May 22, 2018
Nearly 57% of surveyed customers reported moving some or all of their business as a result of a poor customer care experience
WINTER PARK, Fla. — (May 22, 2018) — COPC Inc., a global consulting firm that helps companies improve operations to transform the customer experience, together with Execs In The Know, a global network of customer experience professionals, announce the results from their first financial services industry survey, CXMB Industry Insights: Financial Services. This report was sponsored by VXI Global, a customer care, sales and technical support services company. A key research finding is that nearly 57% of surveyed customers reported moving some or all of their business as a result of a poor customer care experience with a financial institution. When asked what could be done differently, customers referred to ease of use, accountability, and access to a live person. To learn more about this and other findings, download the complimentary report.
CXMB Industry Insights: Financial Services provides research about consumer opinions and behaviors specific to the financial services industry in the United States and Canada. The survey confirmed that customer expectations are rapidly changing and that financial institutions need to focus not just on technology solutions but rethink the entire customer interaction—from the customer’s perspective.
- Today’s customer expects to engage on their terms and in the channel of their choosing. Where this need is not met, customers are significantly more likely to rate their experience as a negative one, leading customers to seek out alternatives.
- Forcing customers to interact outside of their preference amplifies negative customer sentiment. Only 30% of customers feel resolving issues has gotten easier over recent years, while 32% believe it has gotten more difficult, with the balance thinking that, despite significant investment, nothing has changed.
- When consumers self-select a journey that includes multiple methods — as opposed to being forced into one — the customer experience was more positive; and consumers were far more likely to use words like “easy,” “quick,” and “pleasant” to describe the experience.
In addition to U.S.-specific results, a comparison of results with Canadian customers is provided regarding general opinion, use of digital channels and services, and privacy. The research findings reveal similarities between the two countries. Both American and Canadian customers chose new technology as the area where financial services brands have improved the most over the past several years. At the same time, a good number of both U.S. and Canadian customers stated that lowering fees and penalties is where financial services brands should focus their improvement efforts in the coming years.
“The findings show that financial institutions that implement a customer-centric strategy will succeed at keeping their customers satisfied, building long-term institutional loyalty. The key is knowing your customers’ preferences, so you can provide a choice of effective communication channels. Our consumer surveys consistently show that customers want options but don’t want to be forced into a channel. So, it is critical that the channels provided can resolve a variety of customer issues,” said Kyle Kennedy, president and chief operating officer, COPC Inc.
CXMB Industry Insights: Financial Services is the third in a series of industry-specific reports and is an extension of the Customer Experience Management Benchmark (CXMB) Series, also published in partnership between COPC Inc. and Execs In The Know. The first industry-specific report examined travel and hospitality, and the second report examined retail. Both are available free of charge.
“CXMB Industry Insights allows us to dive deeper into specific industries and provide relevant insights that our members in each vertical are seeking,” said Chad McDaniel, president, Execs In The Know. “Our financial services survey offers information about consumer expectations and behaviors so our community can have a better understanding of the customer landscape in banking – both online and at a retail location.”
For more information about the findings of this financial services research or the CXMB Industry Insights survey series, go to https://www.copc.com/resources/research/.
About COPC Inc.
COPC Inc. provides consulting, training, certification and the RevealCX™ software solution for operations that support the customer experience. The company created the COPC Standards, a collection of performance management systems for call center operations, customer experience management, vendor management, and procurement. Founded in 1996, COPC Inc. began by helping call centers improve their performance. Today, the company is an innovative global leader that empowers organizations to optimize operations to deliver a superior customer experience across all channels. COPC Inc. is privately held with headquarters in Winter Park, FL, U.S. and with operations in Europe, Middle East, Africa, Asia Pacific, Latin America, India and Japan.
About Execs In The Know
For over 15 years, Execs In The Know has built a reputation of excellence in the Customer Management Industry and a worldwide community of over 50,000 Customer Experience Professionals. Execs In The Know connects people to engaging industry content, thought leadership, current trends, peer-to-peer collaboration, networking and industry employment opportunities. Examples of this can be seen at their Customer Response Summit events, roadshows, webinars, workshops, Blog Talk Radio segments, Industry Benchmarking Series, blogs, thought papers and social communities. www.execsintheknow.com
With 30,000 employees across 42 delivery centers, VXI Global Solutions is a leader in customer experience management and digital transformation. Established in 1998, the company delivers business services and technology solutions tailored for clients to deliver superior Customer Experience (CX). With a diverse workforce and service delivery centers in North and Latin America, Caribbean, Europe and Asia Pacific, VXI drives high Net Promoter Score (NPS) through its unified digital service strategy, customer management solutions and purpose-built productivity/efficiency enhancing applications.