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?
Knowledge: A Key Differentiator
Clients expect a high level of product and service knowledge from FSIs. Currently, 43% of clients believe FSIs adequately demonstrate this knowledge. Leading FSI brands showcase their expertise 72% of the time, significantly enhancing their ability to build stronger client relationships.
Avoiding Repetitive Requests:
Fostering Efficiency and Engagement
Top brands set themselves apart by ensuring clients do not have to repeat themselves when seeking help. However, this aspect is often neglected, as only 28% of financial services clients report that their brand avoids asking repetitive questions during support interactions—a significant shortcoming for most FSIs. Leading brands are nearly twice as likely to prevent repetitive requests, yet even they have room for improvement. Addressing this issue presents a key opportunity for lagging brands to enhance their competitive positioning by delivering a more seamless and knowledgeable customer experience.
Additional Insights:
Driving Long-Term Success
Top FSIs understand that continuous improvement is crucial. As client expectations evolve, brands that remain stagnant risk losing their competitive edge. Investing in training programs and integrating advanced AI for both self-help and live interactions are effective strategies to stay ahead.
Access to data-driven insights into client behavior and needs allows FSIs to personalize interactions, making clients feel valued. A consolidated data source that tracks client actions and prior information enables agents to provide tailored responses, creating a holistic client experience that fosters deep loyalty.
FSIs that prioritize these areas will enhance client satisfaction and build stronger, lasting relationships. By maintaining agility in their customer experience approach, FSIs can secure long-term loyalty and trust, ensuring sustained success in a highly competitive industry.
By Sean Albertson & Jason Ten-Pow
