Only eight percent of FSIs surveyed currently track the entire customer journey
The COVID-19 pandemic accelerated digital transformation across every industry sector. New research conducted by Jim Marous, CEO of the Digital Banking Report, sponsored by OpenText, analysed the banking industry’s ability to capitalize and respond to the growing need for a personalised customer experience. The research results highlight opportunities a digitally driven customer experience can provide.
Between September 2020 and October 2020, 325 global banks and credit unions were surveyed in an effort to discover their priorities as we emerge into a post-COVID world across North America and Europe. The research focused on the need for financial services institutions to embrace digital solutions that enable them to track, monitor and engage with customers throughout the entire customer journey.
Key highlights include:
o Digital user experience and personalisation will have the largest positive impact on customer experience: When asked what would lead to the biggest impact and produce positive results with respect to the customer experience in the next year, more than half (53%) of respondents indicated digital user experience followed by personalisation (45%). According to the report, the key to positive CX is the use of data and advanced analytics, not just to know the customer within the organisation, but to also to consistently demonstrate to the customer that you understand their journey.
o Most FSIs are relatively new to the process of journey mapping: Customer journey mapping uncovers how consumers interact and engage with a brand, and how to be the right channel at the right time, however, the banking industry remains at the premature stages. When asked if respondents’ organisation track the journey across multiple channels, 42% said they have no plans, followed by 22% indicating they are building this capacity in. Only 16% of respondents are currently tracking via the web and branch. When asked how a respondent’s firm measures customer engagement, 32% indicated they do not measure, followed by 28% indicating through a combination of deposits and withdrawals. According to the report, hurdles for organisations include a lack of understanding and awareness of the benefits of journey mapping, including a lack of senior management buy-in and a lack of technology/tools or appropriate skills.
o Beyond NPS, FSIs should measure CX across the entire customer journey: While 68% of organisations said they used some form of customer engagement tracking either through deposits or withdrawals, 72% measure customer sentiment through surveys, social and mobile app ratings. A strong customer journey analytics platform can measure engagement and satisfaction at any point in the customer journey using a pre-existing customer experience tech stack. Doing so, enables organisations to determine the most important points for interaction and helps to engage customers for their feedback.
o Despite the importance of digital experience platforms (DXPs), few FSIs currently use this technology: What sets DXPs apart is the ability to deliver a consistent, connected, and continuous experience across all channels, therefore driving positive outcomes. However, the research found that 88% of respondents indicated that they don’t (67%) or don’t know (21%) if their firm currently uses an omnichannel approach to measuring customer satisfaction. Jim adds that investment in DXPs are expected to increase significantly as organisations double down on digital transformation, improving the digital customer experience and expand the use of content in the engagement of customers and prospects.
It is more important than ever that FSIs determine how their customers feel across the entire customer journey, and the business impact of their CX strategies and investments. The future of the customer experience will harness the best of digital components and human capital. From a customer centric point of view, organisations that weave in customer data to provide contextualised personal messages will drive an increase in customer satisfaction. Employees who directly engage with customer data can use this information to predict customer behavior and respond in such a way that emphasises ethical considerations.
