robo-advisors, fintech is a hot topic. Have you ever been asked to “venmo” or “zelle” someone? Fintech is responsible — 3 out of 4 consumers now use payment services like these. But fintech is quickly taking hold of any and all financial industries, including mortgages,
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