The Financial Brand Insights - Fall 2022

in 2022: Already this year, 27.2% of organizations have completed a CX transformation initiative or have one underway, and another 25.3% are planning to do so, according to a new Customer Experience Transformation study of 724 companies in North America, Europe and Asia- Pacific, conducted by Metrigy, a research and strategic advisory firm. Financial Firms More Aggressive with CX Transformation The financial services industry — including banks, insurance, investment and diversified companies — is significantly more aggressive with CX transformation initiatives compared to all industries combined. More than 70% of financial services companies are transforming: 39.7% have completed a project or have one in progress and 30.9% are planning for a project by the end of 2022, according to the study. In the study, Metrigy evaluated before-and- after business metrics from research participants for conversational AI, self-service knowledge management, visual engagement, workforce engagement management and unified communications (UC)/contact center integration. We evaluated four business metrics — customer ratings, revenue, operational costs and employee productivity — and placed those with above-average improvements in a research success group. Organizations saw improvements in all of the technology areas, but visual engagement (video, co-browsing and screen-sharing) resulted in the highest average improvement among the success group. In financial services, the results were consistently high across the board, as shown below.

The initiatives that constitute a CX transformation may vary. But the ultimate goal is to provide a five-star experience for customers, regardless of how they interact. According to the study, specific CX transformation projects include (but aren’t limited to) the following: • Channel and integration improvements — adding new ways for customers to interact, such as visual engagement and self-service capabilities (including knowledge bases and conversational AI/chatbots); also integrating contact center and UC platforms • Analytics improvements — adding analytics tools to improve agent performance or scheduling; launching Voice of the Customer programs to track customer sentiment • Foundational improvements — Establishing high-performance work-from-home (WFH) capabilities, bolstering fraud prevention; adding management capabilities to improve audio, video, or network performance Adding Visual Engagement to Customer Interactions Consumers have grown accustomed to interacting with video and other visual means in their personal and professional lives. So why not extend those benefits when interacting with a banker, insurance broker or investment advisor? CX leaders are catching on and increasingly extending video to their customers — often through integrating contact center and UC platforms. For example, when representatives are on web chats with prospective customers evaluating mortgage options, they can send a video link from their UC platform (Teams, Webex, Zoom, etc.) to start a video, screen-share or co-browse.

CX Strategies in Banking What's Trending

Successful financial institutions are on a never-ending quest to improve their customer experience. Leaders at these institutions know that continuously raising the bar on customer expectations and interactions can drive their business metrics in the right direction — and give them a competitive edge. A subset of digital transformation, CX transformation leverages technology to improve customer and/or agent experience, driving measurable business success. Though major CX transformation projects typically come to an end at some point, the ability to transform at a moment’s notice must be embedded in the company’s culture to improve the odds of success. More than half of companies of all types are seeking to transform their customer experience

By Robin Gareiss CEO and Principal Analyst at Metrigy, Presented by Glance

Leaders at successful financial institutions know that continuously raising the bar on customer experience gives them a competitive edge. New research reveals where most of the CX improvements are being made.

Success Group Average Improvements – Financial Services Customer Ratings Revenue Technology Operating Expense

Agent Productivity

35.1% 27.6% 19.5% 25.3

16.1% 25.6% 21.8% 27.5%

-20.7% -17.4%

15.1% 26.8% 40.4% 19.4%

Conversational AI Visual engagement

8.3% 5.8%

Workforce engagement management Self-service knowledge management





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