Recently, research group Temkin surveyed 10,000 customers regarding their experiences with companies.1 While 86% said excellent customer experiences would make them a repeat customer, only 13% said they would return if the experience were poor. So how do you address that 70% gap? What is excellent customer experience? Customer experience (Cx) goes beyond our basic thoughts of customer service and measures the interactions between your business and a customer over the duration of the relationship. It’s not only how your customer is treated within the four walls of your local office. It’s the full spectrum of their journey over whichever channels they decide to interact with you.
Delivering a personalized experience is important to consumers
The appeal of personalization
Neither appealing nor unappealing
Invest in your customers.
Customers no longer view their experiences as one financial institution versus another financial institution, but rather, they compare their experience to leading firms such as Uber, Amazon, and Apple. Customers want financial services firms to simplify engagement and make their lives easier.
A recent survey by Gartner showed a growing divide within financial services firms; 9 out of 10 firms were competing on the basis of customer experience, and yet a mere 20% were studying the mobile customer journey or designing for real-time “micro moments” in addition to customer journey work. This creates a tremendous opportunity for financial services firms to transform and disrupt through digitization.
“It takes 12 positive customer experiences to negate the poor impression left behind from one unresolved, bad experience.” ²
Keeping customers happy and engaged upfront remains critical to reducing marketing and operational budgets. Here are a few considerations financial services firms must address when building engage-and-retain models:
- Increasing customer engagement and satisfaction
- Extending the branch or office capabilities to a mobile user or a user in branch to increase cross-sell and upsell opportunity and accelerate purchasing decisions
- Delivering a seamless experience across all channels to drive personalization and consistency
At Cisco, we have focused on three specific customer experience solutions to help you achieve your business objectives. We’ve also applied core principles to these solutions so that we never lose sight of our customers’ key care-abouts, such as how the solutions provide the best experience, drive engagement, and maximize efficiency.
These principles include:
Creating a consistent, omni-channel experience—including the delivery of expert resources, virtually
Enhancing the customer experience at every touchpoint by analyzing, personalizing, and differentiating the mobile experience
Enabling and delivering these innovative capabilities within the store, clinic, or venue through an intelligent branch platform
Invest in your workforce.
Any executive will tell you that the most valuable piece to their business model is the people that make up their company. Engaging with those customers and increasing revenue requires a commitment from and to your workforce. A Gallup administered report indicates that a mere 13% of worldwide employees are engaged in their jobs, emotionally invested, and focused on creating value for their organizations every day.
How many employees are engaged in their job?
One disengaged employee costs an organization $3,000 for every $10,000 in annual salary.² How do you recapture that lost money and engage your workforce to drive your business models? To create a workplace that maximizes productivity, you need to bring people, space, and technology together. And, you need to align the space where people work with the activities that they perform.
Collaboration is key to the digital transformation journey. 64% of digital value is tied to people and connections. Engaged teams experiment, innovate, and are more productive as a result of better decision making.4
You can increase employee engagement and productivity and boost innovation by making your workplace a flexible, collaborative environment that supports your digital workforce. The payoffs are lower costs and higher income. When Cisco deployed our workforce experience solutions in-house, we saw results:
of occupants gained a better sense of well-being
increase inoccupant capacity
drop in workplace related OpEx
Cisco workforce experience results 5
This can be a paralyzing question, because owning the workforce experience means financial services leaders must step outside of traditional processes. Cisco can help you set up the infrastructure so that your employees can securely access content-based information and resources from any device—a laptop, tablet, or smartphone— whether on the move or in the workplace. This not only creates an elegant experience, but also helps improve workforce productivity and drive your overall customer experience model.
- The Customer Service Report: Why great customer service matters even more in the age of e-commerce and the channels that perform best, Business Insider, Jun. 2016
- State of the American Workplace, Gallup, Feb. 2017.
- Where to Begin Your Journey to Digital Value in the Private Sector Economic Analysis 2015-2024, Cisco, 2016.