Fintech Forward Newsletter - Issue 28

Our focus this month is on the importance of the customer experience (CX) in financial services and the impact of AI in enabling institutions to deliver a more personalized approach. Gartner says that organizations are increasingly recognising that CX is critical for growth, with 57% of CEOs and CFOs prioritising it to drive loyalty and business results. But many financial institutions still fall short.

That said, banks are increasingly exploring how agentic AI can be used to transform customer engagement – with Lloyds Bank sharing its vision for the year ahead.

Beyond experience alone, the focus is also shifting toward delivering real customer outcomes. As experiences become commoditized, banks must use data and AI to help customers achieve tangible goals.

Regulatory developments are reinforcing this shift. In India, the Reserve Bank of India now requires banks to prove customers make informed choices, capturing explicit consent for each product and eliminating manipulative sales practices. Maintaining auditable consent records ensures more transparent, customer-centric experiences.

To succeed, banks must align CX strategies with business priorities, break down silos, focus on the right customers and measure success by both customer satisfaction and real-life outcomes.