Reimagining customer journeys: How can banks upscale experience and boost retention?

Technology has significantly transformed the financial services industry, particularly over the last five years. Challenger banks and fintech firms have rapidly gained popularity thanks to their ability to offer fast, simple, digital services. According to data from Plaid, nearly nine out of 10 consumers were using a fintech application in 2023. This percentage will continue to grow. 

Financial institutions (FIs) must urgently reimagine their customer journeys or risk facing a hit to their market share. Indeed, today’s customers are more likely than ever to switch primary banking relationships if they do not receive the services they are looking for. Young, digital natives continue to shape this market, with research revealing that 44% of Gen Z customers have changed their primary banking relationship in the last 12 months. The call to competition cannot be ignored. 

But how can FIs innovate to meet these demands, while simultaneously running legacy systems? This Finextra impact study, in association with Hyland, explores how financial institutions can: 

• Reinvent onboarding and Know-Your-Customer (KYC) processes; 
• Upscale the overall customer journey; 
• Look to artificial intelligence (AI) for product enhancement and integration; and 
• Present real-world case studies for each of these objectives.