It’s hard to say for certain what the single most important metric behind the success of your financial institution may be, but Customer Experience (CX) may be a contender. According to research by McKinsey and Company, banks that are considered CX leaders (defined as being in the top 25% of NPS scores) have over a 70% lead in total shareholder returns, faster growth, and lower costs than those who are falling behind (in the bottom 25%) in this category.
An exceptional customer experience is what turns new visitors into future customers, and current customers into lifelong fans. Furthermore, customers given a better experience are more likely to spend more: about six times more than unsatisfied customers, according to McKinsey.
Financial institutions that prioritize CX see benefits that flow directly into their bottom lines, making projects that aim to improve this a top priority. However, despite this clear advantage towards prioritizing CX projects, some financial institutions still hesitate.
Why?
Because many CX-boosting endeavors are viewed as expensive, resource-heavy, and ultimately more nice-to-haves than need-to-haves. Combined with the increased pressure to do more with less that many businesses are facing, it’s becoming more difficult to prioritize these tasks over others.
But there are solutions that can help provide a boost to your CX without requiring heavy overhauls or intensive IT resources: One such solution being a way to collaboratively view and guide users through your digital properties via shared screen and pointers, all from your existing CMS software.
Glia’s Embedded Interaction Visualizer
Glia’s Embedded Interaction Visualizer (EIV) is a tool that can equip your sales and customer service teams with the power of real-time visibility.
Rather than blindly navigating a customer through an interaction, EIV allows representatives to see what’s on a user’s screen and navigate them through the digital experience. For both sides of the engagement, this provides clear benefits to the customer (and employee) experience:
- Visitors can receive this visual guidance through your website without needing to download any third-party apps or plugins. They can receive over-the-phone support from a representative they’ve already connected to online, who can guide them through the online platform through the use of a shared cursor (CoBrowsing) to point out exactly what they need to see.
- Representatives can see the visitor’s browsing session, allowing them to gain immediate context as to where they are on your site and what problems they may be having. They can view this via CoView, as well as guide the user via CoBrowsing, all embedded in their CRM window with no additional applications needed.
This provides an easier experience for your customers, requiring less effort from them to get the real answers they need. The less effort a customer needs to put in, the better experience they’re going to have. According to Gartner, not only is customer effort 40% more accurate at predicting loyalty than customer satisfaction, but can improve everything from general costs, to repurchase rates, and retaining live representatives.
While this does appear like a radical new toolset to add to your existing workflows, the fact is that implementing EIV is relatively easy, with a short time to launch and few dedicated resources required.
The Ease of Implementation
Adding Glia’s Embedded Interaction Visualizer to your representative’s workflow is so simple, it can be done in a day. Pre-built into a large number of the digital properties that FIs are already using, such as Salesforce or Amazon Connect, EIV is a surprisingly easy, effortless implementation experience that will not take a dedicated IT team or an excessive amount of your time and budget.
You don’t always have to choose between a better customer experience and minding your resources: It’s possible to find a solution that dramatically improves your customers’ opinion of your services while being sure not to overload your IT teams or spend resources you don’t have.
CX is one of the most effective KPIs that you can prioritize as a company, improving retention and spending across the board. Any new solution that serves as a boost to this should be considered, but if this solution also won’t take away much of your attention from other projects? That’s a win-win for you and your customers.
