In our latest Digital Experience Economy report, Don’t Forget the Customer — The Digital Challenge for Financial Services, we take a look at how Financial Services organizations are optimizing their digital strategies to attract and grow customers. We break out six primary insights relevant to all businesses, gleaned from 800 business decision-makers worldwide and their perspectives on customer centricity, digital strategy, and experimentation.
Financial Services firms are under intense pressure from all sides from cryptocurrency to digital upstarts as well as the need to exceed customer demands for speed, efficacy, and personalization. Despite this pressure, our research illustrates major gaps in digital strategy maturity as well as significant obstacles preventing some firms from transforming to be digital-first. When you consider that many Financial Services businesses began in the pre-Internet era — both their legacy systems and corporate cultures require added investment to deliver digital experiences by today’s standards. To that end, only four percent of all Financial Services businesses — traditional and digital — feel confident enough to say they are not at risk from competitive digital disruption.
Experimentation-led strategies are however helping sector businesses address how to improve customer experience. In fact, the overwhelming majority (92%) of respondents view experimentation as critical to transforming the digital customer experience, and it’s no surprise why. Experimentation is delivering outstanding results for Financial Services firms with more than half (51%) reporting revenue increases of 10% or more from using experimentation; 79% report revenue increases of 5% or more from using experimentation.
Despite these challenges, best practices and additional investment is starting to emerge, making Financial Services organizations a good example for other companies looking to leverage experimentation to drive business growth and digital competitiveness.
For the full report, go here.