Reality Check – Are Financial Services Leaders in a CX Crisis?
Financial services providers – banks, credit unions, insurers, pension funds and wealth managers – need to start reinventing themselves or they will lose a consistent chunk of their market share. 2018 is the year when competition from FinTech firms heats up, challenging financial institutions to not only invest in technology, but to treat CX as a key differentiator when it comes to retaining customers.
The verdict is in: the sun has set on traditional customer retention strategies. Investing in a superior customer experience is no longer optional, but a requirement to remain relevant on the financial market.
CX efforts throughout the years have looked at customers’ behavior in correlation with their expectations and demands, steadily evolving from implementing e-Banking, then after multichannel integration (web-based account, online bill payments click-to-chat etc.), creating omnichannel seamless experiences (smartphone apps, internet & hybrid cloud, big data analytics etc.), and up to now, when the Internet of Things still dominates unchallenged.
Beyond the usual buzz words, “the market of one” or customer-centricity, right at the core, you’ll find this mantra: Every customer experience must be inherently made easy. And CAUTION: this is not a drill! If you fail to get with the program, the lowering ROIs or the dwindling customer base will soon give you a very hard to swallow reality check.
Since many financial companies are still looking for a way to improve their CX, let’s take a deep dive into how non-conscious insights can be that special ingredient their strategies have been missing.
Catalyze Real Consumer Behavioral Change!
Financial retail companies need to know that one very valuable, untapped resource they’ve been ignoring all this time, is their customers’ emotional and non-conscious drivers. These are collected via neuro-powered tech and transformed into accurate, data-driven customer insights that can catalyze real behavioral changes.
Powerful even in small doses, accurate customer insights help companies communicate with customers more effectively, measure specific customer metrics (take for example Customer Effort), but most importantly, they can help improve cross-channel CX.
Besides from providing frictionless services at a lower cost and creating flexible products/services, companies need to look at “ease” and “simplicity” for the customer experience. According to Siegel and Gale, a branding firm specializing in simplicity, customers like brands that have simplicity as a key value. So far, those few brands that have successfully aligned with this key value, are reaping all the benefits and cashing in on this competitive advantage. You could be one of them!
Just think about it for a second, if your cross-channel experience is slow, or subpar in any way, the customer will choose to get their products or services from elsewhere. They may even decide to do business with your competitors. This is a perfect example of how companies might be making it too hard or frustrating for customers to do business with them.
What is the brand experience you want to deliver?