Customers are now using more than six channels on average to keep in touch with their bank. But they still want human help – probably a lot more often than banks realize. That’s why financial institutions have to ensure their digital transformations enable hybrid interactions – part human, part robot.
The majority of insurance customer journeys get interrupted or stalled. They start off well, but generally a bottleneck pops up as soon as there is some complexity in the claims process. Most insurers are not truly considering the journey their customers want to take. With an end to end digital journey, they can radically improve the customer experience, make the claims process a lot simpler and faster, and increase their bottom line. But it has to start with an agile approach.
Only 15% of customers are satisfied with their insurer’s digital experience. This is usually because of a disjointed customer experience. Each touch point may be a great stand-alone experience, but their cumulative experience across multiple touch points and channels over time is not. Insurers need to shift their focus from touchpoints to the journey.
The banking industry is still gripped by the fallout from the financial crisis, and customer trust is at all time low. Despite the distrust, customers still endow banks with their basic trust of keeping their money safe. This is a huge advantage that must be leveraged wisely.