Figure 3 Financial Services Industry Clouds Gain Momentum In 2020, IBM announced IBM Cloud Financial Services, which offers both on-premises and public cloud services that are specific to the financial services industry.

Your Financial Services Peers Are Moving Forward With Advanced Cloud Plans

Our digital tech market coverage for financial services organizations includes: Financial services customer relationship management (CRM). Forrester defines the financial services CRM market as a CRM system purpose-fit for financial services businesses to engage, attract, acquire, and retain customers and to create insights into financial services customers’ activity and behavior.

This report helps financial services leaders understand where customers expect AI tools to create value today and the types of AI experiences that consumers will adopt.

Financial services leaders are transforming their organizations with digital technologies. Emerging technologies, competition from fintechs, and changing customer behaviors are influencing the way financial services companies invest in technology. Traditional financial service companies must earn a return on their digital technology investments that improve the customer experience, streamline business operations, or serve new markets or create new revenue opportunities.

Financial Services Firms Focus Investments On AI-Powered Tech Horizontal bar chart showing financial services initiatives that organizations expect to invest the most in over the next 12 months, according to 494 business and technology professionals working in financial services.

Financial services execs must transform their data infrastructure to ensure high-quality, well-managed data that can effectively train and scale AI models and build end-to-end governance. What it means: Financial services firms need a data infrastructure strategy, an effective data platform to serve all business units, and a governance framework for AI initiatives to operate at scale.

Financial services companies should use AI where it adds value, explain what it’s doing, make participation optional, and keep the consumer in control. Consumers signal that distrust in AI is not a reason for inaction. In Forrester’s MROC Survey, 44% of consumers agree that they prefer a financial services company that is staying ahead of the AI curve instead of falling behind. This indicates that there is an opportunity to navigate the AI trust gap in financial services.

Proof Points For CX In Financial Services Table showing proof points for CX in financial services.

Maintain Relentless Focus On Your Customer In times of economic volatility, the customer must be a financial services firm’s unwavering Polaris. Prioritize supporting clients, particularly those facing temporary financial difficulties. Disciplined reviews of who your customers are and what they really want will help you to adjust customer segmentation, identify the changing needs of and how to best serve each segment.