Customer Expectations For Consumer Finance Companies in 2020

The expectations of today’s consumers are set by technology-driven organizations outside the consumer finance sector. Instant gratification, proactive communications, omnichannel options, and rapid resolution are no longer best in class strategies; they’re table stakes. Looking at 2020 and beyond, it’s clear that consumers expect exemplary experiences from their financial institutions.

However, despite the expectations for solving basic tasks through automation, consumers continue to demand a robust human component from financial institutions. When they have a more complex problem, a human agent will need to be readily available. And chatbots need not apply.

So as we look ahead, here are the four critical areas we’re seeing as relevant consumer expectations in the financial sector:

Personalization

According to Salesforce, 62% of consumers expect companies to adapt their communications and offerings based on their behaviors, actions, and purchases. However, the same study discovered that only 42% of consumers experienced any level of personalization.

Not long ago, segmentation was commonplace for financial institutions, from statement stuffers to website messaging. Now, a segment of one is not only possible but increasingly inexpensive. Create segments of one to increase the relevance of your communications.

Omnichannel

Along with personalization is offering customers the ability to maintain their relationship with you, on their channel of choice. If that relationship begins on mobile, make sure it can remain mobile. While consumers will often make a purchase or financial decisions on multiple channels, they don’t want to be forced into multiple channels to buy.

For many financial institutions, internal processes and technology integrations will need to change. Consumers want to select their own path and expect the same level of service regardless of the channel. We’ve been discussing omnichannel strategies for years; seamless experiences across channels will be essential for 2020 and beyond.

Proactive

Financial institutions will be able to leverage personalization across multiple channels more readily through proactive communications. Increased data and behavioral analytics will allow you to engage with consumers at the moment of truth, in real-time. Moments of truth can include personalized, timely financial advice through their channel of choice; text, email, voice, or in-app. What better way to build customer delight and loyalty than through knowing them so well, you’ve pushed personalized information, and the right time, on the right channel.

Transparency

There is no better customer experience strategy than transparency, security, and trust. No level of personalized omnichannel proactive engagement will overcome a lack of trust. Today’s consumers expect complete transparency about their data, how it will be used, and how it will be protected. Protecting consumer data, and being transparent about how you do it, are critical to winning consumer trust and loyalty.

There is no shortage of opinions about today’s ever-evolving consumers. While some point to today’s seeming hodgepodge of consumer demands and preferences as evidence they’re the toughest ever to reach and win. We see it as the opposite. Just know them, really know them, and earn their trust. These four cornerstone strategies will help you get there.

Beyond these four strategies, we’ve also written about 8 tactics for boosting your CX in 2020. We’re for your customers, and want to empower you with the tools and information you need for astonishing customer experiences.