Customer experience is critical in all industries, but it is particularly important for Financial Service providers. In today’s market, customers have more choice and access to products and services than ever before. It is now easier to compare offers and change providers. The key differentiator in Financial Services is fast becoming the customer experience.
Customer expectations are high. They expect a real time 360 degree view of their finances. They want to be able to access services at a time which suits them, via a channel of their choice. They want instant decisions. This could be via a mobile app, the telephone or it could be in branch.
At Sopra Steria we believe it shouldn’t matter what channel the customer engages with; they should always receive a consistent, secure, high-quality experience.
Cutting through complexity
To achieve true customer experience transformation, providers of Financial Services need to start at the beginning. They need to understand their needs, behaviours, preferences and interactions. The more an organisation knows about their individual customers
the greater opportunity there is to deliver personalised services. They also need to take the time to understand their own brand, and the values which they want to demonstrate to their customers.
We regularly identify the following challenges in the transformation of customer experience in Current Accounts, Savings, Loans and Mortgage products:
- Lack of differentiation in the customer journey between products - Same journey for all, with no differentiation on age, point of entry, financial literacy resulting in high drop off rates and potential mis-selling to customers in
vulnerable situations.
- Unable to fully track and measure performance - Not able to track and measure performance of sales and marketing campaigns, and unable to adapt marketing spend quickly.
- Little ability for timely intervention - Staff cannot intervene if customers are struggling to complete forms or to provide the right information.
- Poor process design aligned to customer journeys - Creating and editing customer journeys often requires code changes which are costly and slow to implement resulting in lost revenue.
Our service offering in this area: how we can help your organisation