Technology is Key to Customer Experience

Banks are increasingly viewing data, automation and AI as crucial to providing seamless, personalized customer experiences, according to researchers at the Information Services Group (ISG).

The global technology research and advisory firm found that banking and financial service (BFS) firms are still constantly searching for new opportunities despite the difficult economic environment.

Experts will investigate how to harness data, automation and AI at the upcoming event, ISG TechXchange: Banking and Financial Services.

Colas Truong, a partner at ISG, said: “High-performing firms in the BFS industry are seeing opportunities even in times of macroeconomic and market upheaval. Agile use of technology enabled these institutions to navigate the pandemic and it is now enabling them to meet consumer demands for new digital assets, personalized services and security, while demonstrating their shared commitment to social values.”

Truong says 10% of banking customers say they would switch their business if their bank were not sufficiently ESG-focused, with the social, technical and legal opportunities and challenges set to be a key topic at the event.

The group says banks’ increased use of technology has led to cyber security moving up the industry’s priority list.

From an end-user perspective, customers have started assessing financial institutions that offer crypto-related services and digital assets to determine if they are a safe form of investment and trading, according to ISG.

Simultaneously, nearly 80% of global banking and financial services executives who responded to the recent ISG Cybersecurity Buyer Behavior Study said emerging technologies, such as AI and machine learning, are a top-three challenge.

ISG says banks face the challenge of finding the balance between a frictionless customer and employee experience and robust security processes.