Top 5 Customer Experience Trends in Financial Services 2023


Do you ever have the feeling that your favorite institution or app could do more? Implement responsive UX, improve customer service, streamline onboarding, or simply involve you more in the conversation? That is how many customers feel about digital products. They don’t want to be treated like cogs in a machine, grinding the same load every time they contact or use the institution’s services. Customers want to be heard, and this is how you can make that happen in fintech.

Why Should Customer Experience be Prioritised?

The problem with many fintech companies’ approaches is that they concentrate all of their efforts on the design and functioning of their goods and services. Other factors, such as a simple and convenient browsing/purchase process, reliable payment options, and overall consumer experience, are frequently overlooked. Many fintech companies get caught up in pursuing the most complex features for their fintech products, forgetting about their clients and their platform experience. As previously said, consumer decisions are mostly focused on the ease and comfort with which a fintech product or service may be used. In truth, the concept holds true for almost any user-accessible product or service especially for e-commerce.

Top 5 Customer Experience Trends:

We’ll go through the importance of customer experience in Fintech and how it may help you sell your FinTech product or service to the right people.

1. Consumer education via chatbots and virtual assistants

Customer onboarding is a process that assists new users in navigating the financial services ecosystem. Customer service follows the rule of automation first, human second. Implementing an effective FAQ to avoid answering simple inquiries is a good idea. Automate the process of getting to know the app if possible. The majority of people are technologically and financially illiterate. They simply want to be able to handle their money on the go. Allow them to do so.

2. Implementation of a unified and responsive user experience

The global public confidence deficit also affects financial institutions. People build views about fintech applications based on how simple, straightforward, and quick they are to use – for example, transferring or counting money. The design of the app must be optimized for a wide range of devices and screen sizes, but that is only one component of it. In reality, there is a complete UX product design roadmap.

3. Predictive analytics and financial data interpretation using artificial intelligence

The Know Your Customer (KYC) method is gaining popularity, and for good reason. But it’s not only about the fundamentals: who this person is, where they live, how much money comes into the account each month, and how the money flows. If data is static, it is useless. Animate it using numbers to get a better idea of your spending habits or transaction patterns. After that, you’ll be able to customize the experience. Predictive analytics can be used to provide a credit to a customer before he ever considers it

4. Customers should be listened to and their requirements should be met.

Millennials and other digital native groups (not necessarily associated with specific demographics) demand instant gratification and high-quality content. They demand prompt service, communication, and action on their proposals. Social media, on the other hand, does not replace conventional – face-to-face – communication and dialogue. That is why it is critical to engage with customers (a soft approach) and have software tools in place to provide them with what they desire (hard approach). Missing out on client feedback can result in higher software development expenses and a reduction in the likelihood of actual fintech innovation.

5. Implementation of a point-of-sale (PoS) for data generation and management

Personalization is at the heart of today’s user experience strategy. PoS software provides you with the tools you need to collect and analyze stockpile data. You can utilize the data you’ve obtained to construct upselling campaigns, giving consumers who are interested in a wide range of services more options.


Customers will come to trust your brand if they have a positive customer experience. You can improve the Fintech client experience by responding to the needs of your consumers, particularly millennials, and providing them with excellent customer service through effective communication. If you want to learn more about how to improve your CX with tech, CFTE has got you covered! We have a short THINK course called Applying The Basics of Customer Experience in Financial Services: Putting great CX into Practice to learn what is the secret sauce to a great customer experience!

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