INDUSTRY WATCH these touchpoints is an opportunity to collect valuable customer feedback about their experience .
Feedback collection is critical to understanding the full customer experience . Financial institutions require a strong CX platform to gather and analyze this valuable feedback , helping to identify where breakdowns happen and where opportunities arise .
CONNECT that feedback to business systems your teams already use
One of the most significant challenges financial services organizations face is integrating feedback across multiple channels , particularly when internal silos exist . When departments work in isolation , valuable insights from one channel may not be shared across the organization , resulting in fragmented customer experiences . For instance , consider whether CX survey responses are seen in Salesforce or another CRM .
To overcome this challenge , financial institutions must foster a culture of collaboration , where feedback is shared across all departments . Integrations make it possible to view CX data in almost any other business system – whatever your product , support , marketing , and service teams use today .
CLARITY about your ideal customer experience
After collecting feedback and integrating it into your business systems so teams can use it , the last step is gaining clarity about your customer journey . You will likely identify numerous improvements that can be made to your customer ’ s experience .
Along with helping you prioritize improvements to customer experience ; clarity also involves offering the personalization that customers desire .
Collect-Connect-Clarity in action
A large credit union focuses on CX to ensure they are providing the best experience for their members . The challenge they faced was attracting new members at the beginning of their financial journey , while balancing those needs against those of existing , longstanding members .
The credit union used Alchemer to survey both populations about the experience they wanted . Based on the feedback they received , they prioritized digital advances to attract newer members ( more likely to use an app or digital communication methods ) while paving the way for a differentiated in-branch experience for existing members ( more likely to visit in-person ).
By collecting feedback , integrating it across their business systems and analyzing the feedback closely , they were able to determine how to serve the business needs of both new and existing customers . They solved a common challenge by acting with empathy , asking new and existing customers what kind of experience they wanted – and delivering it .
Collect-Connect-Clarity enables you to differentiate your experience
Bank and credit union customers want a deeper , more personalized experience . And if they don ’ t get it , the cost of switching is low . Smart financial institutions will implement changes to improve CX -knowing that it drives bottom-line value for the business .
The personalized services you offer to customers is possible after asking for feedback , connecting the data with teams who can use it , and gaining clarity on what to tackle first . This new , better experience will drive customer retention and loyalty for years to come and help you stand out among the crowd . p
For instance , funneling CX data back to marketing teams will enable them to personalize communication , adapt to personal preferences and offer customized promotions . Getting data to your product team will help them prioritize big fixes , optimize the mobile app , and inform their product roadmap .
And the last part of clarity is closing the feedback loop with customers . Letting them know their voice was heard and their feedback was valued will deepen relationships , help reduce churn and foster long-term loyalty .
Ryan Tamminga , SVP of Product and Services , Alchemer
74 INTELLIGENTCIO NORTH AMERICA www . intelligentcio . com