If financial service organizations want to spark growth, a new report from GMC Software Technology and Forrester Consulting indicates that customer experience must be a point of emphasis.
The study, “Todays Financial Services CX Roadblocks,” also notes that a focus on digital presentation, while important in today’s connected environment, must be balanced with customer experience based around the delivery of consistent and clear documentation.
Emphasis on mobile communication is, understandably, very high within financial services. Among survey responders, 57% indicated that improving their organization’s mobile website was a high priority, and 53% also said the same of mobile apps. The focus placed on these channels speaks to the preference of younger customers to
communicate via these channels.
On the flipside, however, document-based customer experience is at risk of being left in the dust by new digital CX efforts. More than 60% of those surveyed said that creating regulation-compliant documents with a consistent look and feel was a hurdle for them.
There is still hope for improving the existing documentation process: 45% of companies plan to improve technologies, while 42% are using software to improve connectivity between existing products and services.
“With customer experience levels being set by top consumer brands, insurers are under increasing pressure to improve their own customer strategies during every touchpoint on every channel,” said Steve Francis, President and General Manager of GMC Software Technology North America. “This study clearly indicates that success in the CX journey will require the ability to effortlessly optimize document production and delivery across any channel including mobile, email, SMS, social media, web, print, and many other digital and paper channels.”
Improving CX without a clear vision in mind could be compared to starting a sea voyage with no compass. Financial service firms seem to understand the need for a game plan, with 77% of responders saying that there was a clear CX vision in place.
Companies are also bringing further emphasis onto customer experience as a whole, as weaving CX considerations into decision-making processes is a priority for almost 80% of surveyed financial service firms.