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Digital transformation

How Lenders Can Improve The Customer Experience Through Digital Transformation

How Lenders Can Improve The Customer Experience Through Digital Transformation

Customer experience (CX) is critical to any business. In 2020, around 27% of brands improved CX quality, 13% higher than in 2019, according to consumer surveys by Forrester. Back then, companies focused on finding and eliminating problems, including internal processes. But 2020 changed everything, forcing businesses to rethink the core competencies of customer experience.

Now, low rates, especially when it comes to lending, are not enough for banks to attract clients or, more importantly, retain them. Based on my experience talking with banking experts, the modern client values ​​CX more than all the other benefits combined. In the modern financial industry, banks have to personalize their customer journey at all stages, and that includes every step from initial interaction to onboarding to loan origination and more.

So, how can businesses successfully transform their CX to get results? Let’s take a look.

What’s The Connection Between Digital Transformation And Customer Experience?

Customer retention is a key goal for banks — after all, retaining a client is generally cheaper than acquiring a new one — and digital transformation is an effective way to achieve it. Using outdated technologies, a bank cannot provide high-quality remote services, so clients go to more progressive competitors that meet their needs.

 

Learn the full article on Forbes:

How Lenders Can Improve The Customer Experience Through Digital Transformation

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