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The ONR Group
FSI: STATE OF CX 2024
Mastering the Art of Effortless Experience
Top financial institutions are differentiated along three dimensions: professionalism, seamless interactions, and expert knowledge. These qualities have earned them trust, loyalty, and dominance in a fiercely competitive industry.
​This article investigates how top brands make their interactions effortless and how this significantly enhances the overall client experience and deepens client loyalty.
Effortlessness: A Key Differentiator
Effortlessness is a key expectation for clients, yet only 38% feel that FSIs are easy to interact with. Top FSI brands excel at creating effortless experiences, with 70% of their clients reporting seamless interactions—7.7 times higher compared to failing brands.
A key stumbling block for middling and failing brands is to deliver an effortless client experience. Only 20% customers of middling brands report that their most recent experience was effortless.
This is a key reason why top brands are more loved compared to failing ones.
Fig. 1: Percentage who considered brand as easy to interact with.
Quick Response:
Fostering Value and Trust
Top brands set themselves apart by ensuring communication is both quick and accurate. While this might seem fundamental, it remains a major shortcoming for most FSIs. Leading brands perform significantly better, being nearly twice as likely to provide clients with prompt and accurate information when seeking support.
A total of 39% of top brand customers report that their inquiries were responded to quickly. Middling brands respond promptly only 28% of the time which is slightly lower, and struggling brands do so just 24% of the time. Quick and accurate responses build trust and show how much brands value their clients, which are key aspects of an effortless experience. Middling FSIs that prioritize clients’ time can close the gap with leaders by responding more quickly so that they can be perceived as more competent and reliable.
Fig. 2: Percentage brands that provide quick and accurate responses.
High Performing Tools:
Making the Website More Effective
Leading brands outperform in another critical area: simplifying client interactions through their websites, especially for accessing self-help resources. While FSIs often promote self-help channels, clients frequently struggle to navigate these websites. In fact, only 28% of clients report that the websites are easy to use.
Although leading financial services brands typically offer better online experiences, there is still significant room for improvement in user-friendliness and navigation. The gap between struggling and successful brands is narrow for this communication channel. This suggests an area of opportunity for middling brand to close the gap since leading brand websites are only slightly easier to use.
Fig. 3: Percentage brands that make their website easy to use.
Empowered Employees:
The Missing Link
Clients expect to interact with empowered agents who are not only knowledgeable but also have the authority to take action when addressing complex issues. However, only 32% of clients report that FSI representatives demonstrated this ability during their most recent support experience.
Top FSI brands understand that empowered agents are crucial for building long-term relationships. This is part of their DNA that is why these brands are four times more likely to provide support through frontline agents who have the authority to take action when needed.
This is the missing link that positions leading brands ahead of the competition for delivering effortless experiences.
Fig. 4: Percentage brands that showcase employee authority during client interaction.
Additional Insights:
Driving Long-Term Success
Clients' expectations are constantly evolving, and brands that do not adapt risk losing their competitive edge. While many FSIs are investing in new tools to simplify the customer journey, leading brands are investing more effectively and gaining a significant advantage by delivering more effortless experiences.
Top brands are combining thoughtful investments in technology to:
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Communicate more quickly
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Make websites easier to use
This is giving top brands a slight advantage over middling FSI brands. But if trailing brands prioritize these two actions, they can close the gap and achieve greater success in this highly competitive industry.
Most importantly, it is the ability of top brands to empower frontline employees with the authority to act that truly sets them apart in delivering a more effortless experience. To perform well in this area requires strong hiring and training and this is a gap that is more difficult to close.​
The bespokeCX Customer Intelligence Platform (CIP) identifies front line agents that are outperforming their colleagues and uncovers the reasons for their strong performance. Knowing who are top the performers and why they outperform provides critical insights needed for improving hiring, training, rewarding employees and reducing employee churn. To learn more visit www.bespokeCX.com.
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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