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Glia Outlines Top 3 Trends for Financial Institutions for 2024

Glia Outlines Top 3 Trends for Financial Institutions for 2024

November 29, 2023

NEW YORK—November 29, 2023—Financial institutions continue to navigate an uncertain market while trying to generate new sources of deposits and revenue, all while ensuring that the customer experience remains exceptional. As we enter a new year with these challenges, Glia has outlined three emerging trends for success.

1. ROI and measurable value now define the tech evaluation process

Efficiency and ROI have always been top priorities within RFPs and ultimate tech decisions. In the current economic climate, ROI is now the top and defining priority that frames all other criteria. If technology cannot deliver measurable value, it likely won’t make the cut.

Financial institutions are looking closer at efficiency too. Efficiency doesn’t just mean a certain number of hours saved or FTE reallocation anymore. It’s about making interactions more meaningful. For example, simple call deflection is no longer enough when it comes to customer service; institutions are focusing on how to make interactions more valuable. Technology will increasingly be assessed by its ability to help institutions proactively grow deposits and loans and retain customers.

 

2. Utilizing a unified customer interaction platform drives both efficiency and a better customer experience

The disconnect between the call center, Digital Customer Service options (chat, audio, video) and automated chatbots is a significant drain on productivity and worse yet, a major source of friction for customers. Many financial institutions are seeking solutions that can bridge the gap and provide seamless, highly efficient service. A ‘ChannelLess’ platform that integrates all customer interactions allows financial institutions to meet customers at their point of need and stay with them through the entire journey, decreasing abandonment and driving up conversions. 

A centralized interaction platform also can improve management, staffing and reporting—three challenges many financial institutions face today. Not only does such an approach allow institutions to facilitate a smoother, more effortless experience while increasing efficiencies and reducing costs, but it also empowers them to surface the right interaction at the right time.

3. Generative AI starts to deliver value

The hype and focus around generative AI is expected to continue into next year, with many institutions working to solidify use cases for where the technology makes sense. The opportunity is to leverage Generative AI to enhance, not replace, service workers. 

Consider tools that offer AI-generated suggestions that help the service team guide customers with complex issues and elevate options that have been effective in similar scenarios. This can accelerate resolution and increase conversions. GenAI can also provide performance insight compared to peer organizations, identify trends as they are occuring in real time and offer progress updates that go beyond typical metrics.

“Efficiency has never been more critical, given the current economic climate combined with technologies that are delivering increasing value. Overcoming the substantial interaction disconnect between the call center, digital-first options and AI-powered chatbots has the unique ability to both increase ROI and also customer satisfaction. This is a prime opportunity for financial institutions in 2024. Combine that with generative AI use cases that elevate service capabilities and financial institutions can leverage technology to not only survive, but thrive in today’s challenging economic environment," said Justin DiPietro, Chief Strategy Officer and Co-Founder at Glia. 

For more information go to Measurable Value.

About Glia

Glia redefines how businesses interact with customers. The Glia Interaction Platform unifies Digital Customer Service (DCS), traditional call center, and automation with a ChannelLess™ Architecture, empowering businesses to create the ideal mix of interactions and adapt on demand. The ability to easily shift volume between channels drives revenue, efficiency, and loyalty at the same time.

Glia has partnered with over 450 banks, credit unions, insurance companies and other financial institutions worldwide to improve the customer experience and drive business results. Named a Deloitte Technology Fast 500™ company for a fourth year in a row and a Great Place to Work, the company has raised over $150 million in funding and was recently valued at over $1B by top tier investors. To learn more visit glia.com.

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