Banking and Insurance (FSI)
Banking and insurance industries are synonymous with stability and trust. Customers of financial services firms have a longer lifetime value and cycle than almost any other industry; it can last generations.
Loyalty is the key but trust and service is everything.
Customer Experience Management in the Financial Service Industry (FSI) is particularly important when it comes to ensuring the customer interaction is appropriate and consistent regardless of the utilized service channel. Since the vast majority of interactions with customers involves a request for a financial service and are not necessarily linked to clear sales opportunities, FSI firms must place a heavy emphasis on standardizing the decision making process to service a customer in order to control efficiently the distribution of the effort towards real revenue opportunities.
We can summarize the main goals related to improving the customer experience as follows:
1. Retain and upsell on existing profitable customers
2. Grow and strengthen customer relationships
3. Manage and control customer credit risk
4. Reduce costs of repetitive tasks