The challenges of optimizing customer experience in the financial services industry

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Financial service providers have undergone a significant transition in the last decade whereby the customer’s experience has increasingly transitioned online, with a complex array of functions being offered on a self-service basis.  For a highly regulated industry – that has traditionally been a face-to-face customer serving industry – this is quite a step change.

Optimal customer experience is essential – particularly when customers are managing their financial affairs.  Coupled with the risk of fraud, the financial services industry has some sector-specific challenges to address where customer experience management (CEM) technology, such as UserReplay, can help.

Optimizing the experience

Sites in the financial services industry are regularly split between secure and non-secure sections.  The non-secure areas are where potential customers experience their first interactions with the brand and are introduced to the various products and services.  A poor experience here, such as badly designed forms and errors in application processes, can reduce conversion opportunities.

In the secure self-service area, customer expectations are high and they wish to be able to complete transactions quickly and easily.  A poor experience could lead a customer to defect and try out a rival brands services. In addition, one of the main aims of the customer self-service function is to deflect customer service calls or branch visits – which incur additional cost to the business.

Finding and fix issues

Financial services sites are rigorously tested.  Nonetheless, undetected errors or poorly designed processes can occur.  Ensuring that problems are rapidly identified and rectified is an on-going and time-consumer process.  According to The Online Customer Experience – Counting the Cost of Not Knowing research study, commissioned by UserReplay, 58% of finance eCommerce professionals surveyed said that not having complete visibility of their customers’ online journey makes it significantly more challenging to plan and make decisions.  It also takes financial services providers a day to find and fix issues on average – a significant drain on resources and too slow in a time critical environment.

Customer services and dispute resolution

When customers experience an issue on their online banking site, they are likely to contact the customer service team.  Being able to visualize exactly what the customer did in real-time can help reduce the time required to service the customer and reduce the need for further calls.  Also, having this visibility means that resolving disputes with customers is much easier as you have empirical evidence of their interactions.

Fraud analysis

Online fraud can be detected by such behaviors as unusually high attempts at login or changing personal details midway through a process.  UserReplay can be configured to recognize fraudulent behavior and to notify managers of unusual incidences.  As well as real-time responses, it also provides a wealth of data for forensic fraud analysis and to guide on-going fraud strategies.

Tag based capture becomes a realistic option

Regulatory issues around third party storage of data is a key issue for financial services organizations and means that SaaS based CEM solutions have traditionally been out of bounds for financial services companies.  This has meant that, up to now, they have not been able to take advantage of high fidelity session replay and/or advanced capabilities such as form analytics.

In response to this challenge, UserReplay has launched an Enterprise Tag capability that is now available within its installed software offering. It uses a JavaScript tag to capture the customer journey data. The only difference with UserReplay’s SaaS option is that data is directed to the customer’s own servers rather than UserReplay’s hosting environment. This is particularly advantageous for brands that want to capture PII data for customer services, fraud analysis and dispute resolution use cases but also want the advantages of capturing data at the client side.

To find out more about Enterprise Tag and UserReplay’s various deployment options visit here.

Darren Ward, Director of Product Marketing, UserReplay