WHEN CUSTOMERS FEEL HEARD AND KNOW THEIR FEEDBACK WAS VALUED , THEY REMAIN LOYAL AND ADVOCATE FOR YOUR COMPANY OVER THE LONG-TERM .
INDUSTRY WATCH
WHEN CUSTOMERS FEEL HEARD AND KNOW THEIR FEEDBACK WAS VALUED , THEY REMAIN LOYAL AND ADVOCATE FOR YOUR COMPANY OVER THE LONG-TERM .
CX is the differentiator for financial services companies . Financial service providers are aching to differentiate themselves . Their services often seem commoditized and repetitive to the consumer . It takes amazing experiences across every customer touchpoint to persuade customers to stay with your bank or credit union .
So , how do you differentiate your financial institution ’ s experience ?
Customer experience ( CX ) is the answer . Customers expect a seamless and personalized experience , both online and in-bank . Salesforce reports that 73 % of customers expect companies to understand their unique needs and expectations .
And CX has a direct impact on the business . Deloitte reports that customers spend 140 % more with companies that offer outstanding experiences .
It ’ s time for banks and credit unions to prioritize CX and offer personalized services that truly differentiate your company from the hundreds of other options .
So , how do you begin to offer truly personalized experiences ? The answer is simple : just ask .
Your customers often know what would enhance their experience , but this feedback often remains isolated within a CX silo . By listening and understanding what customers say , then piping that data back into the systems your teams use every day , will enable your financial services company to achieve success and truly differentiate in a crowded market .
After all , when customers feel heard and know their feedback was valued , they remain loyal and advocate for your company over the long-term .
Use CX to reduce customer churn
The current landscape for customer experience in financial services presents significant challenges . A recent J . D . Power report showed that “ consumer trust in retail banks has declined significantly during the past two years , with unexpected fees , poor customer service and bad press being key threats to a customer ’ s trust . This year , 13 % of bank customers say they are likely to switch institutions in the next 12 months .”
As the friction of switching banks or credit unions decreases , financial services companies must do something to retain their customers . The path to success is clear : institutions that prioritize relationship-building , problem-solving and experience improvements will distance themselves from competitors .
If financial services companies want to differentiate themselves by presenting personalized experiences and if they want to reduce customer churn , they must adopt a robust CX program . At Alchemer , we identify three key elements in the evolution toward a customerobsessed business
COLLECT comprehensive customer feedback
The customer journey for financial services companies is complex . There are numerous touchpoints across branches , online platforms and mobile apps . Each of
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