Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business. You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy.

Get it on Amazon (Kindle/Print)

Loyalty trumps Reviews at the bank

But the report, entitled 'Taking Account: The consumer perspective on loyalty programmes in financial services', questioned 4,000 consumers globally and found that the financial service (FS) industry is still failing to meet customer expectations with only 1 in 10 consumers saying financial services rewards programmes offer an excellent service.

While this clearly shows the impact of rewards in attracting new customers and retaining existing ones, bank and credit card reward programmes were rated poorly by members. In fact, when asked to compare service levels, they ranked below retail, travel and food & drink in terms of consumer satisfaction; the average satisfaction score among those in a retail reward programme was 4/5, compared to only 3/5 in the finance sector.

Regarding the areas in which financial rewards programmes were falling short, three stood out:

1. Choice of rewards
   More than eight out of ten respondents (82%) said they would be better if they offered more choice and would let them choose the categories of reward they wanted (79%);
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2. Access to rewards
   Around three quarters said they (72%) would like better access to rewards online and the ability to redeem their rewards more easily (78%);
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3. Service levels
   Less than a third of respondents (31%) agreed they were receiving a 'great service' from their programme.

"In the midst of a world-wide economic crisis, the financial services industry has had the digital revolution to contend with - one that has thrown up new ways of doing things and ultimately changing the way consumers interact with them," explained James Berry, e-Commerce Director for Collinson Latitude. "What programme managers and marketing professionals in the FS sector must understand is that consumer expectations have changed; they expect to be rewarded for their custom 24 hours a day, 7 days a week, and through the device of their choice. To genuinely improve customer satisfaction - and close the satisfaction gap between other industries - banks and credit providers need to start investing in more personalised reward programmes that offer consumers greater choice and accessibility."

Have you seen The Customer Experience Factbook?

In this 180+ page report, you'll find all the information and support you need to build a profitable, effective CX Improvement Program that spans every part of your business.

You'll be able to implement and manage meaningful and profitable change, and grow your bottom line despite a slowing economy. Grab this goldmine of easily adaptable and up-to-date strategies, walk-throughs, trends, technologies, research, suppliers and partners, plus all the supporting arguments you need to build a solid CX strategy.

While most marketers could list maybe a dozen key points for improving their brand's Customer Experience (CX), the researchers and writers at The Marketing Factbook have identified FORTY main 'CX Keys' which will help you drive your customers to new levels of delight, loyalty, advocacy and profitability.

The areas in which customers have direct contact with your organization are perhaps the most obvious places in which CX improvements can be made, and this report addresses all 24 of these 'Direct CX Keys', applicable to offline and online businesses alike.

At the same time there are many other areas that indirectly affect CX (such as the supply chain, policies and processes) in which every business can make simple but far-reaching improvements. This report guides you through the problems and solutions for all 16 of these 'Indirect CX Keys', many of which are often forgotten or under-played even in the best CX strategies.

Get it on Amazon (Kindle/Print)