The Record - Issue 21: Summer 2021

111 Analyst findings cement this point of view. Deloitte’s recent report The future of retail bank- ing: The hyper-personalisation imperative, high- lights how progress in other industries – ranging from retail, transport and hospitality – alongside advances in fintech are contributing to redefine customers’ expectations of banking. It is, there- fore, unsurprising that 51 per cent of consumers surveyed by Salesforce expect that banks will anticipate their needs and make relevant sugges- tions before they even make contact. Respondents to Microsoft’s survey are putting their money where their mouth is with this trend. Of those who said their budget will increase, the number one initiative they’re investing in over the next 12 months is leveraging data for real-time personalisation. Examples include personalised offers and communications. One respondent said: “The level of personalisation will define how much a brand cares about their customers.” Swiss multinational bank UBS is succeeding in creating a more personalised experience for its customers on the Microsoft Azure cloud. “The cloud makes us more flexible, gives us greater cost transparency and makes us available to interact with the ecosystem,” said UBS group chief infor- mation officer Mike Dargan, in an interview with Microsoft. “All of those are great for our clients. We can respond faster to their needs and main- tain security, as well as conduct better research.” The third trend is artificial intelligence (AI). When asked about the digital technologies they usedduringCovid-19 andwhichof those theyplan to continue using, respondents to the Microsoft survey cited AI-powered predictive analytics as a key topic to explore. Over 50 per cent said they used this technology and plan to continue using it, while 28 per cent said they didn’t use it, but they have plans to use it going forward. Investing in AI will allow financial services organisations to drive personalisation at scale. Additionally, AI can allow firms to uncover new insights, such as predicting customer needs and understanding customer intent. The final trend uncovered by Microsoft’s research is self-service. While there are many obstacles when it comes to creating a seamless customer experience, 63 per cent of respond- ents said they were unable to provide enough self-service options for customers. The report highlights that self-service will be a key driver of business moving forward. Customers no longer tolerate waiting in long lines to speak to an associate when they can take care of their financial business on their own, either through a self-service device in the branch or via their smartphone at home. Ultimately, what the Microsoft research has revealed is that organisations that are increasing their investment in the customer experience by implementing a new generation of in-branch solu- tions, infrastructure, and software, are better posi- tioned for success. As one customer experience department says in the report: “The organisation with the best technology will lead in the future.” “The organisation with the best technology will lead in the future.” F I NANC I A L S E R V I C E S