Research on CX Related to Financial Services

Looking at dozens of studies, including those of survey companies such as J.D. Powers and the major consulting firms, we find a concrete list of what adds to and detracts from positive customer experience. The five pillars of CX include:

1. Frictionless: Customers expect to be able to transact business without encountering cumbersome processes or barriers. Ease of navigation and cross-channel start-stop-resume functionality positively influence CX.
2. Personalization: Relevance, timing, and assistance provide a nurturing environment where customers feel heard.
3. Guidance: 78 percent of consumers would like financial assistance. Goal-centric personal financial planning assistance enhances CX.
4. Empowerment: Consumers demand the empowerment of self-service along with human assistance when necessary.
5. Trust: Security, privacy, and protection of personal information, especially through digital channels, protect CX.

More advanced studies, usually from universities, look at specialty factors such as the psychological side of customer buying behavior. Other studies focus on specific market segments. These studies came to two conclusions. The first is that customers may want a provider with a sense of purpose reflecting their values. Some examples include the way they demonstrate environmental responsibility or the way they treat their employees or promote charitable causes. The second conclusion found that Millennial and GenX customers as market segments exhibit similarities in areas such as easy credit, advice on sustainable spending patterns, financial education and planning, and digital device channel options.

For more information, download the Increasing Market Competitiveness through Customer Experience interview document.