Financial services experts discuss innovations in customer experience

By Karen Del Vescovo, US Financial Services Lead, Microsoft

March 30, 2023

Content type
Thought leadership

From changing regulations to shrinking labor markets, financial institutions have to adapt to modern trends to continue driving growth. But if there’s one constant in the evolving financial services industry, it’s the importance of the customer experience.

We met with three industry opinion leaders to discuss key trends in financial services this year. We are pleased to share their thoughts about the value of technology in enhancing the customer experience and connecting data for better insights.

Digital transformation improves insurance solutions

Bryan Falchuk, Founder and Managing Partner of Insurance Evolution Partners and President and CEO of Property and Liability Resource Bureau (PLRB), says that data is the key to delivering a winning experience for customers. But data has long been trapped in offline media and disparate communications.

“By digitizing more data, you can piece together a more holistic view of a customer and become a valued partner,” says Falchuk.

Knowing your customers not only helps increase engagement but also invites new customers into the business. Financial services companies are using technology to connect with new customer groups. By digitizing more interactions, businesses have dramatically increased engagement from previously underserved groups of people.

Falchuk says that insurance providers should use innovative technology to improve the customer experience and accessibility. “We can use digital tools to remove biases that might exist in the ways we’ve worked for decades,” says Falchuk. “It is a beautiful, additional value point to the change that’s going on in the industry.”

Learn more about how digital tools put a great customer experience front and center in the full discussion with Bryan Falchuk.

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Fintech innovation empowers financial institutions and customers’ decision-making

For many people, financial conversations are filled with uncertainty. Shifting market conditions only heighten these feelings. Fintech companies have an opportunity to help customers better understand their financial situations.

Theodora Lau, an author, public speaker, advisor, and the founder of Unconventional Ventures, says that the pressures of shifting economic conditions create new needs from customers. Using the power of data and innovative financial technology, banks and other financial institutions can provide new and better products.

“Data is the foundation of everything that we do,” says Lau. “With more actionable, holistic data, we can provide better insights to customers to act on.”

Lau is also enthusiastic about how financial institutions are using tools and data to empower underrepresented demographics. Technology can improve the accessibility of financial services to people and businesses around the world. For example, “Promoting financial inclusion for women is one of the amazing things we can do with technology,” says Lau.

Check out the full video for more of our conversation with Theodora Lau about fintech innovations.

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Financial services and technology intersect for industry innovation

Even outside of the financial industry, businesses and organizations are benefiting from innovative technology. Efi Pylarinou, fintech thought leader and founder of Pylarinou Advisory, says that mobile wallets represent a key trend on a global basis.

In 2021, mobile wallets achieved 49 percent of market share for transactions. And while they’re already popular for e-commerce, mobile wallets are expected to continue increasing in popularity in stores too.

“The next wave of digital transformation in this industry is all about delivering financial services through smartphones,” says Pylarinou. “Whether it’s for retail customers or businesses, the trend will be toward distributing finance wherever the customer is.”

Mobile commerce brings additional data that businesses can use to get to know their customers better. It can also reduce customer acquisition costs. “With more data, businesses can increase the long-term value of their customers,” says Pylarinou.

Pylarinou cites several other infrastructure innovations that are poised to drive trends going forward, “These include mobile commerce apps to central bank digital currencies and securities management. This new infrastructure is going to remove friction to improve the flow of data.”

With better data and AI, there is a great opportunity for innovations in supply chain logistics and other aspects of businesses both inside and outside of the financial services industry.

Access more of our discussion about the impact of fintech innovations on businesses with Efi Pylarinou in the full video.

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Elevating the customer experience with data

Technology can help financial services companies overcome industry challenges and elevate the customer experience. With Microsoft services, you’ll have the tools you need to unlock the power of your data and meet your customers’ needs wherever they are.

Learn more about how to gain new insights from your data by connecting with the Microsoft Cloud for Financial Services.