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The ONR Group
FSI: STATE OF CX 2024
How to Showcase High Level of Knowledge
Financial service institutions (FSIs) aiming to strengthen client relationships should focus on three key areas: professionalism, ease of interaction, and product knowledge. Advanced analysis shows that brands exhibiting ease of interaction significantly enhance the overall customer experience.
But how can FSIs enhance their reputation in these areas to build stronger, unbreakable client connections?
Knowledge: A Key Differentiator
Clients expect a high level of product and service knowledge from FSIs. Currently, 43% of clients believe FSIs adequately demonstrate this knowledge. Leading FSI brands showcase their expertise 72% of the time, significantly enhancing their ability to build stronger client relationships.
Fig. 1: Percentage who considered brand as knowledgeable.
Avoiding Repetitive Requests:
Fostering Efficiency and Engagement
Top brands set themselves apart by ensuring clients do not have to repeat themselves when seeking help. However, this aspect is often neglected, as only 28% of financial services clients report that their brand avoids asking repetitive questions during support interactions—a significant shortcoming for most FSIs. Leading brands are nearly twice as likely to prevent repetitive requests, yet even they have room for improvement. Addressing this issue presents a key opportunity for lagging brands to enhance their competitive positioning by delivering a more seamless and knowledgeable customer experience.
Fig. 2: Percentage of brands that avoid asking repetitive requests.
Additional Insights:
Driving Long-Term Success
Top FSIs understand that continuous improvement is crucial. As client expectations evolve, brands that remain stagnant risk losing their competitive edge. Investing in training programs and integrating advanced AI for both self-help and live interactions are effective strategies to stay ahead.
Access to data-driven insights into client behavior and needs allows FSIs to personalize interactions, making clients feel valued. A consolidated data source that tracks client actions and prior information enables agents to provide tailored responses, creating a holistic client experience that fosters deep loyalty.
FSIs that prioritize these areas will enhance client satisfaction and build stronger, lasting relationships. By maintaining agility in their customer experience approach, FSIs can secure long-term loyalty and trust, ensuring sustained success in a highly competitive industry.
The Author: A Brief History
SEAN ALBERTSON
As a CX leader for 20+ years across companies from startups to Fortune 200. I have been at the forefront of transforming the customer journey to reduce effort and drive customer loyalty.
I love sharing my experience from the stage as an international speaker and as a CX advisor. I have created advanced CX programs leveraging text analytics, operational metrics, journey analytics and survey programs, with artificial intelligence driving real results.
He is the author of the award-winning book, 4ROCKS: Reduce Effort, Drive Loyalty, Transform the Customer Journey.
JASON TEN-POW
Jason Ten-Pow is a trailblazer in customer experience (CX) transformation, strategy, and analytics. He has worked with Fortune 500 companies and growth brands across various industries, including technology, healthcare, consumer goods, and financial services, to strengthen customer relationships, enhance retention strategies, and improve customer support processes. Ten-Pow has guided global giants like Intel, Deloitte, and Coca-Cola in mastering CX.
In 2001, Ten-Pow founded ONR, a pioneering firm focused on online research in customer satisfaction, experience, and segmentation. Under his vision and leadership, ONR has continuously invested in proprietary systems, research, and analytics tools to drive client business growth, improve customer journey strategies, and enhance post-purchase support and retention.
In 2021, Ten-Pow published the best-selling book Unbreakable, which outlines the five stages of CX mastery, providing companies with a roadmap to elevate customer relationships. His innovative strategies have transformed the way businesses interact with their customers, resulting in increased revenue, operational efficiency, and employee engagement for his clients.
In 2023, ONR launched its latest platform, bespokeCX, offering VoC, advanced customer intelligence analytics and actionable strategy development. This platform helps businesses understand their unique challenges and develop tailored action plans based on customer insights for a personalized, frictionless experience.
Based in Toronto and Orlando, Jason Ten-Pow remains at the forefront of CX excellence, committed to helping brands thrive through exceptional customer loyalty and strategic insight.
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