What does offering top-notch customer experience mean in the digital age?
As recent research from PYMNTS reveals, the most innovative FIs know that providing exceptional service to their consumer base comes down to focusing on three key components: user experience, digital technology and data analytics.
Consumers expect digital banking products that are easy to use and help improve the management of their finances. But with consumers having too many options to choose from, what’s an FI to do? Data suggests customer engagement (CE) is the answer to keeping brands at top of mind, and FIs that focus on consumer engagement tend to be more effective innovators.
Top Innovators tend to focus on features that stand to enhance their users’ experience, which is why 87 percent of Top Performers plan on Payments Technologies in the next three years. But with an effective CE strategy, FIs do not have to be Top Performers to perform like them. In fact, 47 percent of CE-focused firms considered their latest innovations to be very successful.
In the latest Innovation Readiness Playbook, the PYMNTS research team discovers that many top performing FIs employ a comprehensive “CXE” approach to innovation, one which emphasizes both customer experience and engagement. Ultimately, the findings suggest that driving consumer engagement comes down to offering the right mix of user experience, digital technology and data analytics.
The Customer Experience and Engagement Edition of the Innovation Readiness Playbook explores the complex relationship that FIs share with their customers, and how they are seeking to understand and meet their evolving demands.
Other key takeaways from the Innovation Playbook V: Customer Experience and Engagement Edition include:
- 80 percent of Top Performing FIs plan to focus on CE initiatives in the next three years
- 37 percent of FIs that focus on CE say their latest innovations were successful
- 36 percent of FIs plan to focus on data analytics in the next three years
To find out more, fill out the form below to download the latest Playbook.
About the Playbook
The Innovation Readiness Playbook series, in collaboration with i2c Inc., gauges where banks are on the road to becoming innovators. The Customer Experience and Engagement Edition examines the relationship between their levels of focus on customer engagement, and their innovative and commercial performance. The findings in this Playbook are based on the survey responses of 214 U.S. financial institutions that were scored from zero to 100 in terms of innovation readiness.