Finance & Insurance

Customer experience in the finance industry

In our latest blog series we’ve been looking at some of the common issues and challenges faced by marketers in the financial services industry.

One of the top challenges is consumers’ lack of faith in financial organizations. The 2014 Edelman Trust Barometer found that only 48% of consumers globally trusted companies in the financial services industry; with the sub categories of financial advisory and insurance as the least trusted. Secondly, it is difficult for consumers to differentiate between brands. Among millennials 53% thought their bank delivered nothing different from other banks.

In this blog we will look at customer experience and how it can help companies to gain consumer trust and differentiate their brands.

It’s no secret that we live in a digital era and with that marketing and brand management has become even more complex with new channels and touch points being added to the mix. It’s critical to a brand’s success that a clear and consistent message is communicated across all channels and touch points. This is no easy task.

Customer Experience or CX is a vital ingredient in this marketing mix .CX is all the interactions a consumer will have with your brand throughout their buyer journey. This means the consumer’s overall experience in all channels and at every brand touch point.

So why is customer experience so important? There are many reasons why you want customers to have a good experience with your company and your brand. Consumers are twice as likely to share a negative experience they’ve had with a brand, product or service than share a positive experience and most choose to hit social media to share this negative experience.

A good customer experience helps to, differentiate your brand and company from your competitors, create a loyal customer base and build a strong brand that customers will trust. When consumers have a good experience with your brand, whether that is from their experience with your employees, website, app, call centre, shop floor or any other place they may encounter the brand, they will remember it. One good experience means they are more likely to return for a second time. When they have repeated good customer experiences the brand will be positioned positively in the consumers mind, generating a sense of trust and brand.

Good customer experience creates strong brands, but one thing holds true; consistency is key. Consistency of marketing message and consistency of experience ensures that your company’s brand is positioned positively in your customers’ minds.

Start by looking at whether everyone inside your organisation understands your brand positioning and what makes you different. If the people internally in your business can’t communicate what your brand stands for consistently and concisely, your consumers sure aren’t going to understand what your brand is all about. Projecting a consistent message and identity is crucial, and that responsibility does not just fall to Marketing or Brand Management, but to every employee in the business. You cannot afford to be misunderstood.

While it is easy to say you need consistency in both your communications and customer experience executing this is often much more difficult. Check back next week for tips on how to develop consistent communication and a consistently good customer experience.

 

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