According to a Harvard Business Review survey, 64% of financial services companies consider improving the customer experience to be a Top 5 business priority. And it’s a priority that’s being taken seriously when you consider that a staggering 86% of financial services firms assign more than a quarter of their entire budget to customer experience (according to Microsoft Dynamics 365).
While it’s a great sign that the financial services industry is so committed to improving the customer experience, it’s not as simple as merely investing heavily in the latest technologies and expecting a dramatic improvement. Despite their best efforts and this increased investment, many are still missing the mark as evidenced by a NextCaller study revealing that 48 percent of consumers describe their experiences when calling their bank as “just OK” or “slow and frustrating.”
Think about that for a moment. Just about half of consumers feel their experience with financial services firms is subpar. With a recognition by the industry that customer experience is a critical priority—and the investment to back it up—why does dissatisfaction still exist?
In my view, it’s the implementation of a CX strategy that is built from the inside out, fails to consider the many different types of customer preferences, and falls into the trap of over-automating simply for internal efficiency gains.
On the flip side, a customer-centric approach to CX that is built from the outside in, one that prioritizes customer satisfaction above all else, will provide far more value to your financial services brand than one that prioritizes short-term efficiency and cost-savings increases. For example, Deloitte reports that a customer-centric approach leads to a 60% increase in profitability, while JD Power has found that providing service based on a customer’s individual financial situation leads to a 229 point increase (out of 100) in customer satisfaction. There is no shortage of evidence to support the implementation of this type of strategy.
Many elements of a customer-focused strategy will undoubtedly be highly complex and will require heavy operational, technological, and analytical lifting. However, the forefront of the strategy should be relatively simplistic and always keep the customer in mind. Various research reports reveal that the vast majority (as high as 90%) of consumers point to customer service as a deciding factor to stay with a brand. And the top 3 considerations given are invariably simplistic at their core:
- Friendly Staff
- Access To Service Via Their Preferred Channel
- Fast Issue Resolution
In other words, consumers want to be treated with respect by friendly agents. They don’t want to be forced into communication channels that they are not comfortable with. And they want their issues resolved with as little effort as possible. At Servicing Solutions, our Financial Services CX strategies are always focused on making sure we are doing just that:
We recruit friendly and knowledgeable agents who are heavily vetted to ensure they are representing our clients properly.
Our concierge approach works to develop relationships with customers from day one with Welcome Calls in which we introduce ourselves and go over the particulars of the account. We give each customer a direct phone number to a primary contact who will be designated to them for the life of an account and explain all communications channels at their disposal.
And of course, we utilize powerful Artificial Intelligence and Predictive Modelling tools as part of the customer experience, but with a primary goal of learning customer behavior and preferences on an individual level. This allows us to personalize the next appropriate engagement for each individual customer.
Ready to “Invest in Real Experience” and develop a truly customer-centric CX program? Drop us a line at firstname.lastname@example.org