The study notes an overwhelming frustration facing business owners during their banking experience
OvationCXM, a global leader in customer experience management (CXM), announces the findings of its 2022 Financial Services CXM Impact Report. The company surveyed 4,073 business owners and operators in Q4 to uncover significant pain points that they experienced during financial product and service onboarding, support and servicing. Through this data, financial institutions can learn how intimately the customer experience impacted their ongoing relationships with business owners across the country.
Even though at a high level, business customers say they are generally satisfied with their respective financial institutions, the report uncovers areas of high frustration during key parts of onboarding and servicing that have resulted in abandoning the process and/or weakening the likelihood of maintaining or growing the relationship. The survey results indicate that six in 10 businesses found their most recent onboarding experience with a financial product or service to be “somewhat” to “extremely difficult.” Overall, 76% of the business owners surveyed said they found onboarding so complicated, they walked away in the middle of the process. Over 30% of businesses said it required four or more contact points with their financial institution to resolve their issue.
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More Survey Highlights:
- The number one frustration during onboarding was working with too many people and/or organizations throughout the process.
- 60% of respondents said they will move on after 48 hours if their onboarding issue is not resolved.
- 25% of respondents reported that confusing instructions or processes were their biggest frustration during onboarding.
- Of those that say onboarding “wasn’t easy,” 1 in 4 say they are unlikely to give their financial institution another chance with a product or service.
- Nine in 10 businesses said they needed to contact their financial institution for additional help.
“Digital transformation has allowed financial institutions to expand their capabilities more quickly to meet customer expectations, but it hasn’t necessarily improved their experiences across the board,” said Vaneet Grewal, Global Head of Banks/FIs, Channels & Resellers of OvationCXM. “It is necessary for financial institutions to optimize their customer experience and simplify their architecture to provide cohesive, frictionless journeys in order to grow and expand their customer bases.”
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OvationCXM is the first CXM company to solve customer experience problems in real-time — while businesses are interacting with customers. With industry-leading journey orchestration and ecosystem management, the CXM platform enhances customer experiences in real-time – taking all uncoordinated internal, customer and third-party interactions and turning them into exceptional experiences in the moment, start to finish. Organizations experience increased revenue, greater sell-through, higher NPS scores, lower churn and attrition, and more through the adoption of OvationCXM.
“Although this survey focuses on FIs, many of our non-bank customers experience the same obstacles as referenced in these survey outcomes and our CXM platform works across most industries globally,” said Glen Kelley, Chief Revenue Officer of OvationCXM. “The company’s flagship platform, CXMEngine, empowers organizations across industries to optimize relationships and remove friction from customer journeys.”
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