Financial institutions must embrace technology-driven innovation to meet changing customer expectations and secure sensitive data.

Finance is generally known as a very traditional industry, but recent digital trends in technology and customer expectations have made it necessary for organizations to become technologically advanced. They can no longer rely on the same old experiences to please and retain customers. Most companies in this space are constantly upping their game and trying to stay ahead of the curve. This means that to truly stay competitive, financial institutions must consistently innovate their digital customer experience (DCX).

According to the 2023 BAI Banking Outlook, which surveyed financial services leaders, 44% of respondents said the DCX they deliver is merely average. Institutions need a method to create digital experiences in a way that gives them agility and flexibility — as well as the enhanced security they must provide to protect customers’ sensitive data. Here are the most common challenges financial companies face in this journey toward better DCX and how they can address them.