Integrated Digital First CX Model:  Customer Preferences for Financial Service Provider

In a previous post to this five-part series on building an integrated digital-first service model we discussed matching different waypoints of the customer journey to the channels best suited for the specific waypoint.

In an effort to help CX managers make informed decisions regarding their overall service mix, Kinēsis asked consumers to rate an assortment of financial service CX attributes with respect to their importance, as well as the relationship between the importance of these attributes and the customers’ trust that the financial institution looked after their financial wellbeing.

Efficiency and personalized service are the most important dimensions of the customer experience.

Attribute Importance

The following chart displayed the frequency customers stated each attribute was important to them when doing business with a financial service provider.  To force respondents to consider only attributes which were important to them, they were only allowed to select up to five attributes.

Again, efficiency and personalized service are the most important dimensions of the customer experience.  The most frequently cited service attributes surround themes of efficiency (online and mobile services, quick and efficient service, fast resolution to any issues) and personalized service (polite and knowledgeable staff, and ability to manage accounts in ways that suit me), followed by polite and knowledgeable staff, the ability to manage accounts in ways that suit the customer, and competitive rates and fees.

Attribute Value & Trust in Institution

The least frequently cited attributes surrounded products and the brand (customer loyalty programs, broad range of quality products, recommendations of appropriate products & services and appealing brand).

Beyond the appeal of each attribute, Kinēsis investigated their relationship to trust in the financial institution.

While brand appeal, recommendations of appropriate products & services and a broad range of quality products were cited with the least frequency in terms of their importance, customers who cited these attributes as important were more likely to trust their primary financial institution.  While customers are not as likely to include these three attributes in their list of top-5 important attributes, brand appeal, recommendations of appropriate products & services and a broad range of quality products do appear to have a positive relationship to trust in the institution. 

Next, to inform decisions about digital delivery, we will investigate customer preferences specific digital banking features.  What do customers what from the digital channel?

Tags: , , , ,

About Eric Larse

Eric Larse is co-founder of Seattle-based Kinesis CEM, LLC, which helps clients plan and execute their customer experience strategies through the intelligent use of customer satisfaction surveys and mystery shopping, linked with training and incentive programs. Visit Kinesis at: www.kinesis-cem.com

Leave a Reply

Fill in your details below or click an icon to log in:

WordPress.com Logo

You are commenting using your WordPress.com account. Log Out /  Change )

Twitter picture

You are commenting using your Twitter account. Log Out /  Change )

Facebook photo

You are commenting using your Facebook account. Log Out /  Change )

Connecting to %s

%d bloggers like this: