Digital Trends and Technologies Transforming CX in Banking and Finance

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The financial services sector is in for a challenge. By 2020, it’s estimated that digital natives will make up half of the world’s population. These digital natives will not just comprise the new workforce, they will also define the new breed of customers for financial services companies.

The taste of this new class of customers clashes with the traditional mode of service that dominates the finance sector. They grew up in a completely digital environment. They have no attachment to legacy systems that banks and finance companies have been holding onto for years, despite the wave of new technologies in business and communications.

2017 report by Accenture indicated that 71% of financial services consumers are open to using “entirely computer-generated support for banking services.” Clearly, the majority of consumers are ready to go fully digital.

This prospect presents a problem for legacy system-loving companies, and adequately coping with the situation means decisively acting now. It’s no longer enough to automate customer support through a healthy knowledge base or canned responses to web live chat. What’s needed now is to design customer support and the whole customer experience to suit and enhance an increasingly digital customer journey. At the very least, integrating your voice communication tools and your customer records, like Salesforce Cisco phone integration for example, would allow your customer service teams to streamline the way they provide service by ensuring conversation data is captured at each customer touchpoint.

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Transforming the whole customer experience from traditional to digital takes a lot of time and work to complete, but gradual changes can still have an impact on CX. Financial services providers can start their transformation by injecting these trends and technologies into their CX strategy:


The first point of customer service contact for most finance consumers is not social media, the phone, or email. It’s actually self-service. More than 80% of consumers choose using a web or mobile self-service app against talking to a customer service rep on the phone. You shouldn’t expect your phone-facing team to be on the front line of  customer service. Customers only turn to their phones when they want to escalate their concerns. Even then, having a CTI solution in place like Salesforce-Cisco phone integration makes sure that each customer interaction is recorded in your CRM.

Self-service is preferred by financial services consumers because it gives them more control. That is, self-service means customers dictate when and where they will interact with their provider. It also lets consumers have more freedom over their financial activities without disruptive ads or not-so-subtle suggestions from CS reps. As customers demand to become more independent of their providers, financial services companies also become more compelled to provide better self-service options via native web apps and automated CS technologies.

Chatbots and virtual assistants

The demand for faster, more efficient services has eventually led to this: 85% of customer interactions will be automated by 2020, according to Gartner. Chatbots and smart assistants are finding their way in various verticals, serving various purposes from customer support, marketing, and sales. These robots, powered by artificial intelligence, are used by the biggest banks in the world like JPMorgan Chase, Wells Fargo, HSBC (Hong Kong) and SEB (Sweden).

Chatbots enable banks and financial service companies to deliver efficient, personalized and responsive service to customers at a minimum cost. Chatbots are available 24/7, and are capable of matching customer queries quickly to solutions. Some are also programmed to take in leads, and the most advanced ones can make personalized recommendations based on previous interactions, customer data, and other factors.

Detractors of chatbot technology say that these tools lack the empathy of human CS reps. While that is true, we should also recognize that chatbots improve on this aspect over time. Machine learning algorithms help these virtual assistants learn more about the art of human conversation from experience. With such capabilities, chatbots prove to be sufficient in handling basic customer service queries, pleasing consumers with their efficiency and effectiveness.

Omnichannel service

These days, consumers interact with their financial services providers in a multitude of touchpoints–from online, to the branch, and even on mobile. Omnichannel service means connecting all these touchpoints to create a seamless, consistent and pleasant experience for customers. Put another way, it means letting customers move from one touchpoint to another without feeling a disruption or disconnection.

Crafting an omnichannel experience for customers isn’t a new trend. As early as 2014, a Forrester survey already established omnichannel banking as one of the top five concerns of finance professionals for business app transformation. Yet, many banks and finance companies still lag in this area, owing to unsustainable organizational and operational divisions between marketing, sales and customer support.

Banks that want to overcome this problem must change their mindset from product-centric to customer-centric. Putting the customer at the core of their CX question will enable them to see touchpoints more clearly and accurately anticipate the consumers’ needs in every interaction. Another crucial aspect to this is unifying data among teams and platforms, easing the flow of information across channels to ensure that customer interactions aren’t broken when they shift activities from say, making a sales inquiry to addressing a product problem.

Going omnichannel pays off not just in increasing customer satisfaction, but can directly result in higher revenues. The world’s top banks derive 50% of their sales from digital channels, proving the importance of digitization for success in the finance sector.

Digital integrations

An omnichannel experience isn’t possible without integration. All the platforms used to interact with customers and manage their data and transactions should be linked to ensure the smoothest workflow and the highest quality service. The key here is connecting digital apps used to serve finance consumers with physical bank locations and customer communication platforms.

Digital integrations have been implemented in the financial services sector, but only a minority of customers (16%) are satisfied with the digital experience provided by their banks. The problem here is, again, that data about customers isn’t shared across segments in the organization. Each team may be doing well on its own, but the stiff siloing of operations affects the overall experience of the customer.

The solution to this is easing the flow of information via digital integrations. Various software and apps are now capable of integrating disparate systems, letting finance companies mix software vendors if they want to. For instance, a CTI solution like Salesforce Cisco phone integration connects voice communication tools to computers, streamlining many tasks for sales and customer support. There are also specific apps that target syncing chat channels or even emails with local banking software.

Infusing CX with new financial technologies

With AI and more mobile technology comes more opportunities to customize CX and make it more enjoyable, pleasant and safer for consumers.

Some technologies that financial services companies can explore are:

  1. Biometric-based customer ID – Banks and finance companies can now opt to use biometrics technology instead of the username-password combination for customer entry and verification into their systems. Various options are available such as fingerprint, iris, retina and voice recognition. Besides being more secure, these technologies are more efficient and easier to use for consumers.
  2. Robo-advisors – Similar to chatbots, these virtual advisers are powered by machine learning and are viable substitutes for human investment managers. They are usually used to analyze risks and aid consumers in portfolio management.
  3. Internet of Things – With the internet literally connecting everything, finance transactions will become more fluid and mobile. Checking your account on your wearable? Or while driving? You can do all that with IoT.


Technology companies are leading the way in digital banking experiences, and banks and other traditional financial institutions would do better to learn from them. They could emulate them and build their own, or they can be smarter about this and do this the faster way–that is, partner with companies offering BaaS and BaaP.

Banks working with APIs and BaaS will result in concrete changes in the way both individual consumers and business customers do their banking.

For consumers, one upside would be that all accounts can be accessed via one app, making it easier to do transactions. Managing these individual accounts can also be done on any device because data would be stored in the cloud. Individuals will also get personalized advice regarding portfolio, stocks, and other finance products.

B2B customers benefit even more, as the digitalization of finance translates to savings on administrative and infrastructure costs.

Partnering with new digital platforms will allow banks to catch up with the times and provide customers with the sleek, mobile experience that has been made the norm by the digital age. This may cost a bit of investment, but it will definitely pay off in the long-term.


Financial services providers have to decisively switch gears before they lose touch with their customers and get left behind in the digital age. These trends and technologies are meant to usher in a new age of financial services, one that is more adept at serving digitally-savvy and mobile customers. That doesn’t mean, however, that banks and finance companies can do without their customer service lines and human agents.

To cultivate productive long-term relationships with customers, it is necessary to cover all the bases, from the digital to non-digital touchpoints. Phone calls, live conversations, and meetings with customers still have a high impact on the overall CX, especially so because these interactions involve human representatives from the company. Ultimately, the digital experiences serve as continuities of the personal connection finance companies make with their customers.



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3 Valuable Reasons of Selling Your Teaching Resources at TeachersPayTeachers

Teachers are heroes. Not only that, they got lots of things they are capable of doing out from their creative minds. Teaching in the first place is a talent which by choice you can share with anyone; to your students or co-teachers. At TeachersPayTeachers, you can unleash your full aptitude. As not only as a teacher but also as an entrepreneur.

The platform for selling curriculum have claimed to be making big. Like they got more than $50,000 their growing users. And that is through selling teaching resources. Such as lesson plans, worksheets and a lot more.

The good thing about this? It is not limited to teachers alone! Yes, you got it right!

This is for everyone. Yes, those who got the expertise and knowledge that is willing to contribute quality. That will encourage engagements for students are all welcome. It also includes techniques on how to create lessons unique from the other. Your creativity is your key.

Sounding so amazing, read on to know more why you should give this a try as your side-hustle.

Reasons to share your skills with the rest of the world through TeachersPayTeacher


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#1. It is a form of Reward to yourself.

Sharing your expertise and creativity is equal to rewards. Aside from earning out of it. Selling these digital products make you realize that you are helping other people. What could be more rewarding than being able to help with your passion?

The platform is a great avenue to duplicate your knowledge. As you share it you always learn as well. While you create visuals or tutorials on how to make attractive covers. As well as the logo or other essential materials, you need to make lots of research. To make sure to give your audience a perfect product.

Hence, learning comes in – such an awesome way to get rewarded.

#2. Find more value for your extra time

We all have extra time. And to make it more valuable, spending it on something that will increase your knowledge. Not only that, better skills and ability is the best goal you can target.

Becoming an expert in the field you teach. This can be achieved. through continued knowledge. Hence, will build you of becoming an impressive teacher.

Most of all, remember that you are a precious asset for your student. You create a great impact by being an instrument in their entire learning life. The more you will get to know how to make your lessons more engaging. Learning becomes interesting and fun.

Hence, a lot easier for your students to learn, understand and apply.

Your extra time needs respect. So think of something that would increase your value. Whether your profession right now is teaching or not, TeachersPayTeachers gives an opportunity.

This is for everyone who has the creativity and the love to give out knowledge. That multiplies learning and the power of knowledge.

#3: Making Money

Of course, getting income that will give you a small buffer in your daily expenses could be on top of this. The potential to earn on TeachersPayTeacher is as good as a second job. Well, it might start small. But eventually, as you hone your craft you will learn more about how to make extra money from it.

You’ll realize that possibilities are endless.

You can pursue your passion to teach while staying home and earn. If you are creative enough, converting it into little cash or so can be boundless.


It is a great way to make money while doing what makes you happy. It is like a paying it forward concept – you don’t keep your skills, talent or expertise to yourself, it is passed on.

That is one of the great stints of being a teacher, not being biased though, but it outshines other professions. We got to have a teacher to be somebody in the future. And becoming a teacher in any form is a way to pay back what you have earned.

TeachersPayTeach can be your passport in making a difference. Both in your finances or life in general.

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Passive Income: Coin Operated Carwash Open for Business

Coin operated carwash, a brilliant idea.

Isn’t it?

Most entrepreneurs are looking for a lucrative business. That can provide the ultimate passive income. Because this is way better than an active income which needs much attention and time to get a hold of it.

But the truth of the matter is, passive income is another job. It needs you to establish the first before it pours you out with extra dollars in your bank deposits.

Is Coin Operated Car wash can be considered as passive income?

No, and yes.

We cannot promise you the moon and stars in this article, folks. A coin-operated car wash is as good as a traditional business, per se. It may not be very traditional, but it still needs your attention and time to make them stand on their own later on. And, yes, passive income can flow.

Yet, it is not an overnight process.

These are machines that cannot work on its way out. It may need repairs and must be maintained. So, you can’t sit back and relax. The true nature of a business is – move and work it out.

Coin Operated Car Wash, drop a dollar and start earning!


There are several reasons why you’ll choose a coin-operated cash wash business over others.

Here’s why:

Reason #1: Easy to start with minimal operating expenses.

The inventory is minimal, which only requires the cost of equipment and supplies.

Reason #2: Less number of manpower needed.

As the idea of “self-served” business, makes it more appealing to entrepreneurs. As it won’t need them to hire a lot of people. And this saves them time, cost and energy.

Reason #3: Vast target market.

If these 3 big reasons have made you see the great potential of a coin-operated business. Read on. Learn more about how to get yourself started.

Ideas in starting a coin-operated business


IDEA #1: A strategic location makes it a perfect option.

This is the crucial part of your decision. In setting up a coin-operated car wash, you need to give the area of the location a big consideration. A large place will give your customers a parking spot to take a look at your business. If for them it can be too crowded, they might not consider even dropping by.

To attract more customer, it would be better to situate it front malls, grocery stores and the main road in the city. This is where the heavy traffic of customers is. And it is more accessible to your prospected end users.

Part of this is your Parking space. This is very important, to give have enough space to accommodate your customer. Some customer wanted to witness, look or even inspect how we render our service them.


IDEA #2: Study which Place of the Country has a good market potential for a coin-operated car wash.

As part of your feasibility study, examine which state you can best build your business. And which part of the year will it have the highest or lowest demand? This is important to know as the changing weather can affect the influx of your customers.


IDEA #3: Plan your initial investment.

This includes how much capital you need to start a coin-operated car wash. To establish this, there are ways the business can be financed. The capital cost may vary from one plan to another. It may depend on the location and building facility costs.

You can have an option to start it from scratch or as a new or a “used” business which cost lesser.

A good feasibility study which includes the cost will give you a better picture. And can be your passport for a loan. The monthly amortization must be included


IDEA #4: Return on Investment.

This is believed to the most important element that each entrepreneur need to check. To tell them that it is worth the risk and effort to build the business. A right amount of the income and profit will keep the business going. Hence, it must be known to the investor how much income is needed every day. To cover up the initial capital of the business. If the net is positive, then it means a good chance for the business to succeed.


Coin operated Car wash is one of many businesses that have good potential for a passive income. A good system incorporated in it will help you generate cash. This is a good choice for an entrepreneur seeking automation. Through it works thru electronics, there is still a need to manage minimal manpower. As you’ll need someone to oversee the operation as well as someone to pull out coins from the machines.


5 Tips on Renting Out Your Stuff and Earn Extra Cash

Building wealth could start with small side hassles. So make it happen by starting on things that you already have. Renting your stuff out for an extra cash is a good gig.

But like other cash on the side projects, it also needs thorough knowledge. To make transactions and cash flow easier on both parties.

More on the sharing-economy business nuggets.

There are companies nowadays who can assist us in achieving this venture. From car rentals to cameras and others, those are now available. All we need are some research and you’ll be ready to become a rental business rock star!


Making money out of renting stuff is good but know the risk.

Different people from varied walks of life are now getting connected to the internet. You market is huge while the business concept is simple.

You got tools, find people who can be interested in borrowing those and show it via websites. Before getting into yourself into any transactions, learn the rules of each website. Examine if it is something doable or not for you.

These are the necessary steps that you will have done. To materialize on its prices under certain conditions. Then afterward, cash comes in for you.

Here are 5 tips that you need to take when considering this type of business

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TIP#1: Check and choose websites that gives you protection.

Shield yourself from any damages incurred during rentals.

Always on the look of what the sites are offering to protect your rented out property. This one of the most important things that you need to bear in mind to keep your business going. Damaged properties after being rented may bring losses and other underlying problems.

Shop around sites and see whose schemes are better and works best for your interest.

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TIP#2: Revisit your insurance policy with your insurer.

This initiative will protect you from unforeseen events. In cases like you might need to claim in the future. Make sure that renting a property or stuff will not lose your coverage.

Although this is more likely applicable to contents insurance. Renting any of your goods or personal belongings must be known to your insurance company.

Also, consider a different public liability insurance in renting out high-risk goods. This is a protection in events such as accidents to the borrower’s party caused by the items you let them borrowed

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Tip#3: Keep yourself on the safe side of the transaction.

Remember that you are renting out your items or properties to complete strangers. Be as vigilant as possible. If you need to meet up, choose venues that are public. And, if they must go to your place, the doorstep is the best place in the house to meet them.

Whichever comes into a plan, make sure that someone else should be with you during the exchange. Whether during the borrowing or returning of items.

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Tip #4: Consult your mortgage provider or landlord.

If you decide to rent out a property under a mortgage, let your provider be aware of it. This will save you from trouble just in case the action is a not viable according to your terms with them. It may also affect your rate which you need to be aware of. So, a little talk with your landlord or mortgage won’t hurt.

So, we hope that these tips will help you in making further steps in earning cash from items or properties you have.

Yet, the concept of “sharing” doesn’t end here. Below are some of the companies you might consider partnering with later on.

Peer Renters

This is an online avenue where renters and rentees gather to meet their needs. It is more applicable to any goods you wish to rent out.


If you got an extra room in your house, consider getting extra cash out of it. Backpacker travelers are now open to ideas such as this. Compared to checking in to expensive hotels during their escapade.

Renting out your rarely used car can be a brilliant idea to make money out of it. But it is more like giving them a ride than completely turning over the keys of your car for them to use. This can be an option if you are not comfortable. Or if you don’t trust that strangers can take good care of your car, so drive them to their destination instead.

Wrap Up

Renting out your stuff in a sharing economy concept is a growing industry that anyone can enjoy. If you got extra goods that might be rather useful by others in exchange for cash, then get on the bandwagon. Yet, take precautionary measures. Since the business idea looks risky, most especially for conventional entrepreneurs.


All the Stuff You Can Rent Out to Earn Extra Cash
10 Things You Can Rent out for Extra Cash


4 Tips in Starting Up a Profitable Self-Storage Rental Business

Since late 1960’s self-storage industry is booming.

Businesses or personal necessity both demands to rent a space. Like moving new home or office, or while construction of new home still ongoing. This is the time that we look for a room to store our stuff.

People who are searching for more office spaces and long-term lease commitments. Yet are not necessarily looking to reduce their business costs.

Those are your potential markets who may need you rental building facilities. And, there is a big potential to that, so as a good way to build your finances in a sturdy rental empire.

Yet, there are few things that need to consider before putting up a self-storage business. Learn how to make it become more workable and successful.

Check out this few but substantial tips for you.

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Tip #1: Feasibility of the location

Determining the feasibility of a business the major preparation. There are many things to consider upon starting.

Examine the location if there are good demands of storage units. Proper evaluation and zoning are necessary. You need to conduct a search for competition, to establish market share.

An ideal location has to be affordable, zoned and a good traffic or populated area. Finding all these qualities of a location is not easy. Perhaps, finding all those qualities in the same parcel is less possible but still doable. That is why studying the business in the earliest stage is very important.

Once you find a part of the property that’s suitable to your criteria, inspect if it will be large enough. For the construction of a profitable storage facility.

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Tip #2: Projected developmental cost

The greatest parameter, as well as a deciding factor in the feasibility of a business, is the actual cost. And in this case, a land parcel.

Price of the land area before development differs upon completion. Ensure that you know those factors that determine the rental coverage. Such as building codes, utilities, and easements. It also includes the physical features of the land and others.

The construction cost is another variable which depends on the type of self-storage.

Yet, the building cost varies as compared to the variable cost of the land and site development.

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Tip #3: The End User

As the economy builds up, it also has a positive impact not only on businesses. But most of all to the consumers or the end users.

While there will be growth in business, tenants of storage rental also increase. Yet, whether the economy is going up or flat, self-storage business remains where it is or goes up further. It is because people affected by the downtrend of the economy may be moving. Some are selling their properties like homes. And, any mobility requires storage.

If the economy is struggling, the negative impact to storage business is minimal. As compared to other real estate property investments.

Tip #4: Return of Investment

There are several factors that play an essential role in attracting investors. Self-storage’s cost to operate appears to be lesser, thus, higher potential of return.

First, the units used are like the multifamily real-estate properties on the rent price. The reasons behind the comparison are, to let you see that other investors can realize much higher ROI. For the typical Self-storage property than from other real-estate investment. And this is very critical in making any decision for your capital spending.

Second, the initial investment is only a third or a half. That is compared to required by other real-estate starting capital cost.

Wrap Up

The benefits of investing in the self-storage business, are much to its progress. And, it has a promising future too. While the industry continues to grow, people will learn to embrace it. And will result in thriving clamor. That it is not yet too late for anyone who wants to build income in this path. Yet, as always, learn more about anything about it before jumping in.
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