In our 2022 Financial Services CXM Impact Report, we asked businesses owners and operators if they’ve ever just quit onboarding a financial product or service right in the middle, and 81% of enterprises* said they had. They never even used the product or service for which they signed up!
Enterprises Walk Away More Often
Enterprises and mid-sized businesses* both abandoned onboarding at a rate much higher than other business segments, which may reflect the complexity of their operations and the financial products they choose.
When asked to describe the most frustrating part of the onboarding experience, nearly 1/3 of enterprises said “too many people and organizations are involved” and it wasn’t even close. Two times more businesses said the crowded ecosystem that fulfills different parts of their onboarding journey was their top frustration.
The second response to the question about their top frustration cited by enterprises was a banking team that “lacks knowledge about their product or service”. This answer was tied with unexpected pricing.
8 out of 10 enterprises and mid-sized companies have walked away from onboarding at their financial institution because the process was too complicated and confusing.
When Onboarding Breaks Down, 30% Of Enterprises Will Wait Only a Few Hours for Resolution
Enterprise banking customers were also quicker to give up and move on to another provider if they didn’t get their onboarding issues resolved in a short time.
Nearly one-third of enterprises said they would only wait a few hours for resolution before moving to another option; this was 2x that of small and mid-sized businesses respondents.
Enterprises Report 4+ Contacts Needed to Fix Problems, 44% Higher Than Any Other Segment
There’s some additional bad news in here for financials that serve enterprises…
Enterprise customers, more than any other segment, reported needing multiple contacts to get onboarding right. Forty-two percent of enterprises said it took 4+ contacts to fix onboarding concerns compared to just 29% of mid-sized companies, 27% of small businesses and 23% of sole proprietors.
Less than 20% of enterprises said they had their onboarding questions or problems solved in a single touchpoint!
Enterprises Want Issues Resolved Quickly But Report A High Number of Contacts Are Needed
This is a huge red flag - or it should be! The business segment that provides the shortest window of time to get their onboarding experience right is also the one that reports four or more contacts were required to resolve their issues.
60% of surveyed businesses would find another provider in 48 hours or less if their onboarding problem persists.
Further into the Report, enterprises provide insight into why it takes so many reach-outs to manage their issue… there are “too many people and organizations involved” in the onboarding or activation process.
This was their top frustration, cited 2x more often than any other response!
Financial Institutions That Rely on Partnerships Need Greater Collaboration
This fractured ecosystem is necessary in today’s banking industry to deliver the full array of services corporate clients want and require. You can’t blame institutions for leaning into partnerships - they fast track capabilities that enterprise customers desire. But it does complicate customer service delivery.
Internal teams plus ecosystem partners like core providers, processors, card issuers and more can risk their reputation and customer experience excellence without technology that empowers them to better see, collaborate and guide a customer from point A to point B. CXM technology, like CXMEngine, has emerged as the answer to the growing need for complex ecosystems of best-in-breed micro-services to be embraced by financials who need to better meet customer expectations quickly.
Our powerful CXM platform unifies customer information in a single place that every team member can see in real-time. Without it, customers will continue to be bounced around to too many teams and people to resolve issues. If enterprises become frustrated and decide to move on, they absolutely drag down bank's KPIs with them.
Read the 2022 Financial Services CXM Impact Report for more statistics on business banking customer experience.
This is why customer experience management technology like CXMEngine is surging to the forefront. Not only does it provide a middle layer that presents a shared view of a customer during every touchpoint in their journey (even with third-party partners!), but it also allows all teams to stop toggling between multiple platforms and log-ins and instead, access an up-to-the-minute, shared view of the customer. Using our tech connector network, we help organizations plug into the most widely used platforms, from core providers to case management to CRMs and aggregate all of their rich data on a single screen.
Operating costs drop because teams can care for customers more efficiently and with fewer contacts. Customer satisfaction increases because every team member knows where the customer is in the journey and how to best help them progress. Employees are happier because they have the knowledge they need to help customers well.
Exceptional, Seamless CX is Expected by Today’s Enterprises
CXMEngine provides enterprises with CX insights in the seconds they happen so customer journeys are optimized before they become frustrated and leave. In today’s economic environment, business line leaders and their teams must be agile to respond to competitive challenges and economic pressures, but also opportunities in their customer journeys to deliver greater satisfaction and minimize customer churn.
By implementing low- to no-code technology like CXMEngine, enterprises can be live in 60-90 days out of the box, with little IT involvement or custom development required. Teams keep using the systems they know, and CXM aggregates that information to make it more visible, actionable and valuable.
The Financial Services CXM Impact Report confirms that, more than ever, financial institutions cannot wait to fix their CX experiences. Enterprise want financial institutions to come alongside them and address friction immediately; CXMEngine was created to do just that.
Read the full 2022 Financial Services CXM Impact Report for more business banking statistics on what’s working and what’s not in customer experience management.
*Enterprise businesses were categorized as companies with 500+ employees, and mid-sized businesses have 50-500 employees.
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