FINAL WORD

Ensuring effective and enjoyable customer experiences is now a business imperative for financial organisations , and those that apply relevant strategies will be setting themselves up to be competitive in the future business landscape . Frederick Tsai , VP , Customer Success , Liferay , highlights how customer behaviour in the financial services industry is changing as advances in technology – and a pandemic – move customers more to remote , online and applications .

Many factors affect customer behaviour , but they can be broken down into four major areas :

1 . Social and personal life 2 . Ad-hoc events 3 . Government regulation 4 . Technology

Your business can tailor its services to customers undergoing specific life events , respond to ad-hoc events like a pandemic with social distancing and work from home , and possibly influence laws in your industry . But one area where you have complete control and can affect the customer experience greatly is your technology . And these are all related .

As we have seen from the pandemic , customers adapt quickly and capital often flows through the path of least resistance .

The key to developing your digital strategy is this : digital experience strategy isn ’ t an IT-driven initiative , it ’ s a customer-needs driven initiative . There ’ s a huge difference between simply using digital technology and actually leveraging it to improve customer experiences and better address customer needs . The pandemic forced businesses to accelerate the adoption of technology that they were considering or planning on using to better serve their customer base .

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