As economic uncertainty increases, financial institutions are under immense pressure to gain and retain customers and maintain and improve satisfaction. The first requirement is clearly linked to the second, with both having a direct impact on profitability.
Clients’ relationships with an institution are formed by their experiences on the journeys they take to achieve their personal financial goals. Indeed, institutions are now more likely to win consumers’ business and loyalty with experiences rather than with products and services.
The latter have become relatively commoditized and are less likely to be differentiators as a result.
Firms are responding to the competitive landscape of customer experience with massive investments in CX initiatives, particularly related to digital transformation.
However, customers are experiencing inconsistent interactions across physical and digital channels.
Journey analytics is the key to eliminating blind spots. By identifying the drivers of poor experiences across channels, financial institutions can improve customer experience and business performance, quantifying the impact of improvements on revenue and cost to serve, and increasing customer satisfaction.
Next to telcos, financial services companies have more data on their customers than any other sector but many are only starting to harness the power of journey analytics or have yet to do so. That mass of data is both a challenge and an opportunity.
Journey analytics provides the visibility firms need to operate efficiently and gain transparency over customer satisfaction, thereby enabling evidence-based improvements.
Journey analytics enables firms to:
This report shows how to transform the banking experience for customers, with multiple benefits for the financial health of the institution, through customer journey analytics. It can be done through a phased approach, allowing early wins while building the necessary internal expertise.
