Banking, financial services, and insurance institutions (BFSI) must meet rising customer expectations to stay competitive.
Banking, financial services and insurance institutions (BFSI) continue to face disruption from new entrants, which has increased customer’s expectations. Comparison to other financial institutions is no longer the best benchmark. Customers now compare their experiences across all industries.
Financial institutions’ focus should shift to innovation to deliver the best hyper-personalized client experiences across channels. Think like a tech company to meet customer and customer experience team demands head-on.
Customer retention is key. Contact centers account for around 10% of customer interactions at most banks, but moment-of-truth interactions (fraud, claims, stolen card, etc.) represent 30%.
Delivering great customer experience during these interactions is critical to retain customers and improve customer experience. This becomes even more important once you consider the cost difference between acquiring a new customer and retaining your existing customer. The cost of acquiring a new customer can be five times higher than retaining an existing customer.
Prioritize the treatment of these moments, and provide your agents with the appropriate tools and insights. This will make the best of these customer experiences and improve customer loyalty.
Consider the customer experience (CX) as it relates to revenue impact. For multichannel banks, the revenue impact of a one-point improvement in CX index score results in $8.19 in annual incremental revenue per customer, and with 15 million average number of customers per company. That is around $123 million in revenue impact. This should be another incentive for banks to improve customer experience through innovation.
Contact center innovation and customer experience standardization across channels are crucial for financial institutions to further enhance customer experience, in each interaction, and to create sustainable ROI.
