Customer Experience Trends in Nordic Financial Services: Where Should Organisations Invest?
The Nordic financial industry has awoken to the importance of customer experience being the key competitive differentiator.
As with the global industry, the region has seen increased commoditisation around the consumer-side of the product, increased realisation that customers are becoming more fluent with their understanding of the financial products, and recognition that it needs to optimise this relationship.
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As customer needs are becoming more complex and expectations of service are going up, more pressure is being put on organisations to be better at shaping the experience than ever before. In the age of consumerism and digitalisation, there is no shortage of interest in technological advancements, standardisation and efficiency. Consumer power is strong and choices are varied. The reputation of banks and other financial services are on the line as social media enables better transparency where customers are able to share experiences with each other on the global scale.
In the Nordic region, the financial industry is faced with real competitive challenges. New constraints from regulators means that customer experience is key to staying afloat. To stay ahead of the game it is important to keep existing clients happy and to maximise the efficiency of internal processes that help continuous improvement. Moreover, operating in an environment where consumer trust and loyalty to banks are at an all-time low, it is important to realise the potential of using data for valuable customer insights and analytics. The time has come to truly put the customer at the heart of the business.
In this market report, we explore some of the key concerns and questions originating from financial operators within the Nordic region, from where they intend to invest to the level of support they expect for the next two years, be it from senior leaders or external vendors. Having surveyed over 100 professionals involved in the region’s Financial Services industry, the responses are intended to provide a barometer of trends for the Nordic arena over the next two years.
This information has been collated ahead of the Customer Experience Transformation: Financial Services Nordics Summit, taking place on the 13-15 June in Stockholm, Sweden, where these issues will be explored by those able to share practical and successful case studies.