Building Trust Through Customer Experience and Operational Resilience

With the rapid expansion of BigTech and FinTech disruptors, the financial industry faces increasing pressure to stay competitive. Building trust has become more crucial — and far more challenging — than ever.

According to FT Longitude, while 53% of banks invest heavily in technologies for customer-centric approaches, customers often perceive these services as generic and are usually skeptical of such services that could lead to data privacy issues and cybersecurity threats¹. Additionally, 50% of banks admit they are unprepared for the impact of an economic downturn on customer service, potentially causing significant damage to customer trust.

Every touchpoint shapes a customer's perception of a brand, from account sign-ups to transactions, service requests, surveys and chatbot interactions. Consequently, with rising customer expectations, exceptional CX is a key differentiator in today's competitive financial landscape.

Improving CX requires a comprehensive, end-to-end approach that involves understanding behavior, preferences and expectations during timely communication with customers.

Implementing an effective CX strategy starts with defining clear goals and regularly analyzing, reviewing and adjusting strategies.

Beyond traditional key performance indicators (KPIs) like net promoter score (NPS), customer satisfaction score (CSAT) and churn rate, which rely on structured data, companies can leverage intelligent solutions to measure and analyze customer satisfaction directly from unstructured data. Key KPIs include:

• Retention rate: Measures the percentage of customers that use products or services over a specific period.
• Customer participation rate: Tracks the participation levels of customers in loyalty programs.
• Chatbot performance: Monitors user engagement, message click-through rate, handoff rate and user retention from digital customer services.

While financial institutions have long adopted business continuity planning as a best practice to safeguard critical functions, this approach is largely reactive, centered around predefined scenarios and static contingency plans.

Operational resilience, on the other hand, takes a broader and more proactive approach by embedding resilience into systems, processes and cultures for swift adaptation and recovery from a wide range of disruptions, such as cyberattacks, regulatory shifts or natural disasters.

Integrating business continuity and operational resilience ensures robust strategies are in place to manage risks, mitigate substantial fines, preserve brand reputation and uphold customer trust during high-stakes situations.

Dassault Systèmes' data-driven virtual twin technology enables companies to model their entire operational ecosystem using model-based systems engineering (MBSE) principles. This engineering approach, used as a standard in manufacturing and aerospace, can easily be brought to the financial services sector to strengthen operational resilience.

MBSE drives operational resilience and innovation by providing a comprehensive end-to-end view of dependencies within an organization through scenario modeling and predictive analysis. All key aspects of important business services — people, property, suppliers and technology — can work efficiently across an organization.

With its collaborative capacity to model and analyze, the 3DEXPERIENCE platform leverages customer experience analytics and a robust operational framework to bolster overall business value.