CXM FOR CREDIT UNIONS

Listening to what your customers have to say - whether via online reviews or customer feedback surveys - is critical to improving the customer experience. But is it more important in the finance industry? Recent discussions in the industry have highlighted how it can be a challenge to build empathy with customers in an industry that is traditionally known for putting more focus on the numbers - and omnichannel listening is an important piece of the puzzle. Banks, credit unions, and financial institutions that want to upgrade the employee experience may be asking - why is omnichannel listening important in finance?

Top 4 Reasons Why Omnichannel Listening is Important in Finance

Omnichannel listening is the process of collecting and analyzing customer feedback and interactions from every available channel – whether that be in person, phone calls, emails, social media, online chat, or mobile app interactions. It is about creating a full and complete narrative of the customer journey, rather than just examining key fragments.

This approach is valuable in banking because financial decisions are personally important, and clients expect financial advisors to truly understand their needs and concerns. Real-time statistics can vary, but data by the Aberdeen Group indicates that businesses that implement strong omnichannel strategies typically see 9.5% greater year-over-year revenue growth and 7.5% greater year-over-year decrease in cost per contact compared to those with weaker omnichannel strategies.

1. Ability to Meet Changing Customer Expectations

Modern finance customers expect consistency across all channels, from digital interactions to in-person appointments. Omnichannel listening allows financial institutions to adapt quickly to the changing preferences and expectations, ensuring that services and communications are always valuable and accessible, enhancing the overall customer experience. This responsiveness builds confidence and demonstrates a commitment to client needs.

2. Personalization of the Customer Experience

Financial advice is personal, and clients value guidance tailored to their own personal goals and concerns. Omnichannel listening provides deeper insights to help personalize interactions, anticipate customer needs, and provide relevant solutions across multiple platforms, which strengthens client relationships and builds a foundation of trust in the end. This personalized approach makes clients feel understood and valued.

3. Improves Regulatory Compliance

In a highly-regulated industry like finance, comprehensive record-keeping and clear communication are critical. Omnichannel listening helps financial institutions maintain a complete audit trail of all customer interactions, improve transparency and aid in compliance with industry regulations. By tracking and managing client communications via a central platform, institutions can better monitor feedback and identify potential issues, which reduces compliance risks.

4. Creates a More Proactive Customer Experience

By monitoring customer feedback and interactions across all channels, financial advisors can proactively identify emerging trends, potential issues, or client concerns before they escalate. This more proactive approach allows for timely interventions, personalized outreach, and the ability to anticipate customer needs, leading to a more complete and effective customer journey.

‍READ MORE: How To Grow Your Customer Base with Customer Experience Management‍

Implementing omnichannel listening in finance is more than just a trend. It's a fundamental shift that gives financial institutions the ability to truly connect with their clients, meet evolving expectations, and build lasting trust.

Contact boostCX for a demo of our customer experience management platform today!

Finance is all about numbers — and when it comes to measuring success for your bank, credit union, or financial institution, Key Performance Indicators (KPIs) may be even more important. Providing a quality customer experience for financial customers will help build trust and loyalty with your bank and it is important to know how to measure and track the customer experience at your business. This quick list of the Most Important Customer Experience KPIs in Finance and Banking may be able to help you see where there may be room for improvement in your operations.

Top 5 Customer Experience KPIs in the Finance Industry

There are many metrics you can track to gauge customer experience success and some have more value than others based on the industry you are in — especially in the financial sector where trust and loyalty are keys to success. These KPIs provide important insights into customer satisfaction, engagement, and overall experience, enabling banks and credit unions to make data-driven decisions to optimize services and improve customer relationships.

Here are five of the most important customer experience KPIs to focus on in the finance industry:

1. Net Promoter Score (NPS)

The Net Promoter Score metric measures customer loyalty and satisfaction by asking how likely customers are to recommend your institution to others. Most customer surveys that target NPS ask — How likely are you to recommend this company/product/service on a scale of 1-10? The results provide a valuable gauge of overall customer loyalty and can help you identify areas for improvement with follow-up questions and additional feedback.

‍Example Equation: % of Promoters (9-10 Rating) - % of Detractors (0-6 Rating) = NPS

2. Customer Effort Score (CES)

Customer Effort Score measures how easy it is for customers to interact with your bank or credit union and resolve issues. Customers don’t want to have to fight to access their accounts, start a new account, or transfer funds, and a negative experience will impact your CES. A low CES indicates a positive customer experience, leading to higher satisfaction and improved loyalty.

‍Example Equation: (Sum of all CES ratings) / (Number of Respondents) = CES

3. CSAT (Customer Satisfaction Score)

Your Customer Satisfaction Score measures customer satisfaction with specific interactions, products, or services. It provides direct feedback on targeted areas of your business and your customer experience. Your CSAT can highlight where you excel and where you need to improve.

‍Example Equation: (Number of Satisfied Customers) / (Total Number of Respondents) x 100 = CSAT

4. Customer Acquisition Cost (CAC)

Customer Acquisition Cost measures how much it costs to acquire a new customer. It's an important metric for evaluating the effectiveness of your marketing and sales efforts and plays an important role in emphasizing the importance of customer retention for your bank or credit union.

‍Example Equation: (Total Marketing and Sales Expenses) / (Number of New Customers Acquired) = CAC

5. Customer Lifetime Value (CLV or LTV)

Customer Lifetime Value represents the total revenue a customer can be expected to generate throughout their relationship with your financial institution. Having a better understanding of your CLV helps you prioritize high-value customers and make informed decisions about customer retention strategies.   

‍Example Equation: (Average Customer Revenue Per Year) x (Average Customer Lifespan in Years) = CLV‍

‍READ MORE: Best KPIs to Measure Customer Experience ROI‍

Tracking and analyzing important KPIs for banks and credit unions can help you gain a better understanding of your customers’ needs and expectations. This helps you employ data-driven decision-making to improve the customer experience, enhance satisfaction, and build loyalty.

Want to learn more about how you can leverage customer experience KPIs to enhance your business’s performance? Contact boostCX today for a demo and find out how our solutions can help track, analyze, and improve your customer journey!