Seven out of ten customers demonstrate deeper loyalty to financial services and insurance companies that heavily invest in customer experience, according to a study by cloud contact center provider Talkdesk.
According to the ‘CX Revolution in Financial Services and Insurance’ study, customers know they have many options available to them, and they will no longer tolerate a bad customer experience. In fact, two-thirds of the nearly 900 global respondents said that one bad customer experience would negatively impact their brand loyalty.
While financial services and insurance companies have expanded digital touchpoints, the industry is struggling with legacy systems and data silos that are preventing a fully-connected experience. With strong customer demand for seamless omnichannel interactions, a lack of connected experiences can drive friction, and potentially churn.
The study revealed that more than 50% of financial services and insurance CX professionals identify CX as a high strategic priority.
Specifically, the study addressed five key themes:
- The rise of CX
Increasing client expectations for seamless experiences, coupled with the digital-first environment accelerated by the COVID-19 pandemic, is putting higher pressure on financial services and insurance organizations to prioritize integrated CX strategies and investments.
- The challenge in driving better CX outcomes
Despite heavy investment in digital products and solutions, driving client satisfaction across the marquee financial milestones remains difficult, inspiring CX leaders to reevaluate the contact center as the primary conduit in the CX journey.
- Contact centers are the missing link in transforming CX
Forward-thinking CX leaders are now recognizing the potential for cloud-native contact centers to play an important role in transforming CX.
- New ways to strategize deeper customer intelligence
Demand for client insights and intelligence shows no signs of letting up. With AI automation capabilities and integration across all customer touchpoints, contact centers offer up a rich repository of customer data, leading to deeper insights to share across the business.
- Expanding from productivity to production
Extending beyond traditional problem resolution, agents are re-skilling to drive cross-sell and upsell opportunities, driving a new source of active revenue. Combined with the explosive amount of data being captured and used in a cloud contact center, this evolution is expanding the perception of the contact center from traditional operational efficiency to revenue production.
“The CX Revolution in Financial Services and Insurance report clearly demonstrates the industry is at an inflection point with CX,” said Tiago Paiva, chief executive officer, Talkdesk. “The insights showcase that contact centers are a critical part of CX transformation, and can truly serve as business accelerators. Cloud solutions from Talkdesk offer the flexibility and operational agility for contact centers to emerge as revenue-producing assets, offering connected experiences that instill trust, drive loyalty, and attract and retain customers.”