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Customers, especially those in the digital space, increasingly have  more choices than ever before. Most of us generally assume that more variety is linked to higher levels of satisfaction, but this need not always be true. Choice proliferation without sufficient customer support, which assists the customer during and after the buying process, may be linked to customer dissatisfaction. Businesses that fail to invest in the happiness of their customers are more likely to fail in the...

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...

From Facebook to Apple, some of the biggest tech companies are turning to bots in an attempt to simplify the online purchase process. Unfortunately, the reality is that the technology - regardless of its advances in logic trees, natural language processing, and machine learning - must always be backed up by real people. The human interaction is simply a necessary piece of the Customer Experience puzzle that will only increase in relevance to conversion rates over...

There are many potential touch points between customer and brand that result from a customer’s awareness, advocacy, and eventual purchase or use of a product. Each of these interactions is an opportunity for a company to “condition” the customer’s reaction to the brand, similar to the classical conditioning used by Pavlov on his dogs. The practice of conditioning is eliciting a desired response from customers who are reacting to stimuli presented within the framework of a brand’s...

If you were asked to think of an image that represents the word “infinity” you would most likely think of a sideways number eight, right? That’s the standard infinity symbol. Now let’s think about your buyer’s journey. This journey typically involves three stages. The first stage is Awareness. This is when your prospect is aware that they have a challenge that needs a solution. The second is the Consideration. The Consideration stage is when your prospect realizes...

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...

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...