The 2022 Financial Services CXM Impact Report

Discover how 4,000+ business owners and operators rated their banking customer experiences during onboarding, servicing and support in 2022.

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76% of Businesses Abandoned Onboarding a Financial Product/Service

Learn their reasons, plus more insights in our Report

Three out of four businesses admitted they gave up in the middle of onboarding a new financial product/service because the process was too complicated. This was just one of the insights captured in OvationCXM's 2022 Financial Services CXM Impact Report.

We surveyed more than 4,000+ business owners and operators, from sole proprietors to enterprises, to uncover the state of their business banking customer experience (CX).

While generally satisfied with their financial institution, businesses encountered significant challenges and frustrations during onboarding, servicing and support journeys.

Key Takeaways

  • 60% of respondents said onboarding a new financial product or service was "somewhat" to "extremely difficult".
  • The #1 frustration of businesses? Too many people and organizations are involved in onboarding.
  • The next leading cause of frustration for businesses during onboarding was a lack of knowledge.
  • 60% of businesses will move on within 48 hours if their onboarding issues are not solved.
  • 30% of businesses said it took 4+ contacts to resolve a problem with their financial institution.
  • 25% of respondents were unlikely to give another chance to their financial institution if a previous onboarding was difficult.
What Businesses Told Us
"I was trying to sign up for merchant point of sale services..., and it was so complicated. I don't usually give up on things, but the fact that I had to send in multiple documents several times over because they were lost or not received was ridiculous. I decided to go with another POS service."

- Business owner/operator

...It's mainly the instructions... and during the process of self-setup, when it did not would not tell me what to do.

- Business owner/operator

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