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 professionalism during client interactions significantly enhance the overall customer experience.
But how can FSIs enhance their reputation in these areas to build stronger, unbreakable client connections?
Professionalism: A Key Differentiator
Professionalism is a core expectation from clients, yet only 38% feel that FSIs conduct themselves in a highly professional manner. In contrast, leading FSI brands demonstrate professionalism 69% of the time, which is a major factor impacting their ability to nurture stronger client relationships.
Easy to Understand Communication: Fostering Trust and Confidence
Top brands differentiate themselves by ensuring that communication is clear and understandable. This may seem basic, but it’s a significant shortcoming for most FSIs. Top brands are almost 2 times as likely to provide clients information that is easy to understand.
Average brands offer easy-to-understand information just 26% of the time and failing brands do so only 18% of the time. Clear communication isn’t just about transparency—it fosters trust and confidence, essential elements of a professional relationship. FSIs that prioritize simplicity in client communications are often perceived as more competent and reliable.
Ease of Interaction: Bridging the Self-Help Gap
Another critical area is making it easier for clients to interact with the brand, especially when they need to speak with a representative. FSIs often push self-help channels, but clients find it difficult to switch from self-service to human interaction. In fact, 70% of clients report frustration with transitioning from self-help to interactive support.
Top FSI brands excel here by making it easier for clients to “channel hop,” enabling seamless transitions from automated systems to live assistance 41% of the time. This capability improves not only the perceived professionalism but also the overall client experience, making interactions feel effortless and reducing friction, which is crucial in high-stakes industries like finance.
Compassion and Empathy: The Missing Link
Clients expect not only knowledge and efficiency but also compassion, especially when they are dealing with financial difficulties or complex issues. Unfortunately, most FSIs struggle to show empathy during support interactions. Only 34% of clients report that FSI representatives demonstrated compassion during their most recent support experience.
Top FSI brands know that emotional intelligence is key to building long-term relationships. By training their staff to not only solve issues but also show understanding and empathy, FSIs can create more meaningful connections with clients. This approach is particularly valuable in an industry where trust is paramount, and emotions often run high due to the sensitive nature of financial decisions.
Additional Insights: Driving Long-Term Success
Beyond these three areas, top FSI brands recognize that a focus on continuous improvement is essential. Clients’ expectations are constantly evolving, and brands that remain stagnant risk losing their competitive edge. Investing in training programs, integrating advanced AI to assist in both self-help and live interactions, and creating omnichannel support systems that allow clients to engage seamlessly across platforms are all strategies that can help FSIs stay ahead of the curve.
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 professionalism, ease of communication, and compassion, creates a holistic client experience that fosters deep loyalty.
FSIs that improve in professionalism, ease of interaction, and compassion will not only improve client satisfaction but also forge deeper, more unbreakable client relationships. By prioritizing these areas and staying agile in their approach to customer experience, FSIs can secure long-term loyalty and trust, ensuring sustained success in a highly competitive industry.
The Authors: A Brief History
As a CX leader for 20+ years across companies from startups to Fortune 200. I have been at the forefront of transforming the customer journey to reduce effort and drive customer loyalty.
I love sharing my experience from the stage as an international speaker and as a CX advisor. I have created advanced CX programs leveraging text analytics, operational metrics, journey analytics and survey programs, with artificial intelligence driving real results.
He is the author of the award-winning book, 4ROCKS: Reduce Effort, Drive Loyalty, Transform the Customer Journey.
For over 25 years, Jason has been committed to helping companies build unbreakable customer relationships. In 2016, he joined ONRcx as a leading CX consultant, advising technology, retail, and healthcare companies on how to reshape their customer experience strategies.
In 2021, he interviewed some of the world’s foremost CX experts and published his best-selling book, Unbreakable, which details the five stages brands pass through to become leaders in the CX industry.
He excels in developing strategies that enhance customer insights, transform internal processes, and improve external brand actions, all with the goal of creating customer experiences that foster strong brand loyalty.
