Elevating the customer experience stands as a crucial factor for fostering growth and bolstering brand reputation, particularly within the banking industry. It’s imperative for banks to place a paramount focus on enhancing customer experience to both retain existing customers and cultivate new ones, thereby driving profitability. The profound impact of digital transformation on shaping a superior customer experience cannot be overstated. As technology continues to evolve at a rapid pace, banks find themselves at the forefront of this digital revolution, fundamentally altering how they interact with customers and operate within the industry. Customer lifecycle intelligence firm FullCircl, delves into this dilemma.
Simply put, promoting a positive customer experience (CX), is one of the cornerstones of growth. If your customers are attached to your business – and enjoying their time spent frequenting it, they are likely to become repeat visitors. This is true across the FinTech space – but also in the wider retail world.
Now, with digitalisation at the forefront of our lives, the expectations for a CX are higher than ever. This rise in capabilities has seen the advent of digital onboarding – a fast, frictionless approach that is boosting the customer lifetime value.
But it doesn’t stop there, according to FullCircl, every touchpoint with a customer past the onboarding phase, is another prime example to highlight the advancements in digitisation and efficiency and thus improving the overall CX.
This belief is now widespread across the industry. A statista survey highlighted that 93% of organisations now see the CX as a key business builder – attributing it as either a “primary” or a “partial” competitive differentiator.
Inside the impacts of a poor CX
So with this in mind, what constitutes a poor, or lesser, CX?
Using traditional legacy systems, it can take 90-100 days to onboard a client successfully – costing both time and revenue – and often leading to abandonment.
These manual processes can often frustrate customers due to the slow time, leading to a higher churn-rate, even for those who put up with the early onboarding logjams.
By adding a human element, these incoherent CX platforms can ultimately breed poor communication, meaning that information gets siloed and requests are often repeated. Unfortunately, this can often lead to numerous errors in the process that simply would not occur using a more efficient digital solution.
How FullCircl can help
FullCircl’s unique Customer Lifecycle Intelligence solution is designed to be a game-changer in this domain.
Through the product’s innovative offering, firms can witness up to an 80% reduction in the cost associated with acquiring and serving customers. This is paired with a seamless customer experience that ensures clients remain loyal and satisfied.
The advantages extend beyond cost-saving measures. FullCircl’s solution also boasts a remarkable increase in finance-ready leads by up to 300%. By equipping sales teams with precise insights on target customers, the platform enables firms to make informed decisions on who to engage, when, and with what message.
Moreover, there’s an 80% reduction in the time spent reviewing financial statements. This allows firms to onboard clients faster, providing a comprehensive understanding of their needs while adhering to compliance and risk standards.
FullCircl’s Customer Lifecycle Intelligence also facilitates a 94% faster client onboarding process. Through automation and a unified customer view, firms can ensure a delightful onboarding journey that strengthens compliance and enhances the overall customer experience.
Finally, there’s a 30% increase in qualified opportunities, thanks to FullCircl’s Business Intelligence Graph (B.I.G)™. This powerful tool enables firms to identify and seize opportunities swiftly and confidently, ensuring they connect with the right customers at the right time, with the right message.
Read the full blog from FullCircl here.
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