In its latest research, Forrester reveals how Customer experience (CX) improvements drive revenue growth by creating loyal customers. The findings highlight that a single point improvement in a retail bank’s CX Index score could result in $124 million in increased revenue. These findings strengthen our conviction that fast, accurate and friendly customer service delivered as part of a unified banking experience across every interaction is a business imperative for banks. In fact, the banking landscape has changed considerably over the past few years, and capabilities such as big data, predictive analytics and personalization have gone from early-adopter novelties to main-stream essentials, enabling banks to deliver superior experiences across physical (e.g. branches, ATMs, phone) and digital (e.g. online, mobile) channels.
In the infographic below, we round up 7 eye-opening statistics proving that customer experience is a business imperative for banks:
Digital transformation is certainly taking the world by storm these days. With a myriad of activities and aspects associated with digital transformation, customer experience acts as a key component. In fact, most of the digital initiatives surface from pain points, business/innovation needs and growth imperatives on the customer side of the business.
The insurance industry is facing enormous pressure as digital transformation is fundamentally changing how insurers’ operate. Customers are now much exposed to the social media than ever before and have plethora of comparison sites to compare policies and premiums before making any purchase.
In today’s hyper-competitive economy, it has become an imperative for companies to focus on delivering data-driven customer experiences. According to Forbes the benefits are wide-ranging, including revenue generation and cost reduction, as well as enabling process efficiencies and quality improvements. Data-driven CX leads to a more targeted and personalized approach for a specific set of customers and enables organizations to keep the interactions consistent across different touchpoints, provided all functions and LOBs are willing to align, first conceptually