Customer Experience in Financial Services
Financial products have become highly commoditized. In a business model with commoditized products, Customer Experience (CX) stands out as the most consequential distinctive factor. Focus on CX throughout the customer journey must expand while addressing the substantial gap between the bank and customer perceptions of outstanding customer experience and service.
Key takeaways from our participation at the November 2022 Financial Brand Forum conference include:
- While 80 percent of companies believe they provide an exceptional experience and customer service, only 8 percent of their customers agree;
- Fulfillment fails to meet CX expectations as evidenced by an 86 percent or greater abandonment rate;
- Legacy Voice of Customer programs impede timely and effective action; and
- Consumers desire relevant engagement through both human and digital channels and will exchange personal information such as financial goals and position to get it.
How can innovation affect CX outcomes? This white paper lays out a three-step strategy model including (1) defined business objectives, (2) the functionality required to meet these objectives, and (3) the necessary technological innovation and infrastructure. Fill out the form on the left to download your copy.