New Banking Study Reveals Growth Benefits of Personalization, Innovation and Trust in Customer Experience
Analyzes how financial institutions are working to close customer expectation gap and how experience leaders are outpacing their competitors
SAN FRANCISCO, Nov. 10, 2022 /PRNewswire/ -- Genesys®, a global cloud leader in experience orchestration, announces the release of "The Challenge of Customer-Centric Banking," a research report conducted by FT Longitude and supported by Genesys. According to the report, financial institutions leading in delivering high-quality customer experiences are more successful at acquiring new customers, retaining talent and achieving their financial goals. It turns out that better customer experience strategies aren't just a boon for banks, but are associated with better business results.
Consumers have come to expect more from their experiences with organizations across every industry, and banks are no exception. According to the report, 61% of banking executives say expectations for customer experience are continuing to rise, and nearly half (45%) admit they are struggling to keep up. But in today's experience economy, banks can't risk missing those expectations. From attracting and retaining both customers and employees, to increasing brand reputation, to meeting financial goals, banks getting customer experience right are outpacing their competitors, proving that when it comes to people and business results, experience matters.
The window to evolve customer experience strategies and integrate the capabilities that can deliver those experiences accelerates as concerns of a recession increase. Nearly three-quarters (72%) of Customer Experience Leaders shared that personalized services become even more in demand during times of financial crisis, as consumers' financial worries grow. Unfortunately, half of banks reported being unprepared for the impact a recession would have on their customer service. And, with 60% of banks concerned that a downturn would halt their digital expansion, the urgency to evolve their strategies accelerates.
"With so much economic uncertainty, the ability to provide consumers personalized financial experiences has exponentially increased in importance," said Janelle Dieken, Senior VicePresident at Genesys. "We already see the considerable impact great experiences are having on banks' business results. Those that are able to deliver the engagement their customers need, no matter the landscape, will significantly differentiate themselves. For their customers and their bottom line, investing in the future of customer experience isn't something banks can afford to miss out on."
Examining how banks approach customer experience, the study found Customer Experience Leaders have advanced their strategies by focusing on personalization and innovation and building trust, placing them ahead of their competitors in many aspects, including:
Other highlighted findings from the report include:
To learn more on how Customer Experience Leaders in banking are driving better business results, trends in today's strategies and what the future holds, view the full report here.
Every year,?Genesys orchestrates billions of remarkable customer experiences for organizations in more than 100 countries. Through the power of our cloud, digital and AI technologies, organizations can realize Experience as a Service®, our vision for empathetic customer experiences at scale. With Genesys, organizations have the power to deliver proactive, predictive and hyper-personalized experiences to deepen their customer connection across every marketing, sales and service moment on any channel, while also improving employee productivity and engagement. By transforming back-office technology into a modern revenue velocity engine, Genesys enables true intimacy at scale to foster customer trust and loyalty. Visit?www.genesys.com.
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