Candice Arnold - 18 June 2019
Poor customer experience is costing financial institutions $10 billion in revenue annually, according to an industry report released earlier this year. It’s a staggering figure that underscores how critical it is for financial services firms to delight their customers at every interaction. But, when you consider the industry’s complex, highly regulated environment and the customer expectation for a seamless experience across devices and operating systems, it’s clear that this is anything but a simple task.
With that in mind, let’s take a look at some of the chief challenges today’s financial institutions face in delivering a customer experience that delights:
- Omnichannel: A McKinsey report on omnichannel banking states, “Customers may not call it by that name, but they know when it is lacking—for example, when they can’t make a seamless channel switch, or their branch banker can’t call up an application they just made online.”
- Performance: In addition to these omnichannel expectations, customers have little patience with slow performing apps or websites. Regardless of whether someone is logging in via a smartphone or a desktop, if they receive an error message when attempting to view their bank balance you can expect a high level of frustration. In the competitive financial services sector, this frustration can easily boil over and cause customers to switch to another provider.
- Security, regulations & compliance: Financial institutions must grapple with ever-evolving regulations and international standards, while simultaneously safeguarding customer data from hackers.
Adding to these issues is the continuous delivery pace of our DevOps world. With new releases rolling out every month, if not more frequently, companies are challenged to keep up. As mentioned above, this is not an easy task but it’s a struggle that can be significantly alleviated with intelligent, continuous testing.
The technology facilitates end-to-end test automation that tests the entire customer journey across devices and operating systems, ensuring a high-quality customer experience even as new features are added or updates are released. Additional benefits include
- Keep pace with DevOps: Test automation eliminates the challenges of continuous delivery
- Future-proof testing: Intelligent testing supports financial institutions in their digital transformation journeys
- Release insights: Extending the benefits of testing from the user perspective a step further, companies can predict the user impact of new releases and adjust schedules as needed to reduce customer friction
Ninety percent of respondents in a recent Accenture survey of financial services executives claim to have a long-term plan for technology innovation. In order to keep customers happy and engaged, it’s critical that intelligent testing be part of the equation.
For more on how Eggplant helps financial institutions worldwide meet their digital transformation goals without sacrificing the customer experience, please click here.