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CX Snapshot: Financial Service Payments

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Customer journeys in financial services, like so many other fields, are being increasingly digitized. Unlike many other industries, however, this sector must adhere to strict industry regulations and keep extremely sensitive data secure—all while providing a seamless cross-channel experience that lets consumers feel connected to the brand.
The payments sector of the industry is even more focused on digital enablement. Mobile and social payment apps, along with digital wallets, are growing in popularity worldwide because of their immediacy and convenience, especially in places without strong legacy banking infrastructure.

The state of CX in financial payments

So how do financial services payment providers fare when it comes to CX? TTEC Digital recently conducted an assessment of leading U.S. payment companies, where we assessed channel experience and overall service. Mystery shopping, voice of the customer, and other interviews helped provide a snapshot of the success of customers’ experience across channels. The results showed companies are excelling in areas like associate responsiveness and proactive communication, but find some service channel delivery and expert guidance lacking (see Figure 1).

CX Comparisons among payment providers

Key CX improvement areas

What's working