CX and AI personalization to drive FinTech revenue to $638B

Iain Banks, regional vice-president, international markets, TTEC

Banking on CX leadership?

  • “McKinsey research found that the human touch is still important to bank customers in most markets revealing that only 13% of customers prefer doing everything remotely.
  • According to a J.D. Power survey, digital-only banking customers were dissatisfied with three areas: communication and advice; products and fees; and new account opening.
  • HSBC flagship New York branch has Pepper, its humanoid robot banking assistant. Pepper complements the branch team and helps customers with basic questions, product tutorials and information, allowing associates to answer more complex queries.
  • In the UK, NatWest has been testing Cora, its “digital human” banking assistant. If the pilot is successful, the assistant could be used in branches to answer basic customer enquiries.”

  • Fintech Platform Revenues to Reach $638 Billion in 2024: Juniper Research
    • “Research author Michael Larner said, ‘The distinction between the fintech suppliers and traditional incumbents will blur in the 2020s; digital engagement will become the norm. The winners will be those that provide personalisation allied to an outstanding customer experience.”
    • Fintech platform revenues will reach $638 billion by 2024, up from an estimated $263 billion in 2019; driven by increasing consumer acceptance of fintech-powered solutions, according to Juniper Research.”

    Bots to cut $8 billion by 2022

    Image credit: Wutthichai Luemuang/EyeEm | Getty Images

    “Businesses utilizing chatbot technology today have likely done so for two main reasons: to enhance the customer experience and save money. Juniper Research projects that bots will cut business expenses by as much as $8 billion by 2022; without a doubt, this technology will have a huge impact for both SMBs and enterprises.”

    “According to a PointSource survey, 59 percent of customers surveyed said bots weren’t getting the job done because, obviously, customers are more than text. These are emotional, visual creatures that communicate with body language and subtle cues.”