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State of CX Financial - v01
State of CX Financial - v01
of customer
experience
financial services
in
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Overview
Financial services organizations today are focused on building
accessible, seamless and secure customer experiences. The rise of
digital banks, payment platforms and fintech disruptors has created
an innovative and competitive customer landscape — challengers are
Contents
coming from all sides. Maintaining customer mindshare, reducing • Tap into the power of true personalization
the cost to serve, and driving agility through accelerated digital
• Move from digital adoption to digital satisfaction
transformation and customer experience (CX) are key to sustained
growth. And many banks have made significant progress. Retail banks • Improve data privacy and compliance
that excel in developing and applying customer insights while also with secure cloud technology
driving digital transformation grow 3.2 times faster than their industry
peers, according to Forrester research.
genesys.com 3
KEY INSIGHT 1
Personalization is a largely
untapped opportunity
The data show that ROI for companies devoting time,
CX leaders: To what extent does your company provide
effort and resources into creating meaningful and a personalized customer experience?
customized experiences is growing. In 2021, consumers
said they are more likely than they were in 2017 to
purchase additional items, make recommendations to 37% 31% 25% 5% 3%
Its customer value proposition revolves around price, product In partnership with the business units, creating these
and service quality, said Sri Sankar, VP, Customer Experience seamless experiences for end customers and intermediaries
Strategy and Engagement. “Our end customers want to have is the focus of Sankar’s team, which drives the voice of the
a good selection of coverage and policies at the lowest price customer program — providing and maintaining the single
possible,” said Sankar. And during interactions, customers expect consistent view of the customer to the organization. Nationwide
quality experiences that are “effortless, personal and reassuring.” has a wide range of products and a variety of channels for
customers to engage with the company. One of the key priorities
for the company’s CX strategy is to fully leverage customer
data to better understand customers’ needs and improve the
experiences across its breadth of products and channels.
Sankar said Nationwide is invested in using data to meet end
customers and intermediaries where they are — and provide
extraordinary care.
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CASE STUDY, CONTINUED
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move from digital adoption
to digital satisfaction
genesys.com 7
KEY INSIGHT 2
meeting customer expectations. They are least confident 0% 10% 20% 30% 40% 50% 60%
in their chatbots. Data shows that improvements can be
made to self-service, a major priority for banks and insurers
to reduce call volume. Just 40% of financial services leaders
consider their company highly effective in providing a
first-contact resolution (FCR) — one of the leading
satisfaction indicators for consumers. Some 25% say their
company significantly minimizes customer effort. It’s time
to focus on digital satisfaction, as well as digital adoption.
8
CASE STUDY
9
CASE STUDY, CONTINUED
10
IMPROVE DATA PRIVACY AND
COMPLIANCE WITH SECURE
CLOUD TECHNOLOGy
genesys.com 11
KEY INSIGHT 3
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KEY INSIGHT 3, CONTINUED
13
the state
of customer
ABOUT GENESYS
experience
Every year, Genesys® delivers more
than 70 billion remarkable customer
experiences for organizations in over 100
countries. Through the power of the cloud
and AI, our technology connects every
customer moment across marketing,
sales and service on any channel, while
also improving employee experiences.
Download the global report Genesys pioneered Experience as a
Service so organizations of any size
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