What Do Customers Expect From Their Financial Services Provider?

What do customers expect from their bank? This is a burning question–one that many banks and insurance companies feel they may have conquered, when in fact the reality from a customer’s perspective is completely the opposite!

Avaya recently published a report on customer expectations, with a spotlight on the FSI market, which highlighted several factors that answer this conundrum.

The research found that the overwhelming majority of business managers (97 percent) said that customer experience management is an important (or extremely important) part of their 2014 strategy. That said, just 64 percent of respondents said they felt they had a comprehensive CEM program in place.

Despite their enthusiasm for customer experience management, few financial services companies can deliver against all of the elements customers expect–less than half can do so, in fact.

That is a huge gap!

The study revealed that 70 percent of customers expect financial services companies to link all threads of communication together in real-time across channels. An estimated 69 percent of customers expect to be treated as unique, which is essentially being contacted the way they want, when they want, with products and services tailored to their preferences and shopping habits.

So, why is a truly omni-channel customer experience so hard to find in this marketplace? On the customer side, they increasingly expect a personalized and proactive customer experience across any device, anytime, anywhere.

On the financial services provider side, the impediments are many, but the top three obstacles that emerge are technology limitations (44 percent), inflexible business processes (37 percent) and inadequately trained staff (32 percent).

Interestingly, 68 percent of IT professionals working in the financial services industry said technology was the limiting factor, while 55 percent of business managers felt lack of customer insight is what’s holding their company back.

This is an area where technology can help by spearheading an omni-channel strategy and enabling great experiences!

Nine of the world’s top 10 banks have already deployed Avaya’s Customer Experience Management solutions, either on-premise or in hybrid and cloud models. We can help your bank make the transition to omni-channel CEM a reality.

To learn more about the survey results, click here for the full Avaya press release.

Click here for more information on Avaya’s solutions for the financial services industry.

* Survey Methodology

This report was commissioned by Avaya and executed by Dynamic Markets on the company’s behalf, across 13 countries with business managers in large financial services companies and with adult consumers. The countries covered are the UK, Germany, the Netherlands, Russia, the US, Canada, Singapore, Japan, India, China, Australia, Mexico and Brazil.

For the business element of the research, a sample of 153 interviews was collected with respondents who confirmed prior to interview that, as part of their job, they come into contact with customers and/or prospects, operate at middle manager level and above, and that in total their organization has at least 1,500 employees. For the consumer element of the research, a sample of 8,500 people aged 18+ was gathered across the 13 countries. The split between male and female respondents was 49% to 51%.

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