That’s just one of the insights revealed in OvationCXM's 2022 Financial Services CXM Impact Report. We surveyed more than 4,000 business owners and operators in Q4, from sole proprietors to enterprises. We asked them to rate their banking experiences. What we learned was striking.
While a majority of business banking clients said they are generally satisfied with their financial institution, significant frustrations and challenges were reported around their onboarding, servicing and support journeys.
Only 13% of businesses have said they have NEVER had a frustrating experience with their financial institution.
76% of Businesses Have Given Up While Onboarding a Financial Product/Service.
The vast majority of businesses in our survey admitted they've abandoned an onboarding process in the middle, before ever using the financial product or service they signed up for, because the process was too complicated.
#1 Onboarding Frustration is Too Many People and Organizations.
The #1 frustration when onboarding a new financial product or service? Too many people and organizations are involved. And it wasn't even close! This answer was chosen 2X more often than any other!
This should be a cautionary signal for financial institutions embracing an ecosystem approach to digital transformation. As more providers, teams and systems are involved in delivering parts of the customer journey, it appears that customers are feeling some of that chaos, which is impacting their satisfaction and retention.
Knowledge Gaps Create Another Pain Point.
Half of the businesses surveyed said knowledge gaps created obstacles in their banking experience. One respondent described their onboarding as "complicated and confusing from start to finish". Others complained that it was difficult to locate and self-serve information they needed. A significant number said their financial services team "lacks knowledge" about the product or service they were using.
It's likely that the necessary knowledge is already located inside the organization’s people and systems, but it’s not being shared or distributed across all teams or to customers.
Businesses Need Banking Help, But It Takes Repeated Contacts to Fix Problems.
Nine out of 10 respondents said they have needed assistance from their financial institution, but their problem was rarely resolved with a single contact. Nearly 70% said it took two or more reach outs to resolve their problem, and for a third, that jumped to four or more contacts.
• 70% said it required two or more contacts to resolve a concern with their financial institution.
• 30% said it took four or more contacts with their financial institution to fix their banking problem.
Two Days To Fix Problems, Or It’s Too Late.
In addition, business banking customers are only willing to wait a short time for issues to be addressed by their financial institution before they begin looking for other options.
• 60% of business owners/operators would move on after 48 hours if their issue was not resolved.
• 90% said they would move on after one week if their issue was not resolved.
To download The 2022 Financial Services CXM Impact Report, click here.
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