Financial Services industry has seen significant change over last few years, enhanced digital savviness of customers post pandemic and how they interact and acquire financial products today, acceleration in digital financial offerings from banking and non-banking entities, and finally unbundling of banking products into customer value chains. This has put customer experience front and center of any banking initiative today, as shown by a McKinsey study that a successful customer experience transformation can generate about 30% increase in customer satisfaction and may lead to economic gains of 20-50% of the cost base addressed in customer journeys.
AWS has worked with several customer that are focused on getting their CX transformation right by developing capabilities that provide their customers with a high quality omnichannel experience, including digital self-service and personalized recommendations. By using advanced data analytics and AIML, our customers have improved their outcomes on pro-actively predicting their customer needs and creating integrated financial solutions in customer value chain. Today our customers are working with Generative AI capabilities to further innovate on customer experience such as improving efficiency and efficacy of customer and agent interactions, processing large set of documents, summarization to make credit underwriters more agile amongst several other use cases.
We look forward to have great interactive sessions in Palo Alto, CA to share how our customers are innovating and supercharging the customer experience.
