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Most business owners know improving customer experience (CX) can reap rewards like higher revenues, increased customer retention and more new clients. However, according to a global survey by the firm Forrester, only 1 in 5 businesses use the information they gather about CX to explain why their businesses fail or succeed in areas like customer retention. That is a huge missed opportunity. When companies make an effort to measure customer service impact, they not only improve service...

Up to 85% of customer interactions are predicted to happen without human contact by 2020, according to a study by Gartner. Yet, customer relationships with little to no human contact seem rather far-fetched as conversation and interaction are often the core of any human relationship. However, we have ostensibly been heading in this direction for some time now. The trend towards self-service online customer support, such as FAQ tabs, review systems, and forum discussions has been...

The past few years have seen companies add game-like features into their products to enhance the customer experience, boosting engagement rates by as much as 150%. Starbucks’ new reward program gamifies the purchasing process by allowing users to view a drink as an opportunity to earn stars instead of spending dollars. MOOCs like Codecademy treat courses as games, with smaller milestones and a reward at the end of the class. Gamification is the idea of increasing customer...

As much as a positive customer service call can turn a casual customer into a loyal one, a mistake-ridden service call can lose a customer for life. According to Brian Solis, principal analyst at Silicon Valley’s Altimeter Group, the customer experience is becoming more important than the product itself. This makes the quality of the calls all the more vital. Consider the opinion of  Paul Greenberg, author of CRM at the Speed of Light and President of...

Over 93% of Americans have some type of financial transactional account, including checking, savings, money market, and call accounts. However, despite desiring a variety of choices in order to make informed decisions for their families and businesses, most Americans choose large national and regional banking institutions for their financial needs. In fact, big banks account for 74.8% of the total financial account market while smaller banking institutions and credit unions account for only 18.2% and 7%,...

Within the last decade, droves of customers have turned to technology to simplify their daily activity. With the touch of a screen, a ride across town is at their disposal with Uber. Consumers can book an overnight room with Airbnb. One swipe right on Tinder and a relationship can blossom. While financial service companies can also use modern tech to improve their customer experience, too many don’t. Optimizing the user experience around financial services is among the...

Is the customer always right? Maybe not, but their thoughts will always be an integral part of improving customer experiences. The Voice of the Customer (VoC) refers to feedback from customers on “their experiences with and expectations for your products or services”, according to survey software company Qualtrics. Feedback is more than just a survey—collecting VoC data is an in-depth process that compiles detailed information that companies can use to improve processes successfully. What components make up...

Gamification in the workplace is all the rage these days, but what exactly is it and can it have any measurable effect on a Key Performance Indicator (KPI)? Especially within the past several years, the term has become one of those ubiquitous buzzwords that tend to pop up all over the place across multiple industries. Gamification, in a business sense, could be described as using gaming techniques to motivate people to reach performance metrics. A closer look...

We’ve all failed at work. Whether it was an awful first interview, failure to secure funding from an angel investor, or failure to close a sales deal, everyone has tasted bitter defeat. The best thing about failure? There is a lesson to be learned, making it preventable in the future.  Failure is an especially difficult pill to swallow in the realm of the customer experience (CX). It can mean losing a customer or negatively affecting a...

The banking industry is undergoing a tremendous wave of innovation, prompted by necessity.Experts agree that banks who fail to make major changes in the next few years will become the laggards in the industry. Industry leaders create each new development to meet the challenges presented by new digital markets. What happens next determines what the entire space looks like moving forward. There are seven new ideas in particular which are disrupting the banking industry right now and...