Top 34 Customer Experience Statistics You Should Know in 2024

In 2024, there’s more competition in banking than ever, and banking leaders are responding by focusing more on the Customer Experience. Simultaneously, technology has quickly advanced, and banks are working hard to provide seamless customer experiences across multiple channels. Banking leaders have taken on the responsibility for solving this complicated problem.

Institutions are innovating to simplify processes and meet the evolving needs of their customers. There’s been a greater focus on personalization as banks use data analytics to deliver tailored services, building deeper customer connections. As cybersecurity threats increase, banking leaders focus on maintaining trust through stringent security measures.

Banks are investing in robust security and focusing on transparency to reassure customers about the safety of their financial information. Things are changing quickly across industries, and banks prioritizing digital transformation, personalization, and trust will deliver exceptional CX.

So, how does this focus on CX translate into numbers? We’ve compiled a list of 34 statistics that show the results – from revenue increases to better operational efficiency. This list is a testament to the value customers place on CX in 2024 and the results companies that prioritize CX see. 

What Is Customer Experience?

Forrester defines CX as “how customers perceive their interactions with your company,” going on to say that good customer experience is:

Useful: It delivers tangible value to customers. 

Useable: It’s easy to navigate and engage with services. 

Enjoyable: It evokes positive emotions and engagement.

Only your customers can tell you if their experience meets all three criteria. 

Now, let’s get into the list and discover what we can learn about the current state of CX.

The Business Impact of CX Investment:

  • Companies that focus on CX see an 80 percent increase in revenue. (Zippia)
  • Customer-centric brands report profits that are 60 percent higher than average. (CX Index)

Rising Customer Expectations:

  • Seventy-three percent of customers now say CX is the number one thing they consider when deciding whether to purchase from a company. (PwC)
  • Forty-nine percent of customers who left a brand they’d been loyal to in the past 12 months say it’s due to poor CX. (Emplifi)
  • Sixty percent of consumers have purchased something from one brand over another based on the service they expect to receive. (Zendesk CX Trends Report 2023)
  • Customers are 2.4 times more likely to stick with a brand when their problems are solved quickly. (Forrester)
  • Seventy-two percent of customers want immediate service. (Zendesk CX Trends Report 2023)
  • Sixty-four percent of customers will spend more if a business resolves their issues where they already are. (Zendesk CX Trends Report 2023)
  • Seventy percent of customers expect anyone they interact with to have full context. (Zendesk CX Trends Report 2023)
  • Forty-eight percent of consumers expect specialized treatment to be a good customer. (Accenture)

Advancements in AI and Automation:

  • Eighty percent of executives have reported demonstrable improvements in customer satisfaction, service delivery, and overall contact center performance due to implementing conversational AI. (MIT Technology Review)
  • Globally, the conversational AI market is expected to grow 22 percent between 2020 and 2025, reaching nearly $14 billion by 2025. (Deloitte)
  • Fifty-seven percent of business leaders feel conversational chatbots deliver a significant ROI on minimal investment. (Accenture)
  • Fifty-four percent of support teams use some form of chatbot, VCA, or other conversational AI platform for customer-facing applications. And by 2027, chatbots will become the primary customer service channel for roughly a quarter of organizations. (Gartner)
  • Nowadays, 77 percent of businesses are using or exploring AI. (IBM)
  • AI can increase business productivity by 40 percent. (Techjury)
  • Seventy-two percent of business leaders agree that expanding AI/bots across the customer experience over the next 12 months is very important. (Zendesk CX Trends Report 2023)
  • Sixty-eight percent of business leaders already have plans to increase their investments in AI. (Zendesk CX Trends Report 2023)

Personalizing Experiences & Unifying Data

  • Seventy-four percent of agents say that having access to more tools and data will give them more opportunities to personalize interactions. (Zendesk CX Trends Report 2023)
  • Fifty-four percent of organizations stated that their biggest barrier to leveraging data was fragmented or siloed data. (Treasure Data)
  • Eighty-eight percent of online shoppers are likelier to continue shopping on a retailer website that offers a personalized experience, including 96 percent of Gen Z-ers and 97 percent of Millennials. (Elastic)
  • Fifty-nine percent of consumers believe businesses should use the data they collect about them to personalize their experiences. (Zendesk CX Trends Report 2023)
  • Sixty percent of consumers report becoming repeat buyers after a personalized purchasing experience. (Twilio)
  • Sixty-six percent of consumers say they will share personal data about themselves if they think it will elevate their customer experience. (Redpoint and Harris)
  • Sixty-two percent of consumers agree that personalized recommendations are better than general ones. (Zendesk CX Trends Report 2023)
  • Eighty-six percent of B2B customers expect companies to be well-informed about their personal information during service interactions. (Gartner)
  • Companies that grow faster drive 40 percent more revenue from personalization than their slower-growing counterparts. (McKinsey & Company)
  • More than 19 in every 20 CX leaders have invested or plan to invest in data integration, data integrity, or data enrichment technologies. (CX Today)
  • Seventy-two percent of leaders believe that merging teams and responsibilities around the customer experience will increase operational efficiencies. (Zendesk CX Trends Report 2023)

Driving Business with CX:

  • Eighty percent of leaders plan to increase customer service budgets over the next year. (Zendesk CX Trends Report 2023)
  • Ninety percent of businesses, regardless of their verticals, have stated that they have made CX their primary focus. (CX Index)
  • Organizations that demonstrate how customer satisfaction is associated with growth, margin, and profitability are more likely to report customer experience success and are 29% more likely to secure more CX budgets. (Gartner)
  • Eighty percent of organizations expect to compete mainly based on CX. (Gartner)

What are the major points of all these statistics? What can we learn from them?

  1. Investment in CX is a crucial driver of revenue growth for companies. For banking leaders, this highlights the importance of allocating resources towards improving customer experience (CX). This means investing in streamlined processes, user-friendly interfaces, and personalized services, increasing revenue through higher customer retention rates, increased cross-selling opportunities, and positive word-of-mouth referrals.
  2. Customer expectations are on the rise, necessitating businesses to adapt. Customers expect seamless and convenient banking experiences across various channels, including mobile apps, online platforms, and in-person interactions. To stay competitive, banks must continuously adapt their services to meet these changing expectations through digital transformation, innovative product offerings, and improved customer service.
  3. Ongoing advancements in AI and automation are shaping the future of customer service. AI and automation technologies offer significant opportunities for banks to improve customer service efficiency and effectiveness. Banking leaders should explore integrating AI-powered chatbots for instant customer support, predictive analytics for personalized recommendations, and automation tools for streamlining routine tasks such as account management and transaction processing. 
  4. Integrated data and personalized experiences are becoming increasingly crucial in CX strategies. Banking leaders should leverage data analytics to gain insights into customer preferences, behavior patterns, and needs. By integrating data from various touchpoints, banks can tailor their services and communications to provide personalized experiences that resonate with individual customers. 

CX remains a critical factor in driving overall business success and competitiveness.

Banking leaders must recognize that CX is not just a departmental concern but a fundamental driver of business success and competitiveness. Banks prioritizing CX differentiate themselves in the market, build stronger brand loyalty, and achieve sustainable growth.

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