India, April 1 -- The finance sector is navigating through a period McKinsey has termed the 'Great Banking Transition.' This era is defined by heightened regulatory scrutiny, emerging digital domains, and robust competition from fintech innovators, presenting banks with unprecedented challenges. What is the pivotal strategy for banks to excel in this dynamic environment? Prioritizing and enhancing customer experience (CX).

While CX has always been a focal point, recent shifts in the financial sector have introduced new dynamics into the customer journey, elevating CX as a critical determinant of loyalty and business growth. Research by McKinsey underscores this, showing a direct correlation between customer satisfaction and superior fina...