The Financial Brand Insights - Fall 2021

” The question is no longer whether an exemplary digital customer experience is mission-critical—it’s how to best achieve and deliver that experience in a timely and efficient manner.

Using Data to Drive the Banking Digital Customer Experience

TIP #1: Find and Use the Right Data

Given the staggering amount of data produced by any enterprise—let alone a large financial services organization—identifying which customer experience data to analyze is the first challenge. When examining customer experience-related data, start by drilling down and analyzing only data that is aligned directly with your KPIs (revenue, conversions, etc…). This keeps your analysis findings in-line with the parameters that most significantly affect your bottom line and required business results. Make sure you analyze data across omnichannel touchpoints, while segmenting demographically for customer experience. The reason? Different user demographics behave differently depending on digital touchpoints. GenZers, for example, are more likely to use mobile, whereas Boomers are more likely to use desktops. This means that customer experience data analytics results for mobile would be more relevant for GenZers and desktop more relevant for Boomers. This is critical information when evaluating customer experience, designing product updates, or

mitigating digital friction and struggle. Start with baseline segmentation and become increasingly more focused on micro-journeys and funnels. The greater the level of data analysis granularity, the more accurately you can ultimately tweak the customer journey to suit individual behaviors. TIP #2: Prioritize Development Based onWhat Customers ActuallyWant Nobody wants to invest time, effort and resources in products that don’t meet the needs of their target audience—least of all financial services companies operating in a hyper-competitive environment. To keep this from happening, make sure you extrapolate from real-time, segmented customer behavioral data to shape design and product iterations. Your AI-driven chatbots, home mortgage tools, loan application flows, mobile app features and so on, will become more relevant, more popular, and more brand- enhancing when they are designed with what users really expect. TIP #3: Design in the Right Level of Productive Friction The digital financial services sector is unique. On one hand, customers expect a seamless Amazon-like customer experience, wherein they can accomplish what they need to do quickly and

So, the question is no longer whether an exemplary digital customer experience is mission- critical—it’s how to best achieve and deliver that experience in a timely and efficient manner. Data driven decision making is the foundation of any achievement within digital experiences and the best way to optimize your customer experience efforts is with the right analysis of the right data , at the right time. Here are four tips to get you started:

By Michael Hanson RVP Banking and Financial Services at QuantumMetric

If there were any questions before - the pandemic eliminated them: digital customer experience is today accepted as one of the leading market differentiators in the financial sector. In fact, a recent survey found that the majority of financial services organizations rank “improving the customer experience” in their top three priorities for 2021. Financial services organizations that meet client and prospect expectations by providing a superior customer experience can expect to increase account openings, increase up and cross-selling across product portfolios, enhanced recommendation rates and increased loyalty within their existing account holders and client base. In this situation, customer experience is no longer siloed, it is holistic—encompassing each customer’s interactions with every touchpoint, from online to in-branch, from kiosk to ATM, from email to call center, from chat to social media.

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THE FINANCIAL BRAND INSIGHTS FALL 2021

THE FINANCIAL BRAND INSIGHTS FALL 2021

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