Customer experience excellence is particularly crucial in industries like financial services, where core products do not lend themselves very well for differentiation.
With personal loans, for example, the interest rate is the main variable for differentiation. Beyond that, everything else is mere context and it is extremely challenging to create a product feature compelling enough to detract attention from the interest rate. The ultimate product of a loan is money. Money, by its very nature, cannot be differentiated (a euro is a euro).
As product differentiation is so limited, the core route to standing out in financial services is through the actual experiences delivered to customers.
This strategy is reaping rewards, studies have discovered that customer experience is bringing significant returns for financial services companies. A recent Forrester Research report found that a one-point increase in a banking provider’s CX Index score can equate to
This guide shares the defining aspects of CX design that have earned six financial services brands the admiration of the customer experience experts in our 2020 Global State of Customer Experience research
CX practitioners should absorb these learnings to optimize their own customer engagement strategies going forward.
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