Finance Overview

Monetize on the predictive intelligence of your customer needs. Financial Services can build a 360 degree profile of their customers, creating opportunities for up-sell and cross sell of products. They can build loyalty and trust with their customers by creating an experience that delights customers.

Importance of Customer Experience in the Finance Sector
Customer experience and customer loyalty are strongly related to each other. Most firms in the finance industry have least focus on improving customer experience as revealed by a report published by a research firm in 2015. Study was conducted to analyze how majority of financial firms perform when it comes to managing their customer experience. Their objective was to see whether the methods used by these firms met the needs of their customers. What they found was that most firms did not rank well in terms of their customer expectations!

It further revealed that more than half of the firms agreed it is cheaper and more beneficial to retain older customers through better service and experience management than acquiring new customers. However, fact lies that financial companies focus on making customer experience better has not improved by numbers over the past years.


Majority of financial firms avoid giving any thought to customer experience. Instead, they give priority to regulatory compliance and financial products and services. However, when it comes to factors that can help gain and retain customers, providing excellent customer service is at the very top of the list. The only point most firms fail to understand.

Companies’ considering service as source of generating more revenue has decreased by 10% in past few years!

Steps that Financial Firms Can Take to Win Customers

Customer confidence and trust in the banking and finance segment has improved in the past few years. Above 90% of the respondents in a survey reported moderate trust in their banks, and 77% stated that they would recommend the service to others. However, the problem is over the years finance sector has become more and more competitive in terms of product offerings and services. Even customers stand confused to make a choice with every other financial firm offering almost the same service in the market.


So, how can a firm create a name for itself in today’s fierce competition and also win customers?


The answer is simple. They have to improve management of customer expectations, and in order to do that financial services will need to address their shortcomings in three main areas:

  • Focus on Improving Customer Experience

    A financial firm should include customer-centricity in every aspect of their business and all their activities. Whether it is the way transactions are carried out at a bank to the monthly email they send to their customers. The new focus should be to provide their customers with more personalized experience.

  • Focus on Meeting Customer Needs

    With growing technical advancements organizations should be capable of providing their clients with services that not only comply with standard industry regulations but also address their clients’ needs. Additionally, these services should continue to operate smoothly with little or no client participation demanded.

  • Train Employees to Serve Customers Better

    Voice of the Customer as a term has come to reflect the growing understanding that customers hold the key to future financial success. Empowered employees will have real-time data access. This is key to timely resolution and customer service consistency. Having immediate access to data in real time, employees can easily quantify the needs of the customer in relation to past experience in order to come up with effective solutions and better the customer experience journey.

How CEM HELP?
Implementing customer experience management can mainly help financial firms combine customer data from all possible online and offline sources that include feedback forms, online surveys, emails, mobile apps, website forms, social media comments, as well as, support call feedback. With easy integration and strong analytical insights it can help institutions, understand and highlight problems faced by their customers in their day to day banking interactions. One can identify where the issue lies and act on it heads on to provide a seamless banking experience.

In today’s ever changing and ever demanding customer world, digital readiness plays a vital aspect in financial sector. Consumers nowadays are looking for more flexible options to access their accounts online and transact at their ease. With detailed customer profile, firms are able to connect to their users at various touch points. Be it web or app, data collected and analyzed from these sources provides insights to users interests and activities.
This helps firms provide more personalized banking experience to their customers which can in turn drive retention, more user engagement and cross selling of potential solutions.

Feedback collected from various sources can also help the front line staff gain first hand visibility to customer problems and sentiments.Since all information about a customer is available to them through
multiple channels but reported into one dashboard, they will be able to help customers better. Close looping mechanism can further assist in quick communication and follow up.
A customer satisfaction level that exceeds 90% can translate into higher rates of customer retention, more loyal customers, and consequently more revenue growth

Our Solution

For banks that constantly aim to exceed their clients’ expectations, customer experience management solution can help improve their client satisfaction scores and also in turn increase brand value. Geckolyst, can make a world of a difference for financial services that seek to deliver best-in-class customer experience. It covers all the factors highlighted above. It can help banks and other financial institutions achieve their goals:

  • Align each aspect of bank transaction and activities to the unique needs of clients
  • Empower employees by providing them with the right tools to serve customers better
  • Making customer-centricity a part of the business
  • Make transactions more personal and smooth