It’s no secret that delivering good customer experience (CX) plays an outsized role in growing affinity for financial institutions. In fact, customer experience ranks among the top strategic marketing challenges, falling only below maximizing performance and institutional ability to adapt to change. Further, research from Gartner finds that 81% of FIs compete mostly or completely on the basis of customer experience.
As in other consumer-facing industries, CX in financial services is among the top competitive differentiators. “Financial institutions that invest in the customer experience in banking have higher rates of recommendation, greater wallet share, and are more likely to up-sell or cross-sell products and services to existing customers,” according to 10 Banking Customer Experience Trends. Banks and credit unions that get high marks in CX elevate experiences across all channels by investing in actionable data and prioritizing seamless delivery.
Sources: The Financial Brand, “62 Digital Marketing Statistics Every Financial Marketer Should Know,” July, 2022, and Hitachi Solutions, “10 Banking Customer Experience Trends to Watch in 2022,” February, 2022