Top 5 Best Ways to Personalize the Customer Experience in Banking

Customer experience (CX) is much more than just a buzzword — it is an important factor in the success or failure of your business. In many ways, customer experience can be subjective, but with the right data and the right statistics, you can quantify the value of the customer experience. The numbers don’t lie and investing in customer experience leads to real results — from increased revenue to improved customer loyalty.

Here is a better look at our Top 25 Stats that Show the Value of Customer Experience created by the boostCX Team!

25 Customer Experience Statistics You Need to Know

Relevant statistics provide visual and quantifiable proof of the success of customer experience management strategies that your company may employ. A greater understanding of key metrics and industry benchmarks helps you and your business identify areas for improvement, allocate resources effectively, and demonstrate the impact of CX initiatives on the bottom line.

Why Are Customer Experience Statistics Important?

Customer experience statistics provide invaluable information on customer behavior, preferences, and expectations as they are related to your products and services. Analyzing these metrics can identify emerging consumer trends, anticipate the needs of your customers, and allow you to make data-driven decisions.

These statistics serve as a key indicator and will guide companies towards a better understanding of their customers and the factors that influence customer satisfaction. By analyzing customer experience statistics, businesses can take a proactive approach to the customer experience, identify potential issues, optimize customer journeys, and drive growth.

1. An estimated 84% of companies and businesses that work to improve their customer experience have reported increased profits and revenue
2. Data indicates that 87% of customers who experience excellent customer service will do business with that company again
3. Brands that put the focus on the customer versus products and services report profits that are 60% higher than businesses that do not put the customer first
4. 72% of customers that have a positive customer experience with a business will tell six or more people
5. When customers have a poor customer experience, an estimated 89% will choose a competing product or service
6. 80% of businesses and companies compete based on their customer experience
7. A positive customer experience is a key factor in purchase decisions for an estimated 73% of consumers
8. An estimated 90% of businesses — in a variety of industries — have reported that they have made customer experience a priority
9. 64% of customers have claimed that a great customer experience is more important than the price of products or services
10. Data has shown that 42% of customers are willing to pay more for goods and services if it involves a great customer experience
11. 96% of consumers have indicated that customer service is an important factor when related to brand loyalty
12. Personalization is key in retail and up to 80% of consumers are more likely to purchase products or services from a company when their experience is personalized
13. Companies that make customer experience a priority have more engaged employees and an estimated 79% of employees at those companies are moderately or highly engaged
14. Companies with engaged employees perform up to 147% better than companies that do not have an engaged workforce
15. 95% of customer interactions with a business are expected to be controlled by AI by the year 2025
16. An estimated 73% of customers appreciate businesses that ask for feedback and apply it to products and services
17. U.S.-based companies lose an estimated $62 billion each year due to bad customer experiences
18. Online customer service is important and an estimated 60% of customer touchpoints occur online
19. 67% of customers expect a resolution to their issue within 3 hours of reporting
20. An estimated 72% of customers prioritize immediate customer service
21. 48% of customers expect benefits for being a good and loyal customer
22. 80% of companies that have employed conversational AI have reported improved customer satisfaction
23. AI has the potential to increase productivity at a given business by as much as 40%
24. Up to 57% of businesses believe that chatbots provide an increased benefit for a minimal investment
25. 74% of customer service representatives believe that additional access to customer experience tools and data will allow them to personalize customer experiences

The power of customer experience is undeniable and understanding key customer experience statistics can help you make decisions based on hard data. To unlock the full potential of your customer data and elevate your customer experience strategy, we have created a list of our Top 25 Stats that Show the Value of Customer Experience.

In a competitive business environment, it is crucial to develop and deliver an exceptional customer experience at every point in the customer journey. It is no longer a luxury – it’s a necessity. The difference between a satisfied customer and a lost one often hinges on how you approach their needs, questions, and concerns. When it comes to customer experience management, there are two main approaches: reactive and proactive.

Understanding these approaches and their limitations is crucial for businesses that want to improve customer satisfaction and loyalty and boostCX may be able to help with an overview of reactive vs proactive customer experience management. boostCX is a leading provider of customer experience management solutions that empowers businesses to move beyond simply reacting to customer issues and take a proactive stance that fosters loyalty and drives growth

Differences Between Reactive and Proactive Customer Experience Management

Reactive customer experience management is a more traditional approach. Businesses wait for customers to reach out with issues or questions and then take action. This might involve a variety of methods that include fielding calls on a help desk or responding to emails and social media complaints. While reactive customer experience management can address immediate concerns, it can feel impersonal and leave customers frustrated if resolutions take too long.

Proactive customer experience management flips the script. Proactive businesses anticipate customer needs and take steps to address them before more serious problems arise. This could involve using data analytics to identify potential pain points, offering preemptive solutions, or reaching out to customers after a purchase to ensure satisfaction. Proactive customer experience management fosters a more positive customer experience, demonstrates attentiveness, and builds stronger brand loyalty in the end.

Features of Reactive Customer Experience Management

• Employs individual changes to address a single complaint or positive customer experience
• Uses limited methods of communication to interact with customers and resolve any issues or answer questions
• Puts primary focus on customer service with teams dedicated to resolving customer issues and does not always address the underlying cause

Features of Proactive Customer Experience Management

• Uses customer feedback – positive and negative – to identify common pain points and trends in the customer experience
• Provides more channels for customer interactions – phone, email, text, social media, and more. boostCX employs a 24/7 Live Agent Contact Center, social media engagement services, and online chat features to help you better serve your customers when and where they need help
• Looks at the customer experience as a whole to better understand when and how customer issues occur and then implements a plan to adjust products and services

Why Choose Proactive Customer Experience Management?

In an experience-driven economy, proactive customer experience management is the clear frontrunner. While a reactive approach might address immediate issues, it leaves businesses playing catch-up. The proactive approach to the customer experience empowers businesses to get ahead of the curve, anticipate customer needs, and address them before they become problems. Imagine delighting customers with personalized recommendations instead of scrambling to resolve complaints. This proactive approach fosters trust, builds stronger relationships, and ultimately drives customer loyalty and business growth.

boostCX empowers businesses to implement a winning proactive customer experience management strategy. Our suite of customer experience solutions provides the tools you need to gather valuable customer insights, identify potential issues, and personalize the customer journey at every touchpoint. With boostCX, you can anticipate customer needs, deliver exceptional service, and create a winning proactive strategy that sets your business apart.

Don’t let customer experience be an afterthought. Proactive customer experience management is the key to building lasting customer relationships and driving business success and we hope that is illustrated by this reactive vs proactive customer experience management comparison.

By anticipating customer needs and taking action before issues arise, you can create a smooth and positive customer journey that fosters loyalty and sets your brand apart