There have been many casualties since the start of the economic crisis and financial services are yet to escape the tarnish of the global recession.
In the wake of increased negative feeling from consumers about financial service institutions, organisations are keen to regain customer trust and increase customer satisfaction and loyalty. Increasing amounts of data, rapidly evolving technology and rising customer expectations mean delivering a consistent and holistic customer experience is paramount to the success of the industry as whole.
In a recent survey conducted by the Customer Management Exchange Network, 61% of the CM Exchange Network community cited customer experience management as one of their three greatest challenges. Being able to respond to criticism with customer focused strategies not only allows them to retain their existing customers and clients, but also attract new business from competitors. Interestingly, respondents of the survey only regard customer loyalty as their 4th greatest challenge (32%) behind customer centricity and culture (52%), and insight and analytics (36%).
Reflecting on the survey results, Phill Hirons, Head of Production at the CM Exchange Network commented, "It's clear that financial services organisations need to redefine their relationships with the public, and in particular their customers. Consumers want to be able to interact with their bank or insurer at their own convenience, meaning a huge increase in online and mobile banking. But they want to ensure their bank understands their needs and moreover puts their experience at the top of their priorities."
"In addition, we have seen huge changes in the regulatory environment, which whilst acting in the interest of the consumer, has restricted how financial institutions operate on a daily basis. It's clear from this report that a holistic multichannel experience has to be achieved to support these objectives and to deliver on them."