Industry Deep Dive: Employee Experience Transformation in Financial Services—Solving for Aging Workforces and Digital Talent Gaps
The Dual Challenge: Aging Workforce and Digital Talent Shortage
Financial services organizations—spanning banks, insurers, and wealth managers—are facing a pivotal moment. On one hand, the sector is grappling with an aging workforce: the average age of U.S. financial advisors is 56, and a significant portion of institutional knowledge is at risk of retirement in the coming years. On the other, these organizations are in fierce competition for younger, digitally native talent, who are increasingly drawn to fintech disruptors and technology-first employers. This dual challenge is compounded by legacy systems, regulatory complexity, and the relentless pace of digital innovation.
Without a modern, engaging employee experience (EX), financial institutions risk losing critical expertise, struggling to attract new talent, and falling behind in delivering the seamless, digital-first customer experiences (CX) that today’s clients demand.
Sector-Specific Pain Points
Financial services organizations face unique pressures that make employee experience transformation both urgent and complex:
- Legacy Systems: Many institutions still rely on fragmented, outdated platforms that frustrate employees and slow down service delivery.
- Regulatory Complexity: Compliance demands add layers of process and documentation, increasing the cognitive load on staff and making change more difficult to implement.
- Fintech Competition: Agile, tech-driven startups offer compelling employee value propositions and modern work environments, siphoning off the next generation of digital talent.
The Case for Employee Experience Transformation
Research shows that improvements in employee experience can increase revenue by up to 50% and operating profit by as much as 45%. Companies investing in EX see a 73% improvement in productivity and a 75% boost in customer satisfaction. In financial services, where trust and loyalty are paramount, these gains translate directly into higher customer lifetime value and sustainable growth.
The connection between EX and CX is not just theoretical—it’s measurable. High employee turnover, outdated systems, and fragmented processes create friction for both employees and customers, resulting in lost revenue and diminished brand loyalty. Conversely, when financial institutions modernize both customer and employee experiences in tandem, they unlock new efficiencies and value.
Modernizing EX: Unified Platforms, AI, and Holistic Service Design
1. Unified Digital Platforms
A major bank consolidated 14 disparate employee systems into a single interface, reducing training time, decreasing turnover, and shortening customer wait times. The result: improved employee morale, faster service, and higher customer satisfaction. Unified platforms empower employees to resolve customer issues quickly and focus on high-value interactions, rather than wrestling with legacy technology.
2. AI-Driven Tools
AI and automation are transforming both the customer and employee experience. For example, by analyzing customer journey data, an insurer identified that most calls were about straightforward issues. They introduced digital FAQs and proactive notifications, reducing call volumes and enabling agents to focus on complex, value-added interactions. The result: lower costs, higher employee morale, and improved customer satisfaction.
3. Service Design: Integrating EX and CX
Service design offers a holistic methodology that integrates customer and employee journeys from the outset. By mapping both frontstage (customer-facing) and backstage (employee-facing) processes, organizations can identify pain points, eliminate redundancies, and design seamless experiences that benefit everyone. This approach—sometimes called CEmX (Customer and Employee Experience)—ensures that investments in digital tools, platforms, and processes deliver value across the board.
Real-World Impact: Publicis Sapient in Action
- Contact Center Optimization: By introducing digital self-service options and proactive customer touchpoints, a leading APAC bank reduced call center volumes, improved customer satisfaction, and allowed employees to focus on complex, value-added interactions. The result: lower operational costs, higher employee morale, and a more resilient service model.
- Employee Enablement: A major bank consolidated 14 disparate employee systems into a single interface, reducing training time, decreasing turnover, and shortening customer wait times—delivering both cost and experience benefits.
- Proactive Service: Leveraging AI and real-time data, banks can now anticipate customer needs—such as potential financial distress—and intervene early with tailored support. This not only reduces risk and credit losses but also builds long-term loyalty.
Actionable Steps for Financial Services Leaders
- Map Integrated Journeys: Use service design to connect customer and employee journeys, identifying opportunities for automation, self-service, and process improvement.
- Invest in Digital Tools: Prioritize platforms that serve both customers and employees, ensuring intuitive, accessible, and scalable solutions.
- Leverage Data and AI: Analyze interactions to predict needs, personalize support, and optimize both EX and CX.
- Engage Employees in Transformation: Involve frontline staff in journey mapping and KPI selection to boost engagement and ensure solutions meet real-world needs.
- Pilot and Scale: Start with high-impact journeys, measure results, and scale successful approaches across the organization.
The Path Forward: Growth Through Experience
The future of financial services belongs to those who put both the customer and the employee at the center of everything they do. By integrating EX and CX through service design and digital enablement, financial institutions can reduce operational costs, drive business growth, and create a sustainable competitive advantage.
At Publicis Sapient, our proven methodologies, data-driven insights, and deep sector expertise make us the partner of choice for institutions ready to drive measurable growth through integrated experience transformation. Ready to transform your employee and customer experience for sustainable growth? Connect with our experts to start your journey.