Financial Services industry in the US has traditionally been slow to leverage the latest technology trends. However, some of the firms have attempted in the recent years to ride on technology trends to differentiate themselves from their competitors. Insurance companies, banks and wealth management firms have increasingly been focusing on Customer Experience Management (CEM) tools to attract and retain generations of clients ranging from the Baby Boomer to the Millennial. Focus has been on creating positive experiences for prospects and customers, through every personal and electronic interaction in the marketing, relationship management and servicing activities.

One-Stop Shop
Financial Services firms tend to offer a wide spectrum of services, either by themselves or through a network of partners, in an attempt to strengthen the relationship with the customer. Larger firms take pride in being able to support all financial services needs of a typical customer. These services typically include banking, credit cards, loans, mortgage services, insurance, wealth management, etc. The goal is to create a sticky relationship by being a single stop of all of the customer's needs.

Ever Elusive 360-degree View of the Customer
Organizations are focusing more than ever before, on creating a detailed profile of their customers. Investments are being made on technology and data to create and maintain such profiles. The social channels are being consumed to the extent possible to feed into such profiles. Profiles are designed to typically contain the attributes of the customer, product preferences, decision making criteria, life events, key influencers, etc. Given that customer profiles can always be enhanced with additional and newer information, such initiatives tend to be long-term investments.

Customer profiles are increasingly being considered the core of all business development activities. Innovative firms also tend to leverage customer profiles to evaluate their services portfolio and introduce new products and services.