Experience leadership

in financial services
About Qualtrics
————
Qualtrics is a rapidly-growing Software as a Service company and the provider of the world’s leading
insight platform. More than 9,000 enterprises worldwide, including three-quarters of the Fortune 100
and 99 of the top 100 U.S. business schools, rely on Qualtrics technology. Our solutions make it
fast and easy to capture customer, employee, and market insights in one place. These insights help
our clients make informed, data-driven business decisions. Global enterprises, academic
institutions, and government agencies use Qualtrics to collect, analyze, and act on voice of the
customer, customer satisfaction, employee engagement, 360 reviews, brand, market, product
concept, and employee feedback. To learn more, please visit qualtrics.com.

Ready to learn how Qualtrics can help you improve your customer experience? Schedule your free demo
today at qualtrics.com or email sales@qualtrics.com.

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Table of contents
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3 Introduction
4 A new reality for financial service organizations
6 The omnichannel customer experience challenge
7 What a world-class financial services CX program looks like
9 7 dynamic ways to improve customer experience in financial services
14 Financial services experience leaders in action
15 CX program highlights
17 How Qualtrics can help

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A new reality for financial
service organizations
With a rise in fintech disruptors and a growing shift in customer expectations, the need for
innovation is more apparent than ever for everyone from multinational retail banks to small credit
unions. Even from outside the financial services sector, e-commerce giants Amazon, Rakuten,
and Alibaba have added financial services including loans and cash deposits to their portfolios in
recent years. While they’re not yet challenging the big global players in terms of revenue or market
share, they have raised customer expectations and carried their much-loved customer experience
through to a new sector.

This change has led top financial services organizations to list:

“Redesign/enhancement of digital experience for customers” and “Enhancement of data analytics
capabilities” as their top two strategic priorities (The Financial Brand, 2018) for the second year in a row.

The solution for these aims is focusing on true customer-centricity, and not just responding to
upset customers. That means:
Identifying emerging digital trends
Using data to develop innovative new products
Personalizing the services they deliver to customers
Refreshing the traditional in-branch experience which has gone largely untouched for decades

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FOR THOSE FINANCIAL SERVICES ORGANIZATIONS THAT GET IT RIGHT, AND SUCCESSFULLY
CLOSE THE GAP IN THEIR CUSTOMER EXPERIENCE, THERE ARE RICH REWARDS:

1 2
Improved customer loyalty
and retention. Cross-industry
research shows that happy
customers are more than 5x
as likely to renew, 6x as likely
to forgive, 8x as likely to try
other products/services,
and 3x as likely to spread
positive word of mouth.
Increased customer share
of wallet and lifetime value:
Promoters have 3-12x
greater lifetime value to
brands than detractors.
3 4
Optimized customer Reduced cost to serve:
acquisition: 86% of Over 70% of all customers
consumers are willing who leave a company for
to pay more for a better its competition have no
customer experience. problem with the product.
Their main issue is with the
customer care offered.
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Improved brand awareness
and equity: A dissatisfied
customer will tell between
9-15 people about their
experience, while 67% of
people will spend money after
getting recommendations
from their friends via online
communities like Facebook
and Twitter .

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The omnichannel customer experience challenge
In the same Financial Brand report, the three most important trends for retail banking in 2018 are:

THREE MOST IMPORTANT TRENDS FOR RETAIL BANKING INDUSTRY IN 2018

Removing friction from
the customer journey 61%
Use of big data, AI,
advanced analytics and 57%
cognitive computing
Improvements in integrated
multichannel delivery 42%
Fls and Suppliers (n=404)

While digital is clearly the biggest potential growth area — and a channel customer support and in-branch channels. In many corporate structures,
where innovation can move much faster — organizations need to invest in that has become a major blocker with a lack of experience data and, where
the customer experience and carry it through every channel to win over the right data does exist, it’s often locked in different, non-compatible
their customers. legacy platforms.

The emergence of digital banking through smartphones, PCs, and tablets Breaking down these silos and viewing the customer experience as a single,
has leveled the playing field, diminishing the largest banks’ — who have built holistic data set that spans physical branches, websites, apps, and more
their business on face-to-face interactions in branches — advantages over is the first step in designing and delivering customer experiences that
their smaller, low-cost competitors. improve the bottom line.

In addition to managing the customer experience across digital, financial

institutions need to ensure they’re integrating experiences across their

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What a world-class financial services
CX program looks like
MAKING THE BANKING EXPERIENCE PERSONAL

With all the channels available to financial services customers, are you confident you are monitoring
and managing all interactions with each customer? To get a true, 360 view of your customers
over time, you need to be able to interact with them on their own terms — that means asking
for feedback in a conversational way to solicit their open, honest feedback, and doing so on the
channels and in the moments most relevant to them.

This approach allows you to build a unified view of your customers by bringing together feedback

70%
THE CHALLENGE
from across multiple channels and touchpoints along the customer’s journey.

This is where data silos provide the biggest blocker to CX programs in financial services. Think about
the number of channels the average customer uses to manage his or her finances. Now think
about the number of different tools, mechanisms, and systems used to understand their experience. of financial services customers leave
Chances are you’ll have at least a dozen data systems from different survey tools to website their institution because of a series of
analytics — each one holding a vital piece of the puzzle. minor expectation failures over time.

With all that data in different systems, your understanding of your consumer is always incomplete, THE SOLUTION GET PERSONAL
making it near impossible to design personalized experiences that engage customers on their own Break down data silos to view your
terms across all channels. customer data as a single dataset
and create feedback experiences that
By bringing your data together you’re able to understand and react to everything from the allow for open, honest conversations
customers’ preferred methods of communication to their purchase history and how previous so that you develop personal
interactions with your brand have shaped both their perception and their future behavior. relationships over time.

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PREDICTING CUSTOMER BEHAVIOR of artificial intelligence to learn on all your historic

While reactive elements (responding to customer data, it’s possible to make predictions about

complaints or issues as they arise) should be part customer activity such as churn, alerting you to

and parcel of any CX program, what about the an issue before it happens, so you can step in

silent majority who, unhappy with the experience, and take corrective action.

will churn with no warning or prior complaint?

EMBED CX SUCCESS THROUGHOUT
THE ORGANIZATION
That’s where proactive CX management
Your employees are the linchpin of customer
comes in. With all your data in one place,
experience success. From bank tellers taking
you’ll have enough information to start
deposits, to the support reps fielding insurance
predicting what customers will do next,
claims, to the sales associates setting up
giving a voice to that silent majority who simply investment vehicles for large corporate clients,
won’t come out and tell you they’re unhappy.

The latest developments in CX analytics allow
you to analyze and interpret statistical patterns
in your data to identify trends and uncover
hidden insights without the need for a team of
data scientists.
It means you can make connections between
different channels and different experiences
to understand the cumulative impact of every
interaction on the overall experience and,
crucially, the impact of any improvements you
make along the way.
But going one step further, predictive modeling
allows you to use that data to make predictions
about future behavior too. Harnessing the power
these are the employees who ultimately drive your
customers to come back time and time again.
Having the right insights into the customer
experience is a start, but you need need to
be able to activate and empower the entire
organization — from the leadership right down
to the front line.
Role-based dashboards and closed-loop ticketing
systems that embed CX insights and actions into
the tools and processes you’re already using will
help enable everyone in the organization deliver on
the aims of your program. By giving them the
complete picture of the customer experience
across every channel, as well as the insights
needed to take action, everyone on your team is
empowered to improve the customer experience.
75%
THE CHALLENGE
Nearly 75% of customers who leave
won’t tell you in advance they plan to
go. However, 56% who left said the
financial institution could’ve changed
their mind.
THE SOLUTION GET PREDICTIVE
Apply detailed analytics across your
entire data set to identify trends and
patterns, as well as predict customer
behavior, so you can step in to optimize
the experience for customers in the
moments that matter most.

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7 dynamic ways to improve customer
experience in financial services
While this all sounds amazing, how do you actually go about putting a world-class CX program in place?
Here are 7 essential steps to building a dynamic customer experience program:

1 Collect customer experience data in real-time across all channels and touchpoints
The first step to a great customer experience is understanding what your customers are thinking.
By deploying surveys and gathering feedback across all channels, you can generate a customer
experience pulse to discover opportunities for improvement.

In-branch (office) feedback

Capturing feedback immediately following in-person visits via mobile or email allows you
to gauge customer sentiment when the experience is fresh in their minds, allowing them to
provide more genuine and actionable feedback.

Customer support feedback

Losing a credit card, filing an insurance claim, or missing a mortgage payment can be an
emotional experience, so making sure your contact center reps are taking care of customers is
critical. A customer’s experience with support can make or break the relationship.

Website & mobile feedback

17%
THE CHALLENGE
Many customers only interact with their bank or insurance company through a mobile device
or computer these days, so providing an easy-to-use and full-service online experience can
go miles in ensuring your customers will continue to invest their money with you.

Relationship feedback
Relationship surveys allow you to understand what your customers think of your institution, Only 17% of non-engaged employees
where their needs are not being met, and where there could be opportunities to expand your say they have a good understanding of
business with them. customer expectations.

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2 Identify key business drivers and take action to improve customer satisfaction and loyalty Customers have stayed with their current

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Customer loyalty is what every organization strives for. The marketing and sales costs required to bank or credit union an average of
replace a lost customer are astronomical compared to implementing feedback experiences that
alert you to a customer’s likelihood to leave before it happens. As the adage goes, “the squeaky
wheel gets the grease” — your unhappy customers will let you know.

In the same Qualtrics survey, customers said they have stayed with their current bank or credit
union an average of 13.8 and 15.7 years, respectively. That’s a lot of loyalty equity, so taking the

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AND
time to analyze customer feedback to understand the experience you’re delivering can pay
dividends for decades. Your company’s policies or services may be the best in the financial
services market, but if your customer experience is lacking, you may find yourself losing business
to your customer-conscious competitors.

Use NPS, CSAT, or another method to take stock of where your customer experience currently years, respectively. That’s a lot of
stands, and begin identifying what drives satisfaction (or dissatisfaction) for your customers. loyalty equity.
When you identify the drivers that are important to customers but where expectations are not
being met, you will know exactly where to focus your efforts.

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3 Monitor end-to-end customer journeys to
create a 360 view of every customer
By mapping out your customer journeys, you
can identify all touchpoints across all channels
where you engage with customers.
A common banking customer journey may
include a business professional checking her
account balance online, depositing a paycheck
in-branch, and verifying the deposited funds
on a smartphone. You should have feedback
experiences in place at all three touchpoints.
Start by identifying your different customer
types; personal bankers, commercial bankers,
home buyers looking for a home loan and
insurance, etc. Your organization likely has many
different “customer personas,” but you can focus
on the two to three most prevalent to start. As
you build your customer experience program,
you can add additional customer journeys.
Next, outline the journey for how each customer
type engages with your institution. Begin your
journey map with the first point of contact
that you have with the customer (checking
online account balance in the example above).
Continue with each next step and all potential
steps until the journey is complete.
In the financial services market, a customer
journey (and each step within the journey)
could take place over several years, meaning
you can and should be measuring your
customer experience more than once at each
touch point.
Finally, identify at-risk customers and
proactively engage on a personal level to
improve, and hopefully, salvage the relationship.
For companies that don’t have non-binding
contracts like banks, insurance companies, and
credit unions, attrition rates as high as 25-
30% are not uncommon. Even companies with
some type of annual contract may experience
attrition rates around 5-7%. Minimizing this
attrition, or customer churn, should be a key
priority for every financial institution.
If financial institutions can learn to identify
at-risk customers, proactively engage on a
personal level, and identify what is causing the
customer’s behavior, companies have a much
higher chance of keeping a customer loyal,
maybe even for life.
A 30-year mortgage
The goal is to use experience management gives you plenty of
to move from reactive to predictive, and
eventually, to a state of delivering exceptional
opportunities to assess
experiences across all touchpoints. customer sentiment
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4 Track and address individual customer feedback with closed loop functionality Ultimately, what makes
Low NPS scores, social media complaints, or a poor support phone call can alert CX program
owners to a negative customer experience. Financial institutions now have the ability to receive a customer experience
automatic notifications via mobile or web if a response suggests negative sentiment, and program successful is the
take action, or close the loop, with the customer. All customer engagements can be tracked
and managed in the experience management system to not only make sure each instance is
degree to which it changes
addressed and resolved, but also teach and inform employees for future experiences. behavior in ways that
improve customer and
5 Integrate CXM with existing software platforms (e.g. SalesForce)
Your content management system should seamlessly integrate with your existing platforms to financial outcomes
get maximum results. An experience management system should integrate with your existing
infrastructure, not replace it. Qualtrics offers banks and insurance companies the ability to leverage
existing systems to send out surveys embedded in other communications. For example, a Salesforce
or Marketo email trigger containing a survey can be set up that will be sent to a prospect if a specific
threshold is reached, and based on the survey feedback, automatically create a new sales lead.

6 Integrate customer experience with employee feedback

Connected, engaged employees are critical to delivering customer experience. Organizations need to
routinely capture employee feedback to understand the barriers to greater employee engagement
and performance. This information must be visible to each stakeholder and the organization
in general, so that leadership can be held accountable and take action in ways that empower
employees to deliver great customer experiences. This is especially true for front-line employees
in banks, credit unions, and insurance companies, who interact with hundreds of customers each day.
Qualtrics is the only experience platform that allows for both customer and employee measurement,
analysis, and action.

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7 Flexibility to change, update and add features to your CX program at any time In the same way that
The last dynamic step in building a world-class customer experience program is the ability to
digital has changed the
adapt to market changes, new trends, and emergent technologies.
way people bank and
By deploying a single, integrated XM platform that gives the bank or insurance agency the
purchase insurance,
ability to expand to address new customer journeys, take advantage of new AI analytics, or gain
feedback on a new service, you are well positioned to address anything that the future has to offer another channel or service
and make sure you are offering exceptional experiences to your customers. may emerge where you
need to compete
Support center Funds transfer

Website experience Open an account

Visit a branch Apply for a loan

Relationship feedback Mobile banking Close an account

Recent experience feedback Integrated with systems Track & diagnose

ASSESS & DIAGNOSE OMNICHANNEL FEEDBACK JOURNEY DEEP DIVES

PROGRAM SCOPE

1 2
The purpose of this data
is to assess the high level
relationship and diagnose
key drivers.
3
The purpose of this stage
is to gather real-time
touchpoint-specific insight
so you can take action via
brief and actionable surveys.
The purpose of this stage is
to gather journey or episode
insights. Surveys gathering
feedback from the start of a
customer’s need until the
need is met.

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Financial services experience
leaders in action

Swiss Re, is the world’s second largest reinsurance company based in Zurich, Switzerland.
Reinsurance is a financial service that allows insurance companies to remain solvent after paying
out major claims events, such as natural disasters like earthquakes or tropical storms. Swiss Re
has been in business for over 150 years and operates offices in 25 countries. The group also offers
corporate insurance and risk management solutions to some of the world’s largest businesses
and manages assets in excess of $222 billion as of 2017.

Based on the breadth and scale of Swiss Re’s businesses, attempting to manage all customer
experiences across multiple platforms and systems became a problem. In working with Qualtrics,
they were able to find an XM Solution that allows them to track and manage 360 feedback for
each of their customers all over the globe. They are able to automate survey distribution to thousands
of clients to maintain a pulse of how their services are meeting their customer needs.

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CX Program Highlights
CENTRALIZED VOC DATA
“Having a web-based,
Swiss Re merged all their CX, VOC, and MR research and data from over 11,000 clients,
25 markets, and 11 languages onto Qualtrics’ single, secure platform. highly secure insights
EMPOWERED EMPLOYEES
platform that give us
Qualtrics’ easy-to-use interface made sophisticated, best-in-class data collection, analysis and 24/7 access to data with
reporting accessible across Swiss Re to increase control, efficiency, and productivity of their
an intuitive interface
CX research.
where literally anyone
DISTRIBUTED VISUALIZATION
Qualtrics’ Vocalization made it possible for Swiss Re to easily generate dashboards to report can become an expert
insights throughout their organization in real time — and customize the data so each viewer only user in minutes is such a
saw what they needed.
tremendous value to our
THE RESULTS entire organization”

90% 5x 7
PETER VRANIK
decrease increased point
in research research speed increase IT BUSINESS ANALYST
costs & productivity in NPS

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Bank Independent is a financial institution operating 27 offices across seven counties in the state “Qualtrics helps everyone
of Alabama. Originally founded in 1947, the bank has been serving its communities with pride
for over 70 years. You can see CX in action by visiting their website (https://www.bibank.com) at Bank Independent gain
or downloading their sleek, award-winning mobile app. a deeper understanding
Bank Independent was looking for a better customer experience program. Prior to Qualtrics,
of all the factors driving
the team was outsourcing research to third parties who were conducting mystery shopping our customer experience.
and running a relational survey once every two years. Vice President of Business Intelligence,
Stacey Paine, liked mystery shopping because it allowed her to focus on different touchpoints,
The feedback we receive
but felt the data was biased, sample size was too small, and not actionable. from this program allows
us to map our customers’
After implementing the Qualtrics XM Solution for Banking, the bank now measures feedback from
key areas in real-time, including call center, new accounts, and closed accounts. The touchpoint journeys across channels
data is integrated and compared against trends from a relational survey distributed to customers
to make immediate
on a monthly basis. The insights uncovered through the use of their CX program have proven to
be a critical component to decision making across all departments and levels of the bank. improvements and plan
for future enhancements.”
THE RESULTS PENNY CAMP

97%
EVP OF CUSTOMER EXPERIENCE
of Bank Independent customers are extremely satisified BANK INDEPENDENT
or satisified with their banking relationship.

Source: BI Voice of Customer Survey

You can see the results from Bank Independent’s CX program on their website at
https://www.bibank.com

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How Qualtrics can help
Great financial institutions do more than just respond to upset customers. They ensure the
people designing and delivering experiences are continuously connected to the customer and
empowered everyone from executives and managers to frontline staff to take action on feedback
and deliver world-class customer experiences.

Qualtrics is used by the world’s most iconic brands, including Bank of America, Barclays, Farmers
Insurance, and Navy Federal Credit Union to enable more personal interactions with customers,
surface predictive and prescriptive insights.

We also offer the Qualtrics XM Solution for Banking — expert-designed content, workflow and
automation that have been proven in the real world and pre-built into the platform. This includes
everything from the surveys and dashboards to program roadmaps that will help you scale your
CX program. Tested in some of the world’s most successful organizations and customized for
your industry, making it easier than ever to launch best-in-class relational, transactional, and full-
journey customer experience programs.

GET IN TOUCH

Want to see how it works?

Book a demo

Prefer to chat? Contact sales@qualtrics.com for more information on how to get started.

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Qualtrics offers the world’s leading
Customer Experience Management Platform.
More than 8,500 enterprises worldwide,
including half of the Fortune 100 and all of the
top 100 business schools, rely on Qualtrics.

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Provo, UT 84604

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