In financial services, a business that aligns every critical process, function, and relationship around the customer experience has a higher chance of emerging as a leading provider. Products can be replicated. Prices can be matched. But experience - personal, intelligent, and customer-focused - is where loyalty is won or lost.
That gap between expectation and delivery is becoming more apparent in the UK and Ireland’s financial services landscape. As a matter of fact, just under 50% of consumers are fully satisfied with the service they receive from banks, insurers, and wealth managers. As economic uncertainty persists, regulatory scrutiny deepens, and customer expectations shift rapidly, one truth remains: great customer experience is not only a differentiator, but it is the baseline.
Customer satisfaction is falling short
Recent studies show a noticeable decline in customer satisfaction across the financial services sector. For example, only 41% of wealth management clients are satisfied with the speed and effectiveness of their service. In banking and insurance, satisfaction scores are even lower. These figures reflect a growing challenge for an industry built on trust, reliability, and long-term relationships. Financial services providers are struggling to meet rising expectations, particularly as technology evolves and consumers demand a faster, more intuitive service. The gap between customer needs and what is being delivered is widening.
Consumers may tolerate outdated interfaces or higher costs to a degree, but poor service drives attrition. In fact, 46% of consumers—and 55% of high earners—say they would remain with a financial institution that delivers excellent customer service, even in the face of rising prices. Exceptional service, it turns out, has a clear commercial value.
Digital-first is now the default
Today’s consumers increasingly favour digital-first, self-service models over traditional in-branch or phone-based support (80% of them prefer a full digital banking experience). From opening an account to managing investments or filing an insurance claim, the expectation is instant, seamless, and intuitive access.
For providers in the UK and Ireland, this represents both a challenge and an opportunity. Many institutions still operate legacy systems or fragmented service models that struggle to keep up with demand for frictionless digital journeys. 92% of the UK’s financial services companies still rely on legacy technology. But those that get it right are being rewarded with stronger loyalty and deeper engagement.
AI is a tool, not a replacement, for financial services
The rise of AI in financial services is not about replacing people. It’s about enabling better, faster, and more personalised interactions, at scale. Salesforce’s research shows that 65% of consumers now expect AI to speed up financial transactions, a sharp rise from 46% just two years ago. And only 8% of consumers believe the industry will fall behind in adopting AI-powered solutions.
But to be effective, AI must be implemented with purpose. Financial services providers should not chase trends or over-engineer solutions. Instead, they must focus on deploying AI where it adds real value, whether through intelligent virtual assistants, proactive alerts, financial coaching tools, or personalisation engines that help customers save or grow their money.
Redesigning journeys around people
Ultimately, technology is only one piece of the puzzle. The true differentiator is an organisation’s ability to design journeys around human needs, especially in moments of complexity, vulnerability, or high emotion.
With decades of experience supporting leading financial services brands across the UK and Ireland, Capita knows how to deliver customer experiences that are compliant, resilient, and above all, meaningful. From onboarding to complaint resolution, we optimise every point of engagement, leveraging our deep understanding of regulatory frameworks, behavioural science, and operational excellence.
Prioritising customer-centricity: The key to successful financial services
We believe that every customer touchpoint is an opportunity to build trust, drive loyalty, and build growth for your business. If you're looking to transform how your organisation delivers service—from the inside out—speak to us.
Explore our customer experience solutions for the financial services industry:
