Many financial institutions (FIs) already measure customer experience (CX) at some level, using surveys, satisfaction scores, and other feedback tools to track customer perceptions and sentiment. But CX measurement doesn’t end with the data you collect. It begins there.
As CSP’s newest white paper, Stages of the CX Journey in Financial Services, explains, the real value of measurement comes when customer feedback leads to meaningful, positive change for your customers and your financial institution. In this article, we’ll take a closer look at the tools, strategies, and steps needed to accurately gauge customer feedback, understand the “why” behind the metrics, and translate that insight into effective action that strengthens customer trust and loyalty.
Use a Mix of Metrics
The right tools are critical to understanding how your customers feel about your organization and their most recent interactions. Three of the most effective ways to measure CX strengths, gaps, and opportunities include:
- Net Promoter Score (NPS): Gauges loyalty by asking how likely customers are to recommend your FI.
- Customer Satisfaction (CSAT): Measures satisfaction with specific interactions, such as a branch visit or customer support call.
- Ease of Doing Business: Reports how simple and seamless customers find your processes, thereby helping to uncover potential customer pain points or frustrations.
Keep in mind that no single metric can capture the full customer experience. Although each of these tools offers valuable insights on its own, when used in combination, they reveal a more accurate and complete view of how customers feel about your organization and their most recent interactions.
Connect the Dots
Scores alone won’t tell you where to make improvements or build on success. To make feedback actionable, connect it to specific teams, locations, or service channels. If mobile banking satisfaction is low, for example, explore whether specific features or other app issues could be at fault. Or, if a particular branch is performing well, look at specific team behaviors, management approaches, or local promotions that could be replicated elsewhere.
It’s also helpful to segment data by customer type (new vs. existing, personal vs. business), as well as by region or product area to identify trends. You can link those insights to business outcomes like account growth, complaints, or churn to see where CX is affecting performance. Finally, don’t overlook qualitative data. Open-ended survey comments can reveal context, emotion, and other factors that scores alone may miss.
Measure Across Channels
Customers interact with your FI across multiple channels, from mobile apps to in-branch visits, and they expect their experiences to be consistent from one interaction to the next.
To determine if you’re meeting expectations across the entire customer experience; therefore, you need to make sure CX measurement is just as integrated.
A holistic, omni-channel approach ensures no part of the CX journey is overlooked. Use specific tools to accurately capture feedback from each type of touchpoint (website vs. call center, for example), so you get a clear understanding of gaps and strengths, as well as how different points of engagement compare.
Ready to Learn More?
By choosing the right measurement tools, applying them across the full customer journey, and focusing on targeted action that drives meaningful and continuous CX improvement, you can make feedback a true engine for customer loyalty and business growth.
Learn more about the critical role of measurement and other key stages of the CX journey by downloading Stages of the CX Journey in Financial Services today. Whether you’re just starting out or planning to refine a mature program, contact our CSP team today to learn how we can help you turn metrics into a catalyst for targeted CX improvement that continuously earns your customer’s business.
