Lee Trenam, VP of Business Development at Miratech, shares his perspective on how financial services can deliver meaningful, measurable CX transformation.
Customer experience in financial services is being redefined from the inside out. Banks and insurers are no longer focusing on digital interfaces – they’re rethinking their entire approach to delivering value.
This means redesigning the customer journey, modernizing core technology architecture, embedding AI into decision-making, and integrating compliance into every layer of the process.
According to recent data, financial institutions that implemented AI-powered service tools reported a 35% reduction in resolution time and a 25% improvement in first-contact resolution—demonstrating clear, measurable gains in customer experience in financial services.
But this shift isn’t just about adopting new tools; it’s about aligning the organization around customer outcomes at every touchpoint. And what’s happening now isn’t a phase – it’s a permanent evolution. Customer experience (CX) in financial services is becoming central to organizations’ core operating strategies.
“Digital transformation is no longer a one-off project. It’s an ongoing operating model,” says Lee Trenam, VP of Business Development at Miratech.
Let’s take a look at what this shift really means.
CX for Financial Services: A Shift in Mindset
Forget flashy apps or chatbot upgrades. The biggest change in financial services today is how leaders think about transformation.
Modernization used to simply mean updating specific systems or launching a new digital channel. Now, it means stepping back and rethinking how everything connects as a whole—from the complete architecture right through to the total value delivered to the customer.
Leading financial institutions are rethinking the structure of their organizations to support a more agile, customer-centric approach. That shift involves:
- Moving from product- or channel-driven approaches to experience-led design
- Replacing point solutions with API-connected, platform-first ecosystems
- Empowering business teams—not just IT—to lead change
- Treating AI as an integrated, collaborative tool rather than a novelty
- Embracing continuous transformation as a cultural mindset
“We’re seeing real progress where business outcomes lead the tech strategy—and not the other way around,” explains Lee.
Common Pain Points in Customer Experience for Financial Services
Despite growing awareness, many financial institutions have struggled to turn CX ambitions into results. From Lee’s experience working with some of the world’s largest financial institutions, the common roadblocks tend to be less about technology—and more about alignment and execution, including:
- Fragmented customer data across systems
- Regulatory complexity slowing innovation
- Skill gaps in cloud, AI, and experience design
- Mismatched priorities between customer support and IT
- Modernization projects routinely running over budget
“Legacy systems are a challenge, but they’re no longer the biggest barrier,” says Lee. “The real issue is how decisions are made and how quickly teams can respond to change.”
Modernization Strategies to Enhance CX for Financial Services
When it comes to customer experience transformation in financial services, ripping and replacing systems isn’t always the answer. In fact, some of the most effective strategies involve building around what already works—layering modern solutions around core systems using APIs and middleware.
“Layering modern tools around legacy cores rather than replacing them is often more effective and lower risk,” Lee explains. “You can evolve while staying in control.”
This composable approach reduces risk, enables faster testing, and supports real-time service delivery—meeting customers’ expectations without compromising stability. Learn why off-the-shelf CCaaS solutions may not meet complex needs.
Technologies That Are Reshaping Customer Experience in Financial Services
While tech trends come and go, some capabilities are delivering real traction and results. Lee highlights several AI implementation strategies that are currently reshaping the financial services customer experience:
- Generative AI for creating content, insights, and automation in customer support
- Real-time decision engines for context-aware interactions
- Low-code/no-code tools that let business users experiment without heavy IT involvement
- Quantum-resistant cryptography for long-term data integrity
- API orchestration for scalable integration and agile service delivery
“This isn’t about being first to adopt new tech,” Lee comments. “It’s about using the right tools to solve for growth, governance, and the bottom line—all at once.”
What Good CX Looks Like in Financial Services
The best transformations are measurable. They lead to tangible business outcomes: lower costs, higher customer satisfaction, and better retention.
What leading firms are doing it right by:
- Designing modular, flexible systems that adapt over time
- Making decisions based on customer data and feedback
- Building long-term partnerships that bring depth and durability—not just one-off implementations
- Measuring success in terms of retention, satisfaction, and operational efficiency
“It’s not about the flashiest tech,” says Lee. “It’s about what’s sustainable and scalable in the real world.”
Reducing Failure Demand to Improve CX
One of the most powerful ways to improve customer experience transformation in financial services is by tackling failure demand—the repeat contact that happens not because customers want something new, but because the first interaction didn’t resolve their issue. According to Service Economics experts, failure demand often results from systems that aren’t designed to handle non‑standard customer interactions—and it accounts for a significant share of unnecessary support volume.
“Many organizations chase efficiency when they should be focused on effectiveness,” Lee explains. “If a customer has to call twice to get clarity or resolution, no amount of automation will fix that. The best CX for financial services eliminates the need for the second contact in the first place.”
By focusing on fixing underlying issues—rather than simply speeding up customer support—banks and insurers can meet customer expectations for reliable, personalized service while freeing up resources to offer more meaningful support throughout the customer journey.
CX Trends to Watch in Financial Services
Looking ahead, the customer experience for financial services will be increasingly shaped by technologies and behaviors that integrate deeply into everyday life. Lee identifies four trends to keep an eye on:
- Autonomous finance that anticipates customer needs and acts proactively
- DeFi integration that expands financial accessibility and service models
- Biometrics and behavioral security that create personalized, secure journeys
- Ambient experiences that make online banking and mobile apps feel effortless and intuitive
“The leaders won’t be those who chase the latest trend. They’ll be the ones who align these innovations with what really matters to customers.”
Final Thought: Leading with Intention
Customer experience in financial services depends on intentional alignment. When financial institutions lead with clarity—balancing innovation, compliance, and human needs—they build CX that delivers both now and in the future.
“When every part of the business is pulling in the same direction, from IT compliance to frontline service, you get more than just improved CX. You built resilience,” Lee notes.
That means combining customer insights, modern technology, and intentional design to create experiences that are not only efficient, but meaningful, measurable, and scalable.
Starting with the right mindset is key. As is designing with flexibility and acting on real feedback. And, above all, making technology work for the people it’s meant to serve.
Bio Lee Trenam
With extensive experience transforming contact centers across financial services, government, and retail sectors, Lee brings a consultative, strategic approach – helping clients navigate complex decisions for leading organizations worldwide. He empowers teams to embrace change and drive measurable results through a focus on quality, efficiency, and user-centric strategies. Passionate about advancing industry standards, Lee helps enterprises achieve sustainable success in an ever-evolving CX landscape.
