Customer Experiences a Focal Point in the Financial Services Sector

Mary Ellen Power, January 7, 2015

Solutions like electronic signature software are emerging to help banks and other financial services firms adopt customer-centric operations. This move to emphasize the customer experience in banking has been a long time coming, and a recent GMC Software Technology report highlighted the potential that exists in the sector.

The news source explained that there is still significant dissatisfaction among financial services customers, and Mike Davies, vice president for the EMEA North region at GMC Software Technology said that some of this discontent is the residue of the 2008 financial crisis. However, the main reason why consumers are still unhappy with their banks is that financial institutions have been slow to adopt new technologies and deliver the kind of customer experience that high-street retailers are offering.

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Technological change in financial services
Davies pointed out that legacy systems and methodologies have played a major role in holding financial services firms back from adopting new solutions. While slow technological advances have led to significant problems when it comes time to offer customer-centric services, there is still potential for significant advances in the industry. Financial services firms have an opportunity to gain a competitive advantage by focusing on consumers, and there are a few ways to accomplish this end.

"Banks must become much more 'available' than they are presently," said Davies. "The adaptation of banking services to digital channels (regardless of form factor of device) will be critical in achieving this. And, it has to be said that banks are cognizant of this issue and are investing in the technology needed to make this happen. What may go overlooked is the wider point on how more modern technology is utilized." 

Davies went on to explain that more personalized communication solutions will play a key role in driving innovation across the financial services sector.

Using electronic signatures to improve customer experiences
E-signature solutions are becoming more prominent as a way to enable personalized communications, processes and interactions within the financial services sector. Implementing an e-signature platform empowers financial institutions to create a more varied customer experience by allowing clients to open accounts, apply for loans and perform other tasks whenever, and in whichever way, works best for them. All of this is made possible with e-signatures because the signing method provides the secure, legally valid and accessible technical foundation needed to help customers interact with their bank online or using a mobile device.

E-signatures can impact a variety of processes. Check out our resource on enabling virtual account openings with e-signatures to get a clear idea of how.