“Many financial services companies have been overwhelmed with online inquiries since the pandemic began, which in turn has put more pressure on delivering a differentiating digital customer experience”
goMoxie®, the leading provider of customer guidance solutions, today released new research showing that people are struggling to complete basic tasks using their financial institution’s website or mobile site—even as they try to do so more frequently.
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Banks, insurance companies and other firms have an opportunity to play a critical role in easing customer anxieties by providing the guidance needed to successfully complete digital interactions. At the same time, the recent surge in online banking offers new opportunities to build stronger, long-term customer relationships by taking a proactive approach to the user experience.
“Many financial services companies have been overwhelmed with online inquiries since the pandemic began, which in turn has put more pressure on delivering a differentiating digital customer experience,” said goMoxie CEO Rebecca Ward. “Even something as simple as logging in can cause customers to struggle unnecessarily and add more anxiety to the process. Financial services institutions that are competing for business online need to focus on investing in technology that customers want. Guiding customers through the experience increases satisfaction, acquisition, and lifetime value while reducing repeat contacts and costs.”
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Key findings from the goMoxie survey include:
- Thirty-three percent of customers have used their financial institution’s website and/or mobile site more frequently since the beginning of the COVID-19 pandemic.
- Thirty-seven percent of respondents experienced problems transacting online with a bank or insurance company—and when problems were encountered, 30% of customers switched to a competitor.
- Many customers don’t want to have to reach out for guidance on a website or mobile site; 43% said that it’s important for proactive information to be provided by the financial institution.
- The most preferred digital channels are email and live chat. Text messaging and bots are the least preferred.
These findings come at a time of rapid change in the financial services industry. While digital channels and products have grown in importance in recent years, the COVID-19 pandemic has radically accelerated this trend as people of all ages switched from branch visits to online interactions. This shift is likely to be a permanent one, as customers become more familiar and comfortable with digital banking and insurance tools. The financial services companies best able to meet these new needs and expectations will enjoy a stronger competitive position well beyond the return to normalcy. In that light, the research comes as both a roadmap and a warning for every financial institution seeking to succeed in the digital-first new normal.
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