In today’s financial services landscape, the pressure to reduce costs is relentless. Yet, the most forward-thinking banks and financial institutions are discovering that the path to sustainable efficiency and growth doesn’t run through traditional cost-cutting alone—it runs through elevating customer experience (CX). By reimagining service operations through the lens of human-centered design, service design, and digital self-service, financial institutions can unlock a powerful dual benefit: lower operational costs and stronger customer loyalty.
For years, cost optimization and customer-centricity were seen as opposing forces. Many banks believed that investing in CX was a luxury, not a necessity, especially when budgets were tight. However, this mindset is rapidly shifting. Evidence now shows that optimizing customer experience is not just compatible with cost reduction—it is one of the most effective ways to achieve it.
Research and real-world results demonstrate that banks with higher CX scores see a greater willingness among consumers to interact with them in the future. This isn’t just about satisfaction; it’s about future growth and resilience. For example, migrating just 5% of desktop website users to a better-performing mobile app can increase customer experience scores and reduce support costs. Similarly, shifting 5% of call center users to live chat—where customer satisfaction is significantly higher—can both improve experience and lower operational expenses.
These insights are more than theoretical. By leveraging analytics and understanding the true drivers of customer contact, banks can proactively address issues before they escalate, intercept calls with AI and digital self-service, and ensure that human agents focus on the most complex, value-adding interactions.
At the heart of CX-led cost optimization are two powerful methodologies:
For example, a simple but impactful change like introducing an easy-to-use self-service password reset can dramatically reduce call volumes, freeing up support teams to handle more complex issues and improving both cost efficiency and service quality.
Digital self-service is a cornerstone of modern CX strategy. Today’s customers expect to resolve simple issues—like checking balances, making payments, or updating personal information—quickly and independently. When designed thoughtfully, self-service tools not only meet these expectations but also drive significant cost savings.
However, the key is balance. Not every interaction should be deflected to digital channels. For complex or emotionally charged issues, human support remains essential. The most successful institutions use data and AI to triage requests, ensuring that simple queries are handled digitally while complex needs are routed to skilled agents. This approach can reduce the cost of simple interactions by up to 40%, while improving resolution rates and customer satisfaction.
Experience-led transformation is not a one-time project—it’s a continuous journey. As banks streamline operations and improve CX, they reduce costs, free up resources for innovation, and create more loyal, engaged customers. This virtuous cycle positions financial institutions not just to survive, but to thrive in a rapidly changing market.
At Publicis Sapient, we’ve seen firsthand how CX-led service operations can transform cost structures and unlock new growth. Our proven methodologies, data-driven insights, and deep sector expertise make us the partner of choice for financial institutions ready to shift from cost-cutting to experience-led transformation.
Ready to turn customer experience into your most powerful cost lever? Let’s reimagine your service operations for efficiency and growth—together.