Elements of the Customer Journey in Marketing Financial Services
Customer experience (CX) can be a key determining factor for consumers when deciding to become and remain customers of businesses across industries. Multiple studies have found evidence that companies that improve customer experience see increased revenue and cost savings. Financial service providers have paid attention and are investing in efforts to remove friction and increase engagement. Gaining a deeper understanding of the consumer decision-making process is a vital, ongoing task for these providers.
When consumers select and obtain financial products and services, their customer journeys increasingly span multiple devices, touchpoints, and channels. Each interaction and each transition is an occasion for a customer to become either more frustrated or more delighted with the service provider.
It is essential for financial-service providers to understand the awareness, consideration, and decision phases of consumer journeys. Fintech firms and other alternative financial service providers are identifying and exploiting friction points in customer journeys in order to shift market share to their platforms. Traditional financial service providers must do likewise to both defend and grow their customer bases.
This study examines consumers’ perceptions of and experiences with researching, comparing, and applying for financial products and services.
National survey –The survey will include 1,500 online interviews with consumers ages 18 and older.
Clients will have the opportunity to review the questionnaire and provide comments. The cut-off date for client input is June 12, 2020.