© Copyright Acquisition International 2026 - All Rights Reserved.

Article Image - Why Customer Experience is a Key Differentiator in the Banking Industry & How the Industry Is Set to Change for Consumers
Posted 14th June 2022

Why Customer Experience is a Key Differentiator in the Banking Industry & How the Industry Is Set to Change for Consumers

According to a recent study by Gartner, 81% of companies compete mostly on the basis of CX, making strong CX a key competitive differentiator for Banks. Gartner’s research also reveals that the higher a customer’s experience is in terms of quality, the more likely they are to remain loyal to a particular brand or institution - meaning CX has the power to improve customer retention.

Mouse Scroll AnimationScroll to keep reading

Let us help promote your business to a wider following.

Why Customer Experience is a Key Differentiator in the Banking Industry & How the Industry Is Set to Change for Consumers

Banking Customer Experience

By Jon Brooks, Head of Financial Services UK at Sabio Group

Customer Experience, or CX, is fast becoming the competitive differentiator in the banking industry.

Banks – and financial institutions in general – that invest in CX have on average higher rates of recommendation, greater ‘wallet share’ and are more likely to be in a position to cross-sell and up-sell alternative products and services.

According to a recent study by Gartner, 81% of companies compete mostly on the basis of CX, making strong CX a key competitive differentiator for Banks. Gartner’s research also reveals that the higher a customer’s experience is in terms of quality, the more likely they are to remain loyal to a particular brand or institution – meaning CX has the power to improve customer retention.

So, in short, it’s critical that Banks get their CX strategy right.

With CX playing an ever-increasing role in a Bank’s success, what will the banking landscape for consumers look like in the next five years? And what emerging CX trends will we see introduced in that time?

 

Embedded Products & Services within Mobile Apps to Provide Personalised Experiences

Customer ‘self-service’ is one of the fastest growing CX trends across the Banking industry today. With the majority of customers using mobile apps for a vast array of other services (such as shopping, utilities etc) it’s almost an expectation that Banks will offer this service too. The teams and associated expertise that are needed to create, manage and optimise those apps are not difficult for enterprise organisations to manage in-house. Ensuring a personalised in-app experience that supports many customers self-serving within their app will help stronger engagement and adoption.

 

The Evolution of AI

Rather than wait on the phone, customers now have the option to consult AI-enabled chatbots when faced with challenges. These chatbots pull and process information from various sources, such as the Bank’s knowledge-base and CRM customer profiles, to respond to incoming customer service requests. Should a particular request exceed the chatbot’s capabilities, it’s automatically escalated to a live service representative who can help the customer work toward a resolution. Best of all, more and more banking apps are offering chatbot technology as a native functionality, which means customers can quickly resolve issues from anywhere, at any time.

 

The rise of Digitalization

The pandemic and the impending lockdowns limited, and in some instances completely removed, the ability for customers to physically visit their Banks which often resulted in voice channels being swamped with calls. In order to deliver great CX for customers, it became critical for Banks to offer customers’ alternative digital channels as another method of customer service and support. But this is easier said than done. Deploying an integrated omni-channel communication strategy with end-to-end reporting and data is one thing, providing the tools and support for less tech-savvy customers is another challenge Banks have yet to land.

 

Humanization of Digital Interactions

Offering customers a range of channels is a good first step to delivering great CX in Banking. However, while many customers may be comfortable interacting with a ‘bot’, there will be just as many struggling with the lack of humanisation across their interactions with the Bank. This is especially the case when those interactions involve the exchanging of sensitive information or data. Therefore, it’s critical that Banks find ways to soften the use of bots, by giving them personas or personalities and allowing that bot service to be joined up with human assisted service.

 

So, there you have it – the four key trends in CX I expect to see across the banking landscape in the next few years.

What’s clear is that the banking industry is changing and changing rapidly, and CX is a clear differentiator for consumers when choosing who they will continue to bank with.

By not taking CX seriously, some Banking institutions are in danger of falling into the red when it comes to credit among the consumers of tomorrow…

Categories: Finance, News


You Might Also Like
Read Full PostRead - Eye Icon
The Leadership Mistake That Stops Teams Performing at Their Best
Leadership
22/04/2026The Leadership Mistake That Stops Teams Performing at Their Best

In this exclusive interview with the Motivational Speakers Agency, Ian Windle reflects on what defines high-performing teams, why growth happens outside comfort, and how leaders can bring clarity and honesty to organisations when uncertainty starts to bite.

Read Full PostRead - Eye Icon
Do You Need a Corporate Investigation? 5 Warning Signs and 5 Best Firms to Call
Legal
20/11/2025Do You Need a Corporate Investigation? 5 Warning Signs and 5 Best Firms to Call

Corporate investigations are serious matters that can hurt companies through legal action, financial fallout and reputational damage. If an issue goes unaddressed, authorities can take significant action. There are several warning signs and firms to help busin

Read Full PostRead - Eye Icon
Royal IHC Acquires SAS Offshore
M&A
26/03/2015Royal IHC Acquires SAS Offshore

Global market leader for efficient dredging and mining vessels and equipment Royal IHC finalised its acquisition of SAS Offshore. SAS are a company specialising in designing and manufacturing reliable deck equipment for the offshore oil and gas market.

Read Full PostRead - Eye Icon
Spotlight on Mike Lord, CEO of Stiltz Home Lifts
News
21/01/2021Spotlight on Mike Lord, CEO of Stiltz Home Lifts

ood leadership has become an utterly crucial variable in business success over the last year. The COVID-19 pandemic has proven to be a baptism of fire for young businesses and challenged established companies to be adaptive and agile in a time defined by uncer

Read Full PostRead - Eye Icon
Contract Management Systems 101 Definition, Benefits, and Best Contract Management Software
News
03/04/2025Contract Management Systems 101 Definition, Benefits, and Best Contract Management Software

Contracts are a crucial part of running a business, but managing them can be difficult. Not every organisation has the budget for a dedicated legal department or the time to turn to third-party partners for every document. The best contract management systems

Read Full PostRead - Eye Icon
UK Businesses Confess They Are Overwhelmed By Volume Of Data
Strategy
23/03/2020UK Businesses Confess They Are Overwhelmed By Volume Of Data

67% of organisations are struggling to access their data to make business decisions.

Read Full PostRead - Eye Icon
Bridging the Gap: How Fractional CFOs Offer Big Business Insights for Small Companies
News
07/02/2024Bridging the Gap: How Fractional CFOs Offer Big Business Insights for Small Companies

There are fewer barriers to starting a small business than ever today, but owners and founders often face one core problem when trying to scale beyond the sole proprietor startup face – they need top-tier financial expertise but don’t have the resources to

Read Full PostRead - Eye Icon
British Businesses Adopting a Zero-Waste Strategy
Corporate Social Responsibility
12/05/2022British Businesses Adopting a Zero-Waste Strategy

Here, we will list three British businesses leading the way and incorporating zero waste strategies. This includes corporations that favour sustainable waste management over zero-waste-to-landfill and waste-to-energy solutions.

Read Full PostRead - Eye Icon
The Foundation of Value: Why Operational Excellence Remains the Most Important Asset for Business Leaders
Leadership
24/09/2025The Foundation of Value: Why Operational Excellence Remains the Most Important Asset for Business Leaders

In today’s rapidly changing business environment, operational excellence should be understood as more than a cost-cutting tool. By embedding strong operational practices, companies create value that persists through both booms and downturns.



Our Trusted Brands

Acquisition International is a flagship brand of AI Global Media. AI Global Media is a B2B enterprise and are committed to creating engaging content allowing businesses to market their services to a larger global audience. We have a number of unique brands, each of which serves a specific industry or region. Each brand covers the latest news in its sector and publishes a digital magazine and newsletter which is read by a global audience.

Arrow