A disruptive year compounded challenges for the financial sector, while presenting opportunities for innovative financial institutions.

The COVID-19 crisis also drove innovation as banks quickly learned what was important to customers. A recent report from Microsoft explores how customer experience (CX) has changed and what the future will bring.

Key Findings

• 63% of respondents claim providing enough self-service options for customers is a challenge to delivering consistent, high-quality CX.

• Nearly three-quarters of respondents (73%) claim about 50% or more of their customers’ activities switched from in- person services to digital services in 2020.

• Although half of the respondents don’t expect their customers’ habits to change much in the next 12 months, most remaining respondents (38%) believe customers will embrace digital financial tools over physical branch services in 2021.