Second to None
Second to None
Second to None
Second to None

Is Your Financial Services Brand Measuring Its Customer Experience?

Share this post:
Found in:    snapshot | engage | Financial Services

Creating an excellent Customer Experience has become a major differentiator across most industries, but is especially impactful in the financial services space. Nowadays, creating a great experience requires more than training employees to provide exceptional customer service. To truly separate your banking brand from the competition requires a customer-centric, omnichannel approach. This means that organizational leadership needs to be expertly aware of which channels are reaching organizational benchmarks, and which areas are performing. Implementing self-assessment measurement programs is an essential first step to capturing the data that can lead to the appropriate action plan that cements your brand as a CX leader.

One aspect of the financial services Customer Experience that has evolved is the necessity of providing a great digital banking experience. It has now become commonplace for consumers to complete almost all the necessary interactions with your brand without even speaking to or seeing one of your employees. Creating a digital identity that allows for this level of self-services is a great starting point to influencing a leading omnichannel CX platform. This multichannel makes it inherently more challenging to create a consistent experience across the different channels along your desired customer journey, but it also provides your brand more opportunities to wow your consumers.

The experience that your organization provides should differ depending on the kind of consumers that make up your target audience. Different demographics tend to prefer different modes of interactions with their banks, making it essential that your team has captured an accurate portrayal of what your customers actually want. For instance, young millennials use their smartphone for 63% of their interactions with a multichannel banking provider, while baby boomers use their desktop or laptop for 54% of these interactions. It is important that your platform is optimized for both of these channels regardless but capturing this data can help your team provide a maximized value to the customers that you are targeting.

In addition to capturing information about your own brand, your organization should contextualize this information by shifting the research lens outwards and completing competitive benchmarking programs. Forrester recently completed a Customer Experience Index study of the banking industry and found that a change in customer experience ratings for a multichannel bank leaves $134 million on the table for every 1-point decline in its CX Index Score. There is a legitimate connection between your CX capabilities and the bottom line and completing competitive benchmarking can help you understand what aspects are working or not across your industry. 

Creating a great experience in the financial services world is more involved than many other industries. Employees possess a big load of responsibility in carrying out your brand message, but as customer preferences trend further towards self-service, other factors gain a growing importance. Using programs like mystery shopping and competitive benchmarking as a tool to capture this information and develop action priorities can help vault your organization ahead of the competition and endear your brand as a positive aspect of your customers’ lives.

Second To None empowers customer-centric brands to deliver consistent, intentional and authentic consumer experiences.

We adeptly design and manage mystery shopping, compliance, engagement and voice of customer solutions grounded in strategic relevance, program integrity and actionable insights. Our solutions are developed on the basis of solid research and statistical science. We achieve success through a relentless focus on quality and innovation, consultative relationships and a talented team of professional associates.