FSI: STATE OF CX 2024
Financial service institutions (FSIs) aiming to strengthen client relationships should focus on three key areas: professionalism, ease of interaction, and product knowledge. Advanced analysis shows that brands exhibiting ease of interaction significantly enhance the overall customer experience.
But how can FSIs enhance their reputation in these areas to build stronger, unbreakable client connections?
Effortlessness: A Key Differentiator
Effortlessness is a key expectation for clients, but overall, only 38% feel that FSIs are easy to interact with. In contrast, leading FSI brands achieve a seamless experience 70% of the time, significantly enhancing their ability to build stronger client relationships.
Quick Response: Fostering Value and Trust
Top brands distinguish themselves by ensuring communication is both quick and accurate. While this may seem basic, it remains a significant shortcoming for most FSIs. Leading brands perform better, comparatively, at this with nearly twice as likely to provide clients with prompt and accurate information when seeking support.
Average brands achieve quick responses only 28% of the time, while struggling brands do so just 24% of the time. Quick and accurate responses foster trust and demonstrate how much brands value their clients, which are essential components of an effortless experience. FSIs that prioritize clients’ time are often perceived as more competent and reliable.
High Performing Tools: Making the Website More Effective
Another critical area is simplifying client interactions through the website, particularly for accessing self-help resources. While FSIs often promote self-help channels, clients frequently struggle to navigate their websites. In fact, only 35% of clients report that the website is easy to use.
Although leading financial services brands typically provide better online experiences, there is still significant room for improvement in user-friendliness and navigation. The gap between struggling and successful brands is narrow, making enhancements essential.
Empowered Employees: The Missing Link
Clients expect to interact with empowered agents who are not only knowledgeable but also have the authority to take action when addressing complex issues. However, only 32% of clients report that FSI representatives demonstrated this ability during their most recent support experience.
Top FSI brands understand that empowered agents are crucial for building long-term relationships. These brands are four times more likely to provide support through frontline agents who have the authority to take action when needed.
Additional Insights: Driving Long-Term Success
Beyond these three areas, top FSIs recognize that a focus on continuous improvement is vital. As client expectations evolve, brands that remain stagnant risk losing their competitive edge. Investing in training programs, integrating advanced AI for both self-help and live interactions, and reducing response times—particularly for email communication—are effective strategies to help FSIs stay ahead.
Moreover, having access to data-driven insights into client behavior and needs will allow FSIs to personalize their interactions, making clients feel valued. Personalization, when combined with a quick response, high performing tools, and empowered employees, creates a holistic client experience that fosters deep loyalty.
By enhancing ease of interaction, FSIs will not only boost client satisfaction but also build stronger, more enduring relationships. By prioritizing these areas and maintaining agility in their customer experience approach, FSIs can secure long-term loyalty and trust, ensuring sustained success in a highly competitive industry.
Article by Sean Albertson and Jason Ten-Pow
