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)

Financial firms fail at the digital customer experience

Mining and managing data is the biggest challenge

The report, "Digital CX in 2020: Cracking the Code on Data," found that a myriad of both strategic and data issues loom large as digital customer experience (digital CX) matures.

"FSIs are handling the easy digital tasks well - checking balances, paying bills, monitoring savings and opening credit cards," said Lisa Woodley, Vice President, Customer Experience, FSI Business Consulting for NTT DATA Services. "However, the challenge remains in accessing, mining and analyzing the kind of data needed to start connecting the dots for the consumer. FSIs will have to evolve how they think about and manage data if they want to quench the consumer's thirst for personalization, customization and financial guidance."

In September 2017, NTT DATA surveyed online 1,102 consumers and 102 financial services institutions, including bankers, insurers and wealth managers, to understand digital CX priorities, current challenges and areas for improvement.

Key study findings included:

• 61% of consumers demand that the digital experience with their bank, insurance carrier and wealth management firm improve.
• More than half (55%) of FSIs believe that digital CX is the most important part of the customer experience - improving customer retention, customer service and customer acquisition.

However, FSIs struggle to use data and analytics to elevate the digital customer experience:

• 61% of financial institutions lack a vision for what to do with data
• 47% are unable to mine the data
• 55% can't deploy the data
• 51% don't have the proper analytics in place to act on the data

Privacy and security of data remain major challenges for FSIs:

• 70% report data privacy as a major challenge
• 64% report security as major a challenge

The top five data challenges for FSIs are:

• Turning data into actionable information (56%)
• Organizing and managing data (51%)
• Integrating data across product channels (46%)
• Maintaining data quality (44%)
• Managing real time interaction data (36%)

FSIs forecast limited increases in digital CX investment. Nearly half of FSIs surveyed (47%) expect budgets for IT projects to support digital CX to increase by 5-10% in 2018. However, 8% say they will cut digital CX budgets.

"When it comes to investment in digital CX overall, FSIs are spending just enough to stay competitive," added Woodley. "With this level of spending, we believe that most FSIs can deliver only basic digital CX - meeting rudimentary requirements for ease of use, but little more. There is a definite gap between what companies want to do and what they are actually budgeting to do."

To download a copy of the report, visit: http://go.pardot.com/l/60932/2017-11-27/fj6sst.

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)