![]() ![]() Cost, design, and value are emerging as key differentiators for customers, yet companies often lack guiding principles to shape those efforts. Reaching the top quartile of CX performers is no easy task. The survey findings in this article relate specifically to retail customer onboarding but apply generally to the other journeys we studied. We asked questions related to what led them to the company, metrics of the journey’s steps, the companies’ capabilities in place and customers’ satisfaction with them, and customers’ use of online channels. In partnership with external research agencies we deployed an online questionnaire about these journeys, surveying customers of both top traditional players and purely digital players. The journeys include retail customer onboarding, mortgage applications, car insurance claims, life insurance acquisition, and the onboarding of small and medium-sized enterprises (SMEs). We performed the research in five countries (France, Germany, Italy, the UK, and the US), conducting outside-in studies of five key customer journeys in banking and insurance. To understand what constitutes distinctive CX in financial services, we performed benchmarking research on five key customer journeys-the series of interactions a customer has with a brand to complete a task-in banking and insurance. Visit our Customer Experience & Design page These gains come from a variety of sources, including additional product purchases generated by cross-selling and upselling, such as when a borrower increases the value of a loan. ![]() Our research indicates that for every 10-percentage-point uptick in customer satisfaction, a company can increase revenues 2 percent to 3 percent.Īt a time when the customer-satisfaction scores of top-quartile institutions can exceed those of bottom-quartile players by as much as 30 to 40 percentage points, the financial payoff from best-in-class CX can be significant indeed. Overcoming these challenges is critical not just to meet rising customer expectations and to compete with new digital attackers but also to generate significant business impact. In this dynamic environment, financial institutions face a stiff challenge to differentiate their offerings while reducing cost and complexity for customers-and to do it at a profit. For financial institutions, for example, rising customer expectations are pressing organizations to come up with more functional improvements even as alternatives to traditional financial services are emerging. It’s a priority because the stakes are so high. In a McKinsey survey of senior executives, 90 percent of respondents confirmed that CX is one of the CEO’s top three priorities. In recent years, customer experience (CX) has emerged as a major differentiator for large companies, including financial-services providers. ![]()
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