14 August 2020
Issue #214 of the Fintech Analyst report focuses on customer experience, from the importance of virtual journey mapping and the need for a CX emphasis in insurance, to the rise of video banking and US retail banking’s mass affluent problem. We also look at how various local concerns could impact banking recovery, new fraud fighting methods, and the $30 trillion opportunity for wealth managers.
The significant rise in digital banking due to the pandemic means it is now crucial to understand how customers behave throughout their journeys. Virtual journey mapping can be a key in optimising CX.
IDC: CX a top priority for insurers post-Covid-19
Despite initial IT spending slowing at the start of the pandemic, insurers are beginning to take a more positive outlook. CX will remain a key focus area for firms, along with innovation and growth.
Lockdown has pushed customers to seek for face to face interactions through different mediums. For 84 percent of consumers, this is fulfilled through video conferencing.
Serving US mass affluent customers can lead to long-term relationships and positive bank growth, but retail banking leaders are not meeting their needs for investment and retirement advice.
Various geographic concerns around regulation, business practices and consumer behaviour means the impact of the pandemic will vary significantly by region.
As US fraud tops $5bn this year, new technologies emerge to detect fraud and minimise false transactions.
Around $30 trillion of assets will shift into the hands of US women over the next three to five years. Wealth managers that can respond with empathetic experiences will have a significant opportunity.
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