Digital is the new personal, especially in the world of financial services. Till even a few years back, customer experience at such financial services firms depended on the people involved. But now fewer Americans are visiting physical branches, as most transactional functions take place over the internet. Business intelligence provided by the likes of McKinsey, PwC and Bankrate clearly testifies to this trend with algorithm-powered portfolio management ruling the roost. The ADI US Finance Survey 2017 meanwhile states that more than half of all financial planning takes place online while for a fourth of respondents the over time-taken in the planning process was reduced due to smartphones and on-the-go apps. About three-fifths of all millennials and generation Xers prefer financial planning online, with the proportion being slightly higher for the latter. Due to such enormous volumes of online business, equally large quantities of data gets generated. This enables advanced business analytics operations to be performed leading to more informed decision-making. Even within the oft-traditional insurance field, some companies have risen to be digital disruptors. Fintech has even enabled a major chunk of transactions to be performed as a self-service.

Source:https://www.adobe.com/insights/redefining-exceptional-experiences-in-financial-services.html

Uploaded Date:07 June 2018