Containing fresh research on the priorities of CX executives in the financial services, this new benchmark report from CXFS and OpinionLab covers the major challenges and opportunities facing the CX community, as well as the order of priority with which they are tackling new projects.
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The smartphone revolution and the ubiquity of internet based solutions in 2016 are reshaping virtually all industries in their own image, and financial services are no exception. As customers increasingly make their decisions based on the ease with which they can interact with a financial business, mounting competition around CX is giving rise to new titles with responsibility for managing the complex work of customer experience optimization.
Mobile has become an important arena for financial services, as both established players and startup challengers are rolling out offerings that put a greater level of convenience into the hands of consumers. Mobile payments services, mobile wallets, dedicated banking apps, and other offerings are pushing the envelope in terms of the features that consumers are looking for, as well as the level of intuitive customer experience that will set the standards of what they expect.
The more data that can be drawn into understanding customer mindsets and creating actionable insights, the more decisively a CX team can act and convey the case behind their initiatives to key business leadership. Having a robust means of collecting structured data is a critical component of CX, however unstructured data is still not being fully utilized in the majority of cases. Along with the development of new channels, stronger mandates, and the integration of all the data that is made available to act upon, the development of the CX role itself is set to continue as part of an accelerating arms race that will ultimately benefit the customer and enable closer, more fruitful relationships with their chosen financial services providers.
The majority of financial services businesses are in the process of expanding their CX projects.
The role of CX as a coveted business differentiator is causing financial businesses to ramp up their efforts to improve both the front and back end of their customer experiences. Without taking significant steps to remain competitive, businesses may find themselves behind in the midst of an industry where the benchmark for customer experience has been raised.
Mobile represents a significant area of opportunity, but adoption is stymied by the difficulty of gaining resources to pursue new projects.
The ubiquity of mobile devices, as well as a habituation to mobile platforms among customers is challenging financial services businesses to expand their customer experiences to encompass a multichannel strategy.
Interpreting unstructured feedback into actionable insights is an area where the majority of respondents are struggling.
Unstructured feedback represents a great opportunity to gain a deeper understanding of customer mentality. More advanced programs can actually incorporate their unstructured feedback into their structured reporting, supplementing the data they use as a source of actionable strategic insights.