The Financial Services industry is under a lot of pressure. The list of industry disrupters continues to grow, adding to the expanding competitive landscape. New technologies are pushing legacy banks to their limits and consumer behavior is demanding better experiences across the board.
These external factors push for big changes in financial services while the internal organizational issues keep the business from evolving and adapting in ways that allow them to remain competitive. All this leads to a buying spree of the FS industry, buying up design and product innovation firms who know how to make Customer Experience (CX) a more integral part of their competitive strategies.
Successfully implemented CX programs can help offset the external factors while bringing necessary attention to internal issues that need the most change.