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)

Bank customers are loyal to neither love nor money

Usefulness is better than an emotional attachment

While roughly one-third of companies are collecting customer data from common engagement channels, such as general transaction history, customer service data, or online banking activity, less than 50% of banking providers are actually using this data to better understand customers and create more relevant experiences. To this point, the study found that 41% of consumers see no discernible difference between banks when it comes to the products and services they offer.

Additionally, the study highlights opportunities for banks to better satisfy customers and increase engagement by making interactions more relevant - something that is enabled through more effective utilization and analysis of customer data to extract customer insights.

Findings from the study, humourously titled 'How to Become Your Customer's Favorite Bank (Even if You Can't Be Their Only One)', included:

• Consumers have an array of banking relationships because they prioritize utility and getting the best deals
  55% of consumers have relationships (i.e., products or services) with two or more financial service providers (inclusive of their primary bank).
• Bank executives are worried about the changing landscape - and they have reason to be
  When asked how concerned banking providers were about customers using multiple service providers, nine out of banks indicated some level of concern, with 40% indicating strong levels of concern.
• Most marketing efforts remain broad and non-segmented
  Only 25% of surveyed banking providers said they have a deep enough understanding of consumers to profile and target specific segments.

"Our mission is to help banks serve customers better with relevancy and simplicity," said Chris Atwood, senior vice president of marketing for Equifax. "We see what our customers are doing well, and we're committed to helping them dial up effective uses of data and predictive analytics to improve customer lifetime value now and in the future."

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)