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Author: Joy Yap

User experience (UX) and customer experience (CX) have overlapping traits but completely different end goals. With that in mind, it’s no wonder people often confuse the two terms and misunderstand how to utilize them within their company’s product framework. In a technology centered business arena, understanding the fundamental differences between UX and CX is vital. Once you’ve got the basics of both UX and CX down, creating effective processes for your company then becomes easier to...

What is the 7% rule? Believe it or not, only 7% of all communication is conveyed verbally. That might sound very low, but factoring in vocal tonality, body language and other subtle cues this rule seems more plausible. There are various perspectives on the validity of this rule in relation to customer success. UCLA professor Albert Mehrabian developed the 7% rule in 1971 when writing a book discussing his research on nonverbal communication. The conclusion from his...

We’ve discussed the strong numbers behind these strong customer experience strategies and taken a look at how they impact banks positively. With banks moving beyond their sole focus on competitive rates, here are three banks which excel at shaping an outstanding customer experience and have a reputation for strong revenue gains to boot. USAA Bank USAA is known for its stellar customer experience tailored specifically to active and retired military personnel and their families. Despite having a mere...

Competitive interest rates are used to influence both the market value of bank assets and the customer’s ability to repay their mortgages and other loans. Because a change in interest rates can affect the cost of borrowing as well as bond and investment yields, financial institutions tend to be careful about any rate change. Keeping interest rates competitive is imperative for a financial institution. Not only do low rates drive investment into the stock market, they...

An outstanding Customer Experience (CX) journey can make or break your business. With good reason, too: satisfied customers come away with a positive impression of your business and can impact its profits. While the overall CX in the US is slumping (59% of companies experienced a decline in customer satisfaction ratings), e-tailers are among the five industries that improved their CX in 2015 ( e-tailers’ ratings rose to 82 out of the ACSI’s 100-point scale last...

Goldman Sachs is changing the traditional banking industry reliant on bank tellers and in-person service. The bank recently launched GS Bank, an online bank that promises a 1.05% APY and requires a minimum deposit of only $1. For a bank with a reputation for wealthy clientele, this shift might have come as a surprising change within its private wealth management arm. GS Bank is an FDIC insured savings bank that evolved from the acquisition of GE...

Effective sales pitches are a vital part of any organization’s path to building a loyal customer base and growing its business. The role of the sales team is to generate new business and ensure lead conversion. In fact, in your average organization, 13% of sales representatives bring in 87% of the revenue. That speaks to the importance of effective sales pitches. Anyone who has worked in a call center would be familiar with the plethora of abbreviations...

eCommerce is rapidly evolving. With an ecommerce juggernaut like Amazon opening its first brick and mortar store in Seattle last November and Bonobos growing its own in-person presence in Chicago, online retailers appear to be exploring new strategies. According to Statista, ecommerce accounted for $27.62 billion of U.S. retail sales in 2000. By 2014, the figure was $298.6 billion. What are these e-tailers objectives and what does the future of ecommerce look like? To understand these...

Online shopping appears to be the perfect method to grow a  company in an increasingly globalized world. Considering that everything you want to buy is a click away, it may be surprising that the Baymard Institute estimates that 68.6% of shopping carts are abandoned. This translates into approximately $4 trillion worth of merchandise lost every year! However, according to Business Insider estimates, 63% of these losses are recoverable. Here are 5 ways online retailers can encourage...