Banking Sector Discussion: Could 2025 Mark the Resolution of the Challenging Customer Experience Puzzle?
In the ever-evolving world of finance and banking, Fiona Roach Canning, the CEO of Pollinate, highlights the often overlooked force impacting finance – customer experience (CX). As digital natives make up an increasing proportion of business banking customers, CX is becoming increasingly essential. However, many banks are struggling to keep pace, offering merely "suitable" experiences.
Fiona suggests three strategies for banks to combine their core advantages with cutting-edge CX:
- Off-the-shelf solutions or tailor-made options? Banks have opted for third-party tech products or custom-built solutions. While both have their limitations – overpriced and poorly integrated off-the-shelf products or costly and outdated bespoke projects – there's a third way emerging in 2025: experience as a service (EaaS).
- EaaS platforms offer an agile, cost-effective, and customizable solution to banks. They offer pre-built, highly adaptable modules that can be seamlessly integrated and branded into a bank's service offering, providing an intelligent, integrated front-end experience for business customers.
- EaaS empowers banks to continually enhance CX in line with fintech innovation, making it a successful strategy for banks to stay ahead in a competitive landscape.
To excel in the digital age, banks should prioritize the following CX strategies:
- Dynamic micro-personalization, using AI to analyze customer behavior and provide targeted solutions at critical moments.
- Omnichannel personalization, ensuring smooth transitions and unified interactions across digital and in-person channels.
- Hyper-personalized banking, tailoring products and services based on real-time customer needs.
- Frictionless omnichannel customer service, leveraging AI for seamless interactions and proactive engagement.
- Enhanced security and trust, using advanced technologies and transparent data policies to build trust with customers.
- A human touch in digital interactions, blending machine-driven insights with human expertise to provide tailored and proactive support.
By focusing on these strategies, banks can improve CX in the digital age, ensuring they stay competitive in 2025.
Fiona Roach Canning, the CEO of Pollinate, mentioned during a discussion about finance and banking that she believes smartphone usage by digital natives is driving the importance of customer experience (CX). In 2025, she observed a trend towards experience as a service (EaaS) as a potential solution to banks' struggles with keeping up with CX demands, offering affordable, customizable, and agile solutions. To further enhance CX, Fiona suggested banks should prioritize dynamic micro-personalization, hyper-personalized banking, omnichannel personalization, frictionless omnichannel customer service, enhanced security and trust, and a human touch in digital interactions.
