CX leaders in finance reveal top trends: AI, digital twins, customer empowerment

In the evolving landscape of financial services, staying ahead of customer experience trends is crucial for success. To gain insights into the future of CX in this industry, we turned to the experts from CX Network’s top 20 CX leaders in financial services to find out about upcoming trends, the aspects of CX that are poised to revolutionize the sector, and what excites them most about their work. 

Improving processes with digital twins

Millie Gillon, who leads on innovation strategy and research at Northwestern Mutual, is most enthusiastic about the transformative potential of digital twins in the financial sector.

A digital twin is a real-time electronic copy of a system that allows for sophisticated analysis and simulation. The concept has been embraced in manufacturing, but in the context of financial services it can be used to create a digital replica of a bank's assets, processes and systems to help it streamline operations and simulate new services, with the aim of improving the customer experience.

“Although the current costs of development, maintenance, and top-notch cybersecurity are high, these challenges will soon be overcome, making digital twins an essential component of financial services,” Gillon explains.

“Unlike in manufacturing or B2B industries, the power of digital twins in financial services remains largely untapped. Digital twins will enable hyper-personalization, facilitate individual portfolio scenario analysis, and provide real-time, next-best-action insights to a broader audience, extending beyond just ultra-high-net-worth individuals.

“As consumers gain more control over their data and privacy, they will also be able to take a more proactive approach to their financial wellness,” she adds. “This shift will democratize advanced financial tools and insights, empowering all consumers to make informed financial decisions.”

Driving personalization with AI

Matthew Malady is the general manager for customer engagement and communications at Commonwealth Bank of Australia or ‘CommBank’, as it’s better known, one of the country’s biggest banks.

In May 2022 the bank launched loyalty program CommBank Yello for some of its customers, before expanding it more widely later that year. “I am lucky enough to have led the launch of CommBank Yello, our recognition and loyalty program which is providing great value to more than eight million eligible customers,” Malady says.

“To ensure we create the most engaging experience we use AI to select the most relevant offers for each customer and present them in a tailored way. The blending of many different offers, cashback on certain products simply for having your relationship with CommBank, prize draws and ‘money can’t buy’ experiences has seen us deliver a highly unique proposition in Australian financial services,” he says.

Empowering customers with innovation

“What I find most rewarding about working in this industry is the direct impact we can have on people's lives.” Gustavo Saiago was, until very recently, the CX foundations senior manager at Brazil’s Nubank, before leaving to set up customer feedback platform Birdie.ai. Saiago tells us he’s driven by empowering customers, particularly the potential to democratize access to financial services.

“It's about challenging the complexity and entrenched modus operandi of traditional banks, paving the way for simpler, more transparent financial solutions that truly empower individuals,” he explains. “The ability to innovate rapidly and see tangible improvements in how individuals manage their finances has been incredibly fulfilling.

“For those entering this field or aspiring to make a difference, my advice would be to embrace challenges with a mindset of continuous improvement. This approach not only fuels innovation but also cultivates resilience and adaptability, essential qualities for navigating the fast-paced fintech landscape.”

Transforming banking services with AI

For Katja Forbes, head of client experience at Standard Chartered Bank in Singapore, the emergence of AI is the most exciting trend in the financial sector. “AI and machine learning are going to transform areas like credit decisioning, risk management, fraud detection and personalized services in all kinds of financial services and banking,” she says.

“For example, self-learning AI models could enable near real-time credit decisions on large, complex loans by incorporating credit officers' knowledge. This is a fast-moving landscape and regulation is struggling to keep up,” Forbes adds, emphasizing that “we need to mandate the ethical use of these technologies to ensure we get positive societal outcomes.”

Leading customer-centric teams

Eric Pinatti is head of strategic transformation, marketing and CX at Bradesco, one of the largest banks in Brazil. During his time here the bank has implemented a Net Promoter Score (NPS) system in more than 3,000 branches — a feat he names as one of his proudest achievements.

“I also firmly believe that a passionate team dedicated to customer-centricity is essential for any meaningful customer experience outcome,” he says. “It's crucial that the team consistently reviews processes to enhance the customer's journey and drive tangible results for the company. Therefore, seeking the right individuals and providing adequate training and empowerment for your team is key.

“I take immense pride in the Customer Excellence Center team, who work tirelessly every day to ensure that the customer is at the heart of every decision,” he adds.

Promoting customer experience advocacy

As the global lead for marketing and customer experience at Allianz Commercial, a commercial insurance firm, Ekaterina Mamonova works closely across different business functions to drive best-in-class experiences for both clients and broker partners.

Collaboration is key, as she explains that “in order to do this successfully, it is essential for us to reach out across our global organization to connect with and involve employees in their CX efforts. This involvement not only extends the reach of the centralized global CX team, but it also creates broader buy-in and a groundswell of engagement around customer experience.”

“Our CX ambassador program involves bringing together employees from across organizational levels and roles to provide input and engage in moving the CX strategy and action plans forward,” Mamonova says. “This initiative creates an internal network of customer experience advocates that the CX team can work with, as well as provide an opportunity for employees who are passionate about CX to get involved. Our brilliant ambassadors have the chance to learn and develop new skills and to raise their profile within their department or across the company, while building grassroots support for a more customer-centric culture.”

She adds, “setting up this community, and watching colleagues thrive in this environment, is a truly rewarding experience!”