How the cloud transforms customer experience in financial services

A McKinsey survey looking at the banking, auto insurance, retail energy, health insurance, and mobile communications sectors found that the quality and availability of digital interactions have a significant impact on customer satisfaction. Adding digital offerings is crucial to what consumer-facing companies must do to remain competitive in the face of increased customer expectations. However, some organisations still only offer basic digital services, and not all have created integrated, omnichannel experiences. Companies that use technology to transform customer experience have increased customer satisfaction by 15 to 20%, reducing cost to serve by 20 to 40%, and boosting conversion rates and growth by 20%. As consumers have come to expect the same experience of their financial services providers that they have elsewhere in their lives, traditional financial institutions (FIs) are increasingly looking for ways to improve customer service and deepen engagement.