How Financial Services Brands Can Grow Share of Wallet with Their CX Program

Financial services brands are facing more complex challenges than ever before, especially when it comes to customer experience (CX) and growing share of wallet. Additionally, the added stress of today’s economy and the fall out of a global pandemic makes finance an even more sensitive topic for customers than usual, making the experiences brands even more pivotal. 

Luckily, there is good news for brands even in these troubled times—if they play their cards right, they can use their experience programs to not only create great experiences for customers, but also grow their business simultaneously.

There are four key business goals finserv brands can accomplish with their CX programs (we talk about them in our latest eBook here), but today we are going to focus on just one: growing share of wallet. 

The Importance Share of Wallet (and How Your CX Program Can Help)

Growing your share of wallet can be achieved by growing your customer base (acquiring new customers or expanding the financial institution’s geographic or product/service footprint) or by capturing a greater share of current customers’ financial wallet with additional products and services. 

Growing wallet share means more than just maintaining the customers you already have—it means understanding if they are also utilizing services from your competitors, which services, and why those customers are going elsewhere. With this knowledge, you can make changes that help you go from being one of a few brands a customer utilizes to the only brand your customers trust. 

Being your customer’s one and only has some major implications for your bottom line. In fact, according to Harvard Business Review, if your brand is one of only two a customer uses for a given purpose, the difference between being their first choice and being their second choice can mean that “half of each dollar you could be collecting from the customer is going to your competitor instead.” 

With the right CX program, however, you can narrow that gap. Here are two specific examples of how experience tools can be leveraged to grow wallet share:

CX Benefit #1: Acquire More Customers

Customer acquisition is one of what we at InMoment like to call the four economic pillars of customer experience return on investment (ROI). Why? Because it’s absolutely key to making sure that your CX efforts (along with marketing campaigns, promotions, and more) are paying off.

Understanding the effects your actions as a brand have on different customer segments is crucial, as it allows you to further target your initiatives. You can then acquire more of that type of customer, then quantify the value of those new customers for your bottom line.

For example, an InMoment client sought to capitalize on acquisitions by optimizing its surveys to find new types of customers. By targeting respondents between the ages of 18 and 35 with specific questions, the company was able understand this demographic and what drove it so that this intelligence could be included in the brand’s expansion initiatives.

The practitioners who ran this initiative were then able to prove its worth by tracking the new customer acquisition, increases in unique customers, and market share growth that it generated.

CX Benefit #2: Understand How You Measure Up

Equally important to acquiring more customers is understanding what your competitors are doing that convinces those individuals to choose a brand other than yours. Understanding competitive differentiation in terms of brand, experiences, and product and servicing offerings can inform the organization on target audiences, competitive customers who are most vulnerable, and how to position the organization’s product and servicing offering in the most attractive way. 

With competitive perceptions, a financial institution may find a specific opportunity to attract competitive customers who may not be happy with the digital offering available with a current provider. An institution may also spot a chance to attract customers’ attention with a specific product offering targeting their defined needs.

For Financial Services, Intelligence Is Key

There are plenty of other benefits a CX program can bring to a financial services brand, but they all have one thing in common: intelligence.

With an experience initiative that is able to collect data from anywhere and everywhere, apply powerful technology, and give you access to experts who can guide you on your journey, you gain the kind of intelligence that helps you make informed decisions about your experience. And when you make informed decisions, you can truly delight your customers and transform your business. Sounds like a win-win, doesn’t it?

Want to learn about the other three business goals financial services brands can accomplish with their CX program? Read the full eBook here for free!

3 Ways COVID-19 Has Already Changed Wealth Management

The ongoing COVID-19 pandemic has had a devastating impact on many working- and middle-class families’ finances. However, these are not the only groups whose income, savings, and assets have come under threat from this crisis. As I discussed in my recent Point of View article on this subject, many affluent families and audiences have also seen their own financial ecosystems gravely affected. 

Based on a recent poll conducted by InMoment, most affluent consumers expect the market to be quite volatile throughout 2021.  While most are not planning to change their investment style or their firms, COVID-19 has influenced or changed what wealth management clients expect of their advisers, as well as how their financial institutions must manage their business and relationships for the foreseeable future.

Here are the three biggest changes I’ve seen COVID-19 force upon the world of wealth management, as well as some advice and insights on how these firms and consultancies can rise above them.

  1. Hungry for Advice
  2. More Frequent and Proactive Interaction
  3. A Heightened Need for Protection

Change #1: Hungry for Advice

This tip may seem gratuitous, especially since every wealth adviser has that client who talks their ear off after hours, but COVID-19’s impact on these customers’ desire for financial advice cannot be understated. If the data I’ve studied is any indication, the Coronavirus’s penchant for disrupting normalcy has worked its way into affluent clients’ financial fears. So, wealth management firms should be prepared for an ongoing influx of questions about everything from investments to retirement.

Because of this, wealth advisers should tune their experience programs toward opportunities for providing more advice on these and other topics. Unfortunately, it seems the pandemic will be with us for quite some time, and so wealth management firms can count on this influx to sustain itself for about as long. Advisers who continuously focus their listening efforts on the topics customers have questions on and why, though, will be able to keep their heads above water.

Change #2: More Frequent and Proactive Interaction

Because COVID-19 has brought about rapid, large-scale change, wealth management clients have come to expect their advisers to react to new developments with 2008-level speed. This means that wealth advisers can expect their customers to both demand quick responsive action and to be proactive before new changes can adversely affect them.

This demand for faster action has manifested itself in two ways already—first, COVID has made clients much more hawkish when it comes to demanding fast, flexible account management. Additionally, these clients now expect wealth management firms to be much quicker when it comes to business and financial reviews, among other advice. Wealth management companies can rise to these challenges by making fast, proactive action a hallmark of their overall brand experience. Getting to and maintaining that level of reactiveness is no small task, but COVID-19 has made that responsiveness a dealbreaker for many clients.

Change #3: A Heightened Need for Protection

Coronavirus has thrown massive uncertainty into our society, which has many wealth management clients keen to protect their assets against any additional loss. This point meshes with both of the changes I talked about earlier, but the need to aggressively protect assets is worthy of its own mention—as is clients’ expectation that that be front-and-center in any wealth management firm they do business with.

Wealth advisers have always protected their clients’ assets and sought to minimize losses. That’s a given. What hasn’t been a given until COVID, though, is clients’ strong desire for more direct access to their managed wealth than ever before, as well as a relatively newfound need for any resources that make them feel more self-reliant. This is why wealth management advisers must make asset protection as prominent a cornerstone of their provided experience as possible, lest clients think that the competition offers stronger defenses and is thus worth going to instead.

The common theme that threads all of these changes together is clients’ urgently heightened need for a wealth management firm that is both proactive and reactive. Whether it’s speedy account management or ambitious loss prevention, the consultancies that can act fast and make that quick action the bedrock of their customer experience will win out against their peers. More than that, though, clients are seeking reassurance on a human level, which means that those aforementioned late nights on the phone have taken on a renewed importance not just as a source of wealth management expertise, but of meaningful connection in uncertain times.

Want to learn more about how COVID-19 has changed and will continue to change financial services? Click here to read my in-depth Point of View article on the subject.

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