Last week, customer experience (CX) executives from around the world gathered in Boston for CXFS: Customer Experience for Financial Services to discuss the latest in CX design, innovation, culture and strategy in financial services. Several of us from Netomi attended these two days of thought-provoking sessions about digital transformation in the financial services world, and, like sponges, absorbed the content, nodding our heads along the way.

Today, nearly 9 in 10 Americans use digital apps and services to manage their finances – a 52% growth rate from 2020. Along with this digitalization of financial services, the unbundling of services and a shift from working with one bank to using various apps and services for different financial needs is on the rise.

As part of our new ‘AI for CX 101’ series, we will cover what to expect when you deploy an AI solution, including how to get started on your AI digital transformation journey. Whether you’re early on in the consideration phase or deep into the process, we’re here to provide you with insights and best practices to ensure you are well-equipped to proceed with confidence.

A new space is emerging for customer engagement and interactions beyond online and in-store to be considered. This is the metaverse, a futuristic concept for many, but one that is taking shape, with a great deal of potential to be the next big thing.

Customers today seek speed – speedy access to services, and in a timely fashion. This extends to customer service in the telecommunications (telecom) industry, as many rely heavily on mobile devices and networks in an era of remote work and social connections. With advances in technology, lightning-fast connectivity is already here, or well within reach.

Globally, the cost of living is skyrocketing – in the US, inflation hovers near a 40-year high, topping Americans’ concerns for the country, while Canada’s official inflation rate rose at a 6.8% annual pace this past April, a new 31-year high. Prices for everyday necessities – food, shelter and gas – are on the rise, as the COVID-19 pandemic is driving up the costs of raw materials and impacting global supply chains.

Customer service is notoriously a waiting game. This has been more rampant in recent years, with a stretched labor pool and staff shortages across numerous industries. Canada’s federal government has warned of long wait times for passports, due to the surge in the number of applications since COVID-19 border measures were relaxed (the number of Canadians applying for passports is 40 times higher than it was pre-pandemic).