Banking & Insurance

The financial services market has always been challenging and complex. But the events of the past few years have made it even tougher. More than ever brands and institutions need to create new opportunities for growth while at the same time economic conditions have reduced consumers’ ability to save and spend. Their confidence in the financial sector is low and as few as 30% feel their financial institutions deliver good customer service (Source: American Banker/Forrester, 2010) .

Competition for these disaffected customers is fierce. In this highly commoditized market there is difficulty in providing clear differentiation among products and services. As a result, financial institutions and retail banks are realizing that their greatest potential for growth lies in cultivating engaged customers through positive brand and customer experiences. This approach can turn apathetic customers into brand advocates who will purchase more products, and share their positive brand experiences with their peers

As a result of this opportunity, the financial services industry is asking itself a whole new set of questions about customer experiences.

  1. What are we doing to move beyond customer satisfaction and loyalty to cultivating and measuring Customer Advocacy?
  2. Do our measurement efforts treat all transactions as if they are the same when certain ones have considerably more value and importance to both the customer and the institution?
  3. Do we measure single transaction moments, while many of our products go through a longer deliberated sales cycle?  How do we track customers through the whole process, not just single points in time?
  4. Do customers see us as one brand while all of our departments and channels have separate measurement systems? How do we build an integrated approach that mirrors the customer experience across all channels and touch-points?
  5. What are we doing to optimize our customer rescue/moments-of-truth processes to transform potential antagonism into advocacy?
  6. Do we reach out to every customer who provides feedback, not just those with the most negative comments?

The Solution

Empathica helps financial institutions increase profitability by enabling them to measure, manage and improve the quality of their customers’ brand experience. To deliver this performance improvement, we combine robust Customer Experience Management technology with our expertise in retail marketing science. This combination can help you understand and act on the voice of the customer in a deeper and more meaningful way than traditional transaction based customer satisfaction programs – improving not only satisfaction and loyalty, but also building a base of loyal advocates who help propel business performance.

The Empathica real-time customer feedback solution is founded on a number of Customer Experience Management “building blocks”:

  • Customized surveys based on a path analytical model of what drives your brand’s loyalty
  • Customer rescue automated tools
  • Closed loop dialogue, moving beyond simple “call backs” to disgruntled customers
  • Exceptional  performance-focused reporting, including unique prescriptive reports for each branch location
  • Insight-driven analysis with Empathica’s Analyst Suite, allowing for “on the fly” business intelligence data interrogation

This advanced CEM solution provides outstanding ROI, giving you the tools to dialogue with individual customers, improve branch performance, and drive strategic decision-making to optimize operational performance.

The Empathica CEM solution lets you:

  • View, analyze and share feedback in real time via customized, comprehensive scorecards and dashboards developed by the world’s leading CEM company
  • Identify key opportunities for improvement on an ongoing basis, at both the local and the enterprise level
  • Reinforce best practices based on current customer experiences
  • Identify and reach out to dissatisfied customers before they defect
  • Build a base of loyal advocates at each branch

Protecting customer relationships is vital in today’s changing market. A CEM program tailored to the needs of your financial institution is essential to strengthening customer relationships, enriching the knowledge in your customer database, and uncovering new opportunities for increasing share of wallet at the same time.