Sustainable hybrid financial services models
In today’s 24/7 economy, customers are increasingly demanding personalized services in the palm of their hand. Surfing on the wave of digital transformation, AI enables smart customer engagement, where financial services providers can meet these new demands by offering continuously available, easily accessible, low-cost, and omnichannel financial services. Obtaining customers’ trust and loyalty requires more than just a digital and automated approach.
Interestingly, customers seem to crave a human touch and believe in higher added value in portfolios where financial services providers offer a combination of digital and traditional services. Simply put, full automation does not lead to more customer loyalty and trust towards financial services providers. Moreover, customers understand the value of data and are willing to share it to receive benefits in return.
For instance, 38 percent of all customers—against 46 percent of Generation Y customers—would use digital platforms to take investment advice, while 78 percent of customers are open to receiving automated support about investment advice.
Additionally, 73 percent of customers demand more personalized investment advice in return for sharing data; while 59 percent of customers did not mind the channel they used to interact with their provider if the experience is easy, seamless and effective.
Finally, key drivers for customer trust were found to be personal services provider-client relationships, next to acting in the best interest of the customer and data protection.