Experience Matters

JANUARY 21, 2020

In a previous post, I mentioned two reports from late last year that show the business value of CX, The ROI of CX and What Consumers Do After a Bad Experience. Since then, we’ve actually published a number of new research reports with an emphasis on industry-specific data. These reports are based on a survey of 10,000 U.S.

Industry 201

Industry Consumers Feedback Insurance 201

Kitewheel

OCTOBER 7, 2020

The banking industry was no exception, and mobile app usage grew 40% in Q2 2020 alone. Mobile banking was already in play long before the disease shut down branches. In some brands, Mobile banking adoption is already is the norm. Customer experience leaders also tend to have powerful mobile banking platforms.

Customer Confidence 52

Customer Confidence Banking Customer Experience Call Center 52

Qualtrics

JANUARY 3, 2020

The XM Institute recently published a new report, The ROI of Customer Experience, 2019. Here’s one of the 11 figures in the report, showing the correlation between CX and Net Promoter Score (NPS) : The research shows that CX strongly influences how likely customers are to: Recommend a company. Repurchase from a company.

ROI 68

ROI Customer Experience Net Promoter Score Effort Score 68

Pointillist

MARCH 20, 2019

By Swati Sahai The importance of calculating your customer experience ROI cannot be overstated—how will you build, measure and regularly optimize your customer experience efforts if you don’t know the return on your CX investments? You need the quantitative ROI to make a strong business case and obtain approval for continued investment.

ROI 59

ROI Customer Experience Self Service How To 59

Experience Matters

JUNE 16, 2015

We just published a Temkin Group report, Economics of Net Promoter, 2015. Meanwhile, the percentage of those who are likely to try new offerings ranges from 70% for major appliances and software firms down to 52% for banks. Download report for $295. Download report for $295.

Report 120

Report Net Promoter Score Wireless Airlines 120

Interactions

JUNE 13, 2019

Not only does it become the face of every interaction with your customers, but it can break the bank if you’re not careful. However, with the right technology, ROI and cost efficiencies can be just as transformational as an IVAs impact on customer care. The companies that use IVAs report 2.2

ROI 63

ROI Contact Center Chatbots Survey 63

SmartMessage Blog

NOVEMBER 22, 2020

Due to the Covid-19 pandemic, Banks had to transform their customer approach as branches have been or are still closed down. Banks are not exempt from such changes in consumer behaviors and preferences. By Knowing their Customer (or KYC) banks need to deliver hyper-personalized messages and offers to increase ROI and loyalty.

Banking 52

Banking Engagement Omni-Channel Chatbots 52

Think Customers

OCTOBER 4, 2019

According to the report, usage of virtual assistants increased from 2017 to 2019 in a number of areas, including purchases (from 35 percent to 53 percent), customer service (from 37 percent to 52 percent), and making payments (from 28 percent to 48 percent). Consumer adoption has led to ROI, according to the research.

ROI 53

ROI Automotive Study Insurance 53

ForeSee

MAY 29, 2019

See how Ally competes with Bank of America on CSAT and NPS, and if Amazon and Netflix retain top spots People turn to digital because it’s convenient and always available.

Banking 45

Banking Report NPS ROI 45

NetBase

MAY 20, 2019

But many are still unsure of how to communicate the amazing engagement they’re seeing – and correspondingly unable to demonstrate it in terms of ROI. You can almost hear their end-of-year Instagram ROI reports falling flat if you listen closely. The post Taking Instagram Analytics to the Bank appeared first on NetBase.

Analytics 58

Analytics Banking Airlines Comparison 58

NetBase

DECEMBER 3, 2019

The 2019 Consumer Experience Analytics Report: EMEA has answers! And the verticals include technology; media and entertainment; consumer products; banking and finance; health and pharmaceutical; and, retail. We’ll share a high-level summary below, but be sure to download the report to really dig in. Who did we survey exactly?

Report 52

Report Analytics Entertainment Survey 52

NetBase

OCTOBER 16, 2019

But are retail banks getting smarter with customer feedback, or allowing it to fester unchecked? In real life (IRL) generally lags behind “online” in lots of ways, and none more noticeably than at banks. Many banks are performing poorly on customer service all around (online and off). And retail banks are at risk of missing out.

Banking 40

Banking Retail Feedback Social Media 40

NetBase

OCTOBER 16, 2019

But are retail banks getting smarter with customer feedback, or allowing it to fester unchecked? In real life (IRL) generally lags behind “online” in lots of ways, and none more noticeably than at banks. Many banks are performing poorly on customer service all around (online and off). And retail banks are at risk of missing out.

Banking 40

Banking Retail Feedback Social Media 40

Comm100

MAY 5, 2022

Digital technology has transformed customer expectations in recent years, and the banking industry is now playing catch-up. Live chat is being introduced across the banking industry to offer customers a more flexible way to connect, but there’s still room for improvement. Top 5 benefits of banking AI chatbots.

Chatbots 130

Chatbots Banking ROI Omni-Channel 130

Clarabridge

FEBRUARY 10, 2017

Do you feel loyal to your bank? Retail banks score a 53% on the Temkin Loyalty Index, which is near the average for all industries. Temkin research also shows that banks score pretty well on customer experience, too. CX influences retail banking loyalty in several ways. times more likely to forgive the bank.

Banking 40

Banking Retail Loyalty NPS 40

Clarabridge

FEBRUARY 10, 2017

Do you feel loyal to your bank? Retail banks score a 53% on the Temkin Loyalty Index, which is near the average for all industries. Temkin research also shows that banks score pretty well on customer experience, too. CX influences retail banking loyalty in several ways. times more likely to forgive the bank.

Banking 40

Banking Retail Loyalty NPS 40

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. If you’ve got a decentralized business structure, you’re likely creating performance reports for your various branches/franchises. How are you reporting VoC data to your product team?

Trends 61

Trends Report Feedback NPS 61

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

Beyond Philosophy

NOVEMBER 10, 2014

JD Power and Associates reported that the annual premiums paid by customers that switch insurance providers amount to $7.6 In an article about the moments of truth in customer service, McKinsey & Company revealed that 70% of customers at a bank reduced their commitment when they had a bad Customer Experience. 26 August 2014. <

Net Promoter Score 164

Net Promoter Score ROI Customer Experience Insurance 164

CloudCherry

OCTOBER 25, 2018

On September 27th, I had the great pleasure of moderating a panel at CEM Asia attempting to answer the question: How do business leaders quantify the ROI of CX? Raju Nair – MD & Regional Head Customer Journey Experience – DBS Bank. Even the CEO was held accountable to adoption metrics when reporting to the board.

CEM 170

CEM ROI Metrics Call Center 170

Solvvy

JUNE 22, 2022

When considering the benefits of chatbot AI for customer service teams, it’s also important to consider the return on investment (ROI). Retail Dive reports chatbots will represent $11 billion in cost savings — and save 2.5 billion hours — for retail, banking, and healthcare sectors combined by 2023.

Self Service 119

Self Service e-support Chatbots Knowledge Base 119

CloudCherry

DECEMBER 1, 2018

On September 27th, I had the great pleasure of moderating a panel at CEM Asia attempting to answer the question: How do business leaders quantify the ROI of CX? Raju Nair – MD & Regional Head Customer Journey Experience – DBS Bank. Even the CEO was held accountable to adoption metrics when reporting to the board.

CEM 150

CEM ROI Metrics Call Center 150

Experience Investigators by 360Connext

FEBRUARY 9, 2021

The Three Areas of ROI. In one research study , a bank in Germany found that In a study of almost 10,000 accounts, referred customers were 25 % more profitable than customers acquired in other ways. More Types of Customer Experience ROI. That sounds like a tremendous ROI to me. Why do some companies ignore this?

Customer Experience 261

Customer Experience Effort Score Net Promoter Score Culture 261

Calabrio

AUGUST 7, 2019

Unlike typical banking centers, Idaho Central Credit Union places a huge emphasis on empowerment and engagement to inspire better performance from its agents, powering many of their strategies with the help of Calabrio. Let’s take a look at a few things Idaho Central Credit Union does differently to make it a best-in-class contact center.

Contact Center 189

Contact Center Net Promoter Score Effort Score Gamification 189

Magellan Solutions

JANUARY 29, 2024

Payment Automation Check or bank transfer payments to the client’s suppliers are handled on the client’s behalf by integrating with the client’s accounting system and automating the payment process for the client. This lightens the vendor management workload for the client.

Financial 52

Financial Return on Investment Fashion Metrics 52

Kerry Bodine

JUNE 5, 2019

Here are a few data points from our The State of Customer Journey Managers, 2018 report: Air New Zealand, BBVA, Fiat Chrysler, Greenpeace, Lloyds Banking Group, and Qantas Airways each had 3 journey managers. And Royal Bank of Scotland alone had more than 70. Of course, to show ROI, you then need to: Fix what’s broken.

Customer Journeys 136

Customer Journeys Management Touchpoint Banking 136

delighted

SEPTEMBER 8, 2021

I spent my first seven years in sales at a Fortune 50 bank and then moved into customer service. With Delighted reporting , I’m very meticulous about our dispositioning and tagging logic and on our reporting accuracy. There’s a lot of talk about the ROI of customer experience. Read the full FIGS case study here.

Customer Experience 91

Customer Experience Net Promoter Score Healthcare Apparel 91

Comm100

JANUARY 11, 2023

Following constructive coaching and suggestions provided in real-time by AI, employees reported the suggestions were helpful for quality assurance. A report by Forrester also showed high interest among workers and managers for the ability of AI tools to improve knowledge work. Lower service costs and substantial ROI.

Customer Service 218

Customer Service Self Service Chatbots Healthcare 218

Kerry Bodine

JUNE 5, 2019

Here are a few data points from our The State of Customer Journey Managers, 2018 report: Air New Zealand, BBVA, Fiat Chrysler, Greenpeace, Lloyds Banking Group, and Qantas Airways each had 3 journey managers. And Royal Bank of Scotland alone had more than 70. Of course, to show ROI, you then need to: Fix what’s broken.

Customer Journeys 120

Customer Journeys Management Touchpoint Banking 120

Kerry Bodine

JUNE 5, 2019

Here are a few data points from our The State of Customer Journey Managers, 2018 report: Air New Zealand, BBVA, Fiat Chrysler, Greenpeace, Lloyds Banking Group, and Qantas Airways each had 3 journey managers. And Royal Bank of Scotland alone had more than 70. Of course, to show ROI, you then need to: Fix what’s broken.

Customer Journeys 120

Customer Journeys Management Touchpoint Banking 120

CSM Magazine

JULY 13, 2022

Agent attrition is on the increase for 68% whilst 70% reported escalating customer churn. Without end-to-end testing, improvement projects will fail to deliver the anticipated improvement and much-needed ROI. In addition, 67% of call center leaders say the frequency of outages has increased over the last 12 months.

Contact Center 59

Contact Center Survey Healthcare Insurance 59

Comm100

MAY 16, 2023

According to Check Point’s 2023 report , education and research continues to be the most targeted sector for cyberattacks, so choosing a secure live chat software is essential. Hackers target the research and education sector because these are the low-hanging fruits that give them huge ROI. But this doesn’t end here.

Chatbots 205

Chatbots Software Financial Tools 205

BirdEye

NOVEMBER 20, 2023

The key benefits include: Centralized review management Multi-channel communication with customers Automated referral campaigns Integration with numerous CRM systems Comprehensive reporting and analytics 2. Ambassador Ambassador is a versatile platform that manages referral, affiliate, and influencer marketing programs all in one place.

Software 62

Software Marketing Multi-Channel e-support 62

NICE inContact

MAY 12, 2017

Market Report and Executive Forum: How Cloud is Changing the Contact Center Market This opening double-session of the contact center track focused on how the topic of customer journey is being replaced by discussion of digital transformation. Many of the sessions in the contact center track explicitly addressed cloud applications.

Contact Center 120

Contact Center Connections Conference Case Study 120

CloudCherry

DECEMBER 1, 2018

CloudCherry uses very specific journey mapping, reporting, and analysis from a beginning-to-end member experience to show how data can drive change, improve employee action and delight the member, whether it be a normal visit to withdraw or deposit funds or a new customer obtaining a new checking account or opening a business loan.

Customer Journeys 150

Customer Journeys CEM Net Promoter Score Touchpoint 150

CloudCherry

OCTOBER 19, 2018

CloudCherry uses very specific journey mapping, reporting, and analysis from a beginning-to-end member experience to show how data can drive change, improve employee action and delight the member, whether it be a normal visit to withdraw or deposit funds or a new customer obtaining a new checking account or opening a business loan.

Customer Journeys 150

Customer Journeys CEM Net Promoter Score Touchpoint 150

Currency Alliance

MARCH 28, 2023

In short: it will increase loyalty engagement by enabling greater freedom and choice around redemptions; and, when dynamic value allocation is incorporated, will produce greater ROI. For example, the second largest bank in the USA uses Currency Alliance to allow their members to spend points directly on travel and entertainment services.

Loyalty Programs 52

Loyalty Programs Loyalty Hotels Airlines 52