Five of the Best: Our Top CX Stories from 2023

Customer experience isn't the hot topic that it used to be, but it's still an imperative for banks and credit unions to stay up to date on. When retaining customers — while also building out a catalogue of incoming new customers — is of the utmost importance, no banker can fail to miss these top five stories.

1. Banking Loyalty is Falling. Here’s How to Reverse The Trend

Author: Jim Marous (The Financial Brand)

Date: June 20, 2023

Executive summary: Customer satisfaction scores dropped for multichannel banks in the first half of 2023, according to Forrester Research, a starkly concerning data point to look at for banks and credit unions looking to retain customers. What’s the key to keeping bank customers engaged, excited and loyal to your brand?

Quotable: “How an experience makes customers feel has a bigger influence on their loyalty to a brand than effectiveness or ease in every industry.” — Forrester Research

2. Great Customer Experience Requires a Great Decision Intelligence Platform

Author: Jim Marous (The Financial Brand)

Date: February 15, 2023

Executive summary: The vast majority of financial institutions in the U.S. let their data get stale before they use it in a meaningful way. Could a decision intelligence platform change that for good? And if so, how do banks and credit unions find the right platform? Read the full article to find out.

A key takeaway: When financial institutions are challenged by legacy data and product silos, a decision intelligence platform allows banks to deploy insights internally and externally at a speed and scale previously impossible.

3. 8 Lessons the Southwest Airlines Fiasco Can Teach Bankers (and Travelers)

Author: Brad Smith (Cornerstone Advisors)

Date: February 2, 2023

Executive summary: Earlier this year, Southwest Airlines took a blow from a horrible Christmas catastrophe that force the airline into brand recovery mode. In a response to his own fiasco of a trip with a flight gone wrong, Brad Smith from Cornerstone Advisors gave us the lowdown on the lessons banks and credit unions could learn from it all.

A key takeaway: Rule 3: Avoid any road trips longer than three hours after your kids are 14 years old.

4. Use of .bank Domain on the Rise to Counter Phishing

Author: Craig Guillot (The Financial Brand)

Date: March 28, 2023

Executive summary: Fraud is an evergrowing issue for the digital banking world — especially as artificial intelligence advances and gets trickier to identify. As cyberattacks get more sophisticated, one countermeasure that banks increasingly are adopting is the .bank domain. Curious to know if your institution should try it out for size? Learn more about the transition to a .bank domain.

A key takeaway: Phishing attacks rose by 61% in 2022, and financial services companies comprised a third of the top 25 most spoofed brands.

5. 7 Insights on How to Create a Winning Customer Experience Strategy

Author: Garret Reich (The Financial Brand)

Date: March 10, 2023

Executive summary: To celebrate International Women’s Month, we highlighted insights from women in the industry who have taken the customer experience playbook at their financial institution and made it a success. Read seven women’s takes on how they are improving CX in and out of the branch.

Quotable: “We want to make sure people are prepared to enjoy the experience and not have to worry about whether they are going to find everything they need. There’s an expression we use a lot around here: ‘We want to minimize the ‘who moved my cheese’ sentiment.'” — Reetika Grewal, Wells Fargo

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