Every year, award-winning customer service software company Zendesk shares an essential look into customer experience (CX) trends across a range of industries. The Zendesk CX Trends 2024 Report highlights the top 10 trends that are most important to creating a positive CX. 

As part of the report, Zendesk asked 500 CX financial services leaders from 20 countries about which trends would enable them to strengthen customer trust. In this MoneyNext series, Eric Jorgensen, Vice President of Enterprise Sales EMEA at Zendesk, shares insights into these trends and how they are changing CX within financial services. 

The transformative power of AI is at the heart of this year’s trends, with the capacity to improve all aspects of the customer journey, and in turn, enhance CX. The financial services industry has long been a custodian of sensitive data, but with the mass adoption of generative AI, the question of customer trust in data security has become paramount.

Closing the Gap

The report highlights a troubling disconnect: while 86% of CX financial leaders believe their customers trust their data protection efforts, only 60% of consumers feel the same way. So, how can financial institutions bridge this 26% gap?

“I think it’s transparency for me,” admits Eric. “I think the financial services industry in general is better at this than other industries: we trust our insurance companies and our banks and pension providers and others more because we’re putting a significant part of our personal wealth and trust into these organisations.

“Keeping a customer happy, retaining them and then growing with them in an open, transparent way, I think is again something we think is achievable and deliverable within this new AI data driven world.”

A Tool for Building Trust

Financial institutions can leverage generative AI to personalise the CX, but customers must be informed about how their data is being used to avoid churn. The good news is that AI can also be a powerful tool for building trust, and in turn, improving retention. By identifying patterns, trends and anomalies at scale, AI creates a more secure experience. 

“Things like intent data we can look at with AI,” explains Eric. “If I sent an email, you may send an email, we both might be asking about the same thing, but mine might be a bit more grumpy, and the fact that the AI can detect that is really important because it means that then the digital agent or the human agent can be made aware of that and treat me accordingly, knowing that I’m already perhaps in a slightly grumpy mood.”

Tasks that would have previously been extremely time consuming, or impossible, are suddenly simple. AI’s ability to search large amounts of data is especially important when looking at the customer journey. 

“I think the vast volume of data that’s been building up over the last few years combined with AI gives us that foundational data set and ability to mine that data in such a way that we can provide that transparency,” expresses Eric. 

The financial services industry must walk a tightrope between leveraging AI for enhanced CX and maintaining the transparency that builds trust with their customers. By prioritising clear communication whilst utilising AI for security as well as personalisation, financial services institutions can bridge the gap and build stronger relationships with their customers.

What’s Next in CX?

This year’s report highlights 10 trends for CX, with clear excitement for what generative AI can do to transform the space, but data protection, trust and transparency are still a clear focus. A more humanised journey, AI transparency, and security being seamlessly incorporated throughout the customer journey have all been identified as things to look out for in 2024. 

“For me, that’s certainly what we’re seeing in the report and the trends, and that’s certainly something I’m seeing with the customers I interact with,” offers Eric. 

The report also highlights planned changes in investment level over the next year. Insights into somewhat increased and greatly increased investments across advancing AI-powered chatbots that act as digital agents, security in CX, leveraging voice as a support channel for escalation show where priorities lie within financial services.

When looking at advancing AI-powered chatbots, 36% of CX financial leaders are planning somewhat increased investment, while 23% are planning greatly increased investment. These figures rise when looking at security in CX, with 39% planning somewhat increased investment, and 33% planning greatly increased investment. 

Leveraging voice as a support channel for escalation also remains a priority, with 22% of leaders planning somewhat increased investment, and 22% planning greatly increased investment. 

Financial services institutions are constantly seeking ways to enhance CX while optimising internal operations, and investing in these areas presents significant opportunities to deliver the best CX. 

As 70% of CX leaders rethink their entire customer journey, the Zendesk CX Trends 2024 Report explores the ten trends that are transforming CX, and how they will strengthen customer trust and relationships within financial services. Gain essential insights and download the full report now: Zendesk CX Trends 2024. 

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