Tuesday, September 18, 2018 Stamford, CT USA — Despite senior-level commitment to improving the customer experience and big investments in CX, 86% of bank customer experience professionals say their banks don’t get much value from their customer experience programs.
In a new report, Top 5 Reasons CX Programs Fail to Deliver… and How to Avoid Them, Greenwich Associates identifies the top mistakes that cause bank CX programs to underperform, and provides advice on how to avoid them.
The five biggest mistakes undermining the performance of bank CX programs are:
- Ignoring the customer’s journey. Banks that take a top-down approach to CX might make incremental improvement, but they are unlikely to achieve the kind of cultural change most banks are looking for.
- Losing focus due to data overload. Prioritization is paramount. Make the goal of your data analysis to identify the top two or three actions the organization can take to improve the customer’s experience.
- Not taking action. Don’t ask if you aren’t going to act.
- Asking the wrong questions, or too many questions. Poor survey construction is probably the most common mistake companies make in CX.
- Forgetting employee alignment. If your employees are not aligned with the customer experience program goals, there is little chance those employees will delight your customers.
“By identifying and avoiding these mistakes, banks can realize the full potential of these initiatives, reap a robust ROI on CX investments and make a meaningful positive impact on business results,” says Jacqueline Vose, Greenwich Associates SVP and Principal in Customer Experience, and author of the new report.