What you know: Having a great customer experience is a must-have to put financial institutions ahead of their customers.
What you want to know: How customer experience can tangibly and monetarily impact your business.
To make things simple, we compiled the top 5 ways that great user experience can impact your bottom line:
1. Investment in customer experience = 5x increase in your return
Customer experience is more than just saying the right thing to your customers.
It’s about taking your customers’ opinions into consideration on how to create or iterate your current solution to have them come back. And to attract new customers.
Invest in ways of finding out the information you need from your customers to build a solution that focuses on customer experience just as much as product delivery.
2. Experience better financial performance compared to your competitors
A 2016 Market Research report by Vanson Bourne states that 23% of companies who focus on providing a great customer experience saw an improvement in their financial performance compared to competing companies.
3. Have an increase in revenue
The same report shows that 21% of companies that put investment towards their user experience, see an increase in their revenue numbers. It’s not a surprise that companies who prioritize customer experience in their solutions see a direct impact on their finances. Happy customers = returning customers = continued business for you.
4. Improve customer loyalty
According to Vanson Bourne, approximately 23% of companies who focus on customer experience find that they had an increase in customer loyalty and lifetime value. Give your customers what they want and they’ll keep coming back for more. Focusing on their experience shows them that you care. They’ll return as repeat customers because they’ll value the experience your solution and organization provided them.
5. Be ahead of customer expectations
It’s not enough to keep up with your customers’ changing behaviour. It’s time to start thinking ahead to be predictive of what your customers will want in the future. Look at their current behaviour patterns, keep an eye on the trends happening in the industry, and look forward at how these continuous changes will impact your user experience.
These 5 points are something to keep in mind before heading into your next department update meeting with key stakeholders. They’ll want to hear how investing in user experience will benefit the business and it’s up to you on how to communicate that.
If you found this helpful, check out our eBook User Experience and Digital Financial Solutions: The Bottom Line to learn more.
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User Experience and Digital Financial Solutions: The Bottom Line
to go over the opportunities, challenges, and taniglbe impacts that user experience can be used for when building a digital financial solution.