“This is the type of experience that consumers are coming to expect from all their digital interactions — including dealings with their banks, financial advisers and insurance companies,” the report suggested. According to NTT DATA's research findings, a broad base of consumers wants simple and reliable Alexa-like interactions for routine transactions such as making a balance inquiry. The study pointed out a cohort of younger, more tech-savvy consumers are insisting on personalized customer service and guidance from intelligent machines. “These customers represent the future for the financial services industry — but they are also demanding, impatient and ready to switch brands when they aren't satisfied.”

Key study findings:

• More than half (55%) of financial services institutions believe that digital CX is the most important part of the customer experience — improving customer retention, customer service and customer acquisition.
• However, FSIs struggle to use data and analytics to elevate the digital customer experience: 61% of FIs lack a vision for what to do with data; 47% are unable to mine the data; 55% can't deploy the data; and 51% don't have the proper analytics in place to act on the data.
• Privacy and security of data remain major challenges for FSIs: 70% and 64%, respectively, report data privacy and security as major challenges.
• Top five data challenges for FSIs: Turning data into actionable information (56%); organizing and managing data (51%); integrating data across product channels (46%); maintaining data quality (44%); managing real time interaction data (36%).
• FSIs forecast limited increases in digital CX investment. Nearly half of FSIs surveyed (47%) expect budgets for IT projects to support digital CX to increase by 5-10% in 2018. However, 8% say they will cut digital CX budgets.

“FSIs are handling the easy digital tasks well – checking balances, paying bills, monitoring savings and opening credit cards,” Lisa Woodley, vice president, customer experience, FSI business consulting for NTT DATA Services, said. “However, the challenge remains in accessing, mining and analyzing the kind of data needed to start connecting the dots for the consumer. FSIs will have to evolve how they think about and manage data if they want to quench the consumer's thirst for personalization, customization and financial guidance.”

When it comes to investment in digital CX overall, FSIs are spending just enough to stay competitive, added Woodley. “With this level of spending, we believe that most FSIs can deliver only basic digital CX, meeting rudimentary requirements for ease of use, but little more. There is a definite gap between what companies want to do and what they are actually budgeting to do.”