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At a Glance: Experience Program Use Cases for Financial Services Brands

Financial services brands know that customers take their money seriously, so many of them leverage experience programs to understand what their customers need, then create experiences that build trusting, positive customer/brand relationships. However, these relationships aren’t the only things experience programs can support for brands.

In fact, many financial services companies use their customer experience programs as a primary tool to influence key business outcomes. Looking for a few real life examples of how brands have done this? We’ve compiled a quick list of inspiring stories from our finserv clients. Check them out below: 

Use Case #1: Empowering Employees

A global senior wealth management firm was able to utilize its CX programs to gather information from up to 150,000 clients annually. The data was tied to client asset information, allowing all portal users to view the opportunities and risks by customer segment. Timely and integrated reports allowed different employee groups to utilize this information, proving that experience initiatives truly empower all employees regardless of where they fall in an organizational hierarchy. 

To get even more specific:

  • Financial advisors were able to identify and save at-risk client relationships, pinpoint opportunities for growth and potential new business, and leverage both the survey process and their own results to market themselves to prospective clients.
  • Field management was able to prioritize its coaching based on financial advisor survey results, manage key client relationships (in excess of $2 million dollars) at their branch, and foster peer coaching by pairing advisors with different strengths and weaknesses.
  • Senior management was able to quantify the impact of customer satisfaction on revenue and profit, as well as identify key opportunities at the firm level to improve the client experience and grow relationships

Use Case #2: Preventing Churn

A global financial services firm used its CX solutions to identify customer segments that were most at risk. This effort helped the brand prioritize retention and inspired it to invest in strategies to reduce churn.

By focusing on the customer experience, the company achieved immediate intelligence that it was then able to deliver to the team members who could make a difference, accelerating current and future operations service enhancements. The brand was able to identify the key variables that most impacted loyalty for various customer segments, paving the way for initiatives to enhance the end customer’s service experience.

Use Case #3: Combining CX and EX

One retail financial services firm struggled to retain its members. With customer demand hot on the rise, this fast-growth firm found it difficult to listen and respond to those individuals, but with retention at stake, it got moving on its experience initiatives.

The firm launched more transaction-based listening programs to gather real-time customer feedback and serve as the collective core of its updated CX program. In addition, the brand launched employee feedback programs and a customer relationship survey that would both help it view overall customer health and cross-reference customer and employee perspectives.

This new program launched using greater mobile engagement, text analytics, and case management to close the loop. Within 18 months, the firm expanded the number of products/services per customer household by 16 percent, resulting in a 4 percent increase in loan share of wallet. The brand also increased its customer base by 31 percent and identified specific areas for improvement and expansion based on customer feedback. Wow!

There’s More Where That Came From!

Each of these use cases is incredibly inspiring, but the good news doesn’t stop there. In our latest eBook, we lay out four specific business goals that financial services brands can achieve with their experience programs. You can check it out for free on our Resources page, where you can also find a collection of customer stories that describe how industry leaders make a difference with their experience programs!

Click here to read “The Top 4 CX Business Goals for Financial Services Brands!

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