2020 Research

AUGUST 26, 2022

The Looming Economic Storm: How Consumer Banks Will Survive This Recession. Schlesinger Group surveyed more than 3,000 customers of the 20 leading financial institutions in the U.S. Explore our five key findings from the 2022 US Banking Industry Loyalty Report, created in collaboration with Apex Scoring System.

Banking 52

Banking Consumers Loyalty Groups 52

West Monroe

JANUARY 25, 2022

It is also assumed that M&A will be a hot topic in 2022 as banks look for new growth opportunities and to increase the speed at which they can invest and scale their technology platforms. Payment and monetary disruption: the rise of crypto in mainstream banking. This outlook will not include an analysis of M&A trends.

Banking 52

Banking Financial Trends Multi-Channel 52

SurveySensum

MAY 19, 2023

Customer loyalty and satisfaction are crucial when it comes to banks. More than often, customers are attracted to banks that value them and offer good service. But when every bank strives to achieve the same, how can you get a competitive edge? How to use NPS in banking and financial services?

Banking 52

Banking NPS Industry Net Promoter Score 52

Hero Digital

FEBRUARY 4, 2021

Financial institutions need to be prepared to connect with these younger customers, taking into account how each generation’s bank relationships differ. While Boomers have historically been very loyal to their banks, Gen X customers tend to be a bit more skeptical of their financial institutions. Download the full report.

Banking 98

Banking Financial Connections Technology 98

CSM Magazine

OCTOBER 4, 2022

Across the globe, banks continue to face new challenges. The need to keep customers feeling supported and happy while ensuring they remain loyal remains a constant and critical goal for the banking sector. Average NPS ratings are also lower than pre-pandemic levels with the goodwill afforded to banks during this time ending.

Banking 52

Banking Consumers Customer Experience Net Promoter Score 52

West Monroe

APRIL 9, 2023

The crisis at Silicon Valley Bank has the industry speculating on how a collapse of a bank could have taken place under today’s regulatory environment. The question then quickly becomes: How are the regulators going to respond and what is this going to mean for banks going forward?

Banking 52

Banking Government Financial Meeting 52

InMoment XI

SEPTEMBER 20, 2023

By Simon Fraser, InMoment + Kirstin Simons, NPSx by Bain & Company NPSx by Bain & Company and InMoment recently released the State of CX: UK Consumer Trends Report , an in-depth analysis of customer perceptions on brand experiences across multiple industries.

Net Promoter Score 260

Net Promoter Score NPS Retail Trends 260

CSM Magazine

SEPTEMBER 15, 2021

Upside launches ‘The Tipping Point of Loyalty’ report which also finds retail customers are now less loyal than they were before the pandemic. Among the other significant findings from the report, the quantified impact of the pandemic on retail loyalty suggests that customers are now less loyal than before the pandemic.

Retail 52

Retail Report Banking Tips 52

Lumoa

DECEMBER 19, 2023

Customer feedback is a precious resource for understanding what’s effective and what needs improvement. Around 30% of IT professionals worldwide have reported that their organizations are witnessing time-saving benefits thanks to implementing new AI and automation software.

Analysis 208

Analysis Social Media Trends Feedback 208

SurveySensum

MAY 31, 2024

Well, that’s proof enough of how AI chatbots are indeed improving customer experience by eliminating common roadblocks. Provide Omni-Channel Experience Modern-day customers prefer omnichannel experiences. In fact, a 2024 report from McKinsey states that over 60% of consumers participate in omnichannel shopping.

Omni-Channel 52

Omni-Channel Self Service Customer Experience Chatbots 52

Magellan Solutions

NOVEMBER 29, 2018

If there is a partnership that can hugely benefit banks, partnering with a customer service call center is one of the best decisions that can allow them to receive a higher return on investment. Among the millennial consumers, 42 percent contacted their bank. How does a customer service call center help banks.

Call Center 45

Call Center Banking Customer Service Return on Investment 45

CloudCherry

MARCH 19, 2019

But the good news is, as Tom Mouhsain says in the Forrester report cited above, “there is sufficient auditable evidence to link CX to all of the major financial performance drivers that determine profit — and ultimately to the return on shareholder equity.”. Connecting these numbers to CX improvements is the tough part. Reduce Costs.

Financial 218

Financial Metrics Customer Journeys NPS 218

Currency Alliance

JUNE 11, 2019

A 2018 Collinson study reported that 66% of financial services professionals say their bank “does not understand why customers are loyal or have a strategy to strengthen customer relationships”[i]. People are more likely to leave their spouse than their bank[ii], so it might seem that banks have no case to answer.

Banking 40

Banking Loyalty Consumers Loyalty Programs 40

Comm100

SEPTEMBER 28, 2021

The existing channels that LMCU had in place included phone, email, and online banking, and they wanted a modern solution to let customers connect more flexibly. Many credit unions are behind in digital transformation, and within the banking and credit union sector, live chat adoption is just below 60%.

Customer Service 228

Customer Service Chatbots Banking Engagement 228

Wootric

DECEMBER 17, 2018

Banks alert you about suspicious activity on your account and let you set alerts for when your accounts fall below a certain amount. You can get similar, automated alerts when it comes to Voice of the Customer data. How are you reporting VoC data to your product team? 3 Monitor NPS Trends by Customer Segment.

Trends 61

Trends Report Feedback NPS 61

BirdEye

APRIL 14, 2023

Better tax compliance: Keep the tax authorities off your back with accounting software that automatically calculates taxes and generates the necessary reports. Small business accounting software is designed to grow with you, offering advanced features without breaking the bank. No more stressing over tax filing season.

Software 98

Software Financial Banking e-support 98

CSM Magazine

NOVEMBER 10, 2022

Financial services leaders are increasing their focus on digital-first initiatives to optimize the customer experience and increase retention and loyalty – a trend that emerged out of pandemic necessity and became a preference that is here to stay. Optimizing Digital-First Customer Engagement.

Financial 52

Financial Banking Customer Experience Self Service 52

Beyond Philosophy

OCTOBER 7, 2021

Many organizations drive their actions to suit quarterly reporting, sales figures, and profits for this year and, as a result, don’t think long term. However, customer loyalty necessitates thinking long term. Wells Fargo is a big retail bank in the U.S. Rule #1: Think long-term. . Remember the Wells Fargo debacle?

Loyalty 172

Loyalty Airlines Banking Customers 172

West Monroe

FEBRUARY 9, 2023

Financial services companies—from global banks to emerging fintechs—face significant pressure from all sides when it comes to their digital products and experiences. This was the issue one large bank was facing when they called West Monroe. Create new controls The bank faced a few critical issues related to their controls.

Financial 52

Financial Banking How To Policies 52

Lumoa

FEBRUARY 7, 2023

The retail and commercial bank based in the UK is processing customer feedback from a variety of channels. They have chosen Lumoa to consolidate that in a single platform and analyze what customers say in real-time. It has been a pleasure working with Shawbrook Bank and Lumoa” says Richard Jeffreys, founder of CX ALL.

Banking 208

Banking Feedback Management Culture 208

West Monroe

JUNE 16, 2021

Historical sales methods in commercial banking—those rooted in selling through relationships and networking with centers of influence—are proving no match in today’s economic environment. The need for banks to adopt a standardized sales methodology to unlock the magnitude of their organization is apparent.

Banking 52

Banking CRM Sales Analytics 52

Thematic

DECEMBER 12, 2023

Support Interactions Supper interactions involve direct interactions with customer support teams. Customers may contact support to report issues, seek assistance or share their experiences. Beyond problem-solving, customer support becomes a platform for customers to express their feelings.

Analysis 62

Analysis Examples Feedback Social Media 62

2020 Research

SEPTEMBER 1, 2022

In this article, we’ll walk through five takeaways we found in our 2022 US Banking Industry Loyalty Report , so you can better understand how to maintain brand trust: Share the “Why” Behind Your Business’ Purpose. Don’t Expect Your Customers to Be Loyal. Do not expect loyalty from your customers — earn it.

Brands 52

Brands Banking Advertising Loyalty 52

PeopleMetrics

FEBRUARY 21, 2023

For example, a software provider might have previous CX reports that indicate customers find their subscription process confusing. This could include training in how to use your CX software to accurately enter data, generate reports, or use surveys. Which customers you will include in your research.

Customer Journeys 117

Customer Journeys Customer Experience How To Net Promoter Score 117

BirdEye

NOVEMBER 20, 2023

Referral marketing is a strategy that encourages existing customers to refer new ones to your business. It’s an organic way that leverages the power of word-of-mouth — the most credible form of advertising — to grow your customer base. Yotpo Yotpo leverages customer reviews to boost referral efforts.

Software 62

Software Marketing Multi-Channel e-support 62

West Monroe

FEBRUARY 9, 2023

Financial services companies—from global banks to emerging fintechs—face significant pressure from all sides when it comes to their digital products and experiences. In the bank, this meant creating a new organizational model to embed security experts and security minded developers into the product team.

Financial 40

Financial Banking How To Policies 40

West Monroe

FEBRUARY 9, 2023

Financial services companies—from global banks to emerging fintechs—face significant pressure from all sides when it comes to their digital products and experiences. This was the issue one large bank was facing when they called West Monroe. Create new controls The bank faced a few critical issues related to their controls.

Financial 40

Financial Banking How To Policies 40

BirdEye

SEPTEMBER 8, 2023

Financial services companies, like investment firms, banks, and insurance agencies, operate in a landscape where trust and credibility are paramount. Ever since they started using Birdeye’s all-in-one platform, it boosted its online presence and increased its customer base.

Financial 104

Financial Tips Management Social Media 104

Kustomer

APRIL 28, 2021

A good customer service experience often falls to the bottom of the investment queue, while marketings and sales budgets take center stage. But don’t worry, there are ways a brand can maintain an excellent customer experience without breaking the bank. The Importance of Good Customer Experience.

Strategy 111

Strategy Customer Experience How To CRM 111

SurveySensum

MARCH 15, 2024

It helps you identify and understand your customer base. It lets you send NPS, CES, CSAT, product, onboarding, and many VOC surveys to your customers. It is a customer experience platform that provides necessary insights into your customer base across different industries like B2B, Fintech, Telecom, etc.

Tools 52

Tools Software Marketing NPS 52

CX University

MARCH 18, 2024

The company leverages AI and machine learning to create custom and targeted experiences for customers based on their unique preferences, browsing history, and purchase behavior Benefits of Hyper-Personalization The shift towards hyper-personalization offers benefits for both businesses and customers. Customer Retention.

Customer Experience 52

Customer Experience Retail Customer Retention Loyalty 52

PeopleMetrics

JUNE 16, 2016

Or if you have a real hankering for reports to hide in your desk drawer. We just buttoned up a study about customer experience in the banking industry. In the study, we looked across the customer bases of all of our retail banking clients for interesting trends and insights. About That Banking Study.

Customer Experience 48

Customer Experience Banking Feedback Retail 48

Thematic

JULY 11, 2022

Atom bank was the first app-only bank in the UK and number 1 rated UK bank on Trustpilot. They wanted to learn how to improve customer experiences, and how to grow their customer base. The challenge: numerous types of customer feedback, including surveys, customer complaints and online reviews.

Analysis 77

Analysis Roadmap Banking NPS 77

Heart of the Customer

OCTOBER 23, 2014

I then asked her if I should file a police report, and she said again, “It’s up to you either way.” I filed the claim, and then asked this agent “Should I have filed a police report?” But if it eases your mind, there’s no harm in filing a report.” ” So I hung up in frustration.

Customer Experience 117

Customer Experience Insurance Customer Journeys Report 117

Beyond Philosophy

APRIL 3, 2016

The surveying, such as referenced by TD Bank, to identify what drives satisfaction-reducing pain will provide superficial guidance on emotional drivers of desired customer behavior. These are hard investment decisions that come from a deep understanding of customer pain points and a commitment to be better.”.

Customer Satisfaction 92

Customer Satisfaction Customer Experience B2C Banking 92

CloudCherry

SEPTEMBER 6, 2018

Predictive analytics is a branch of business intelligence that takes customer data and behaviors from within your application, analyzes them, and produces predictions on future paths your customers might take or emotions they might feel towards your brand. Having more information can make decisions much easier. Causal Models.

Analytics 221

Analytics Analysis NPS Financial 221

Comm100

NOVEMBER 8, 2018

Well, what sets live chat apart from traditional support channels is the ability to engage customers in real-time, perfect for those telephone-phobic customers who want instant resolutions without needing to call. Companies should be using live chat to provide a frictionless customer experience.

Communication 128

Communication Social Media Knowledge Base Chatbots 128