The experiences that matter most are behind login

As I’ve discussed, digital customer experience management is crucial for financial services providers across the entire customer relationship lifecycle. At each touchpoint, customer experience is the face of the institution, and customers need reassurance in different ways. In part one of this post, we covered the KPI of account openings. But perhaps an even more important KPI in customer experience is account management. As one of our clients – a Fortune 500 financial services provider – told me, “the experiences that matter most are behind login.”

For several years now, financial services providers have been engaged in a constant struggle to keep traditional revenue streams profitable, and adopting digitization has become a means to increase cost-effectiveness and efficiency in operations. (Interestingly, a McKinsey report on retail banks in the United States found that the more interactions customers had with their bank through the web, the more they also required human interaction with a branch or a call). In other words, banks still have a long way to go towards providing a seamless digital experience.

Smooth customer experience for account management becomes even more critical when trying to retain millennials (defined as people born between 1981 and 2005) as customers. According to a recent First Data report, a third of millennials would be open to switching their banks within the next 90 days, and over 70% consider their banking relationship to be transaction rather than relationship-driven.

With an aim of providing maximum resolution with minimal support staff involvement – without sacrificing user experience – financial services institutions must watch visitor interactions very closely, tweaking the self-provisioning and self-service interfaces to ensure they are even more effective than service provided by human agents.

Here is one quick example of how we’ve helped a leading wealth management company improve the customer experience behind login: The US federal income tax season is a busy time for financial services providers, and our client’s customers rely on the company to make their personal tax documents accessible in a timely and intuitive way. The tax form availability page usually has heavy traffic during tax season, but the digital team was seeing low engagement and high exit rates. Through Clicktale, the company discovered that its customers weren’t reading below the header content, and thus not finding the information they needed. After redesigning the page and adding embedded links to forms within the body of the page, the page exit rate dropped 34%.

But what about security, you might be asking? Isn’t customer experience management infinitely more complicated when the issue at hand is sensitive customer financial data. The answer: of course it is. But it is certainly doable, and doable in a secure way. Stay tuned for the next post, which will cover best security practices for delivering superior account management digital experiences.


Talk to us to explore how customer experience analytics can improve your business