The full report is now available.
The survey, conducted by COPC Inc. and Execs In The Know, provides research about consumer opinions and behaviors specific to the financial services industry in the United States and Canada.
See the infographic of key survey findings.
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 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.
About the CXMB Industry Insights Series
CXMB Industry Insights is 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.