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The ONR Group
FSI: STATE OF CX 2024
Why Professionalism is the Ultimate Game in FSI
Top financial institutions have built their empires on three pillars: professionalism, seamless interactions, and expert knowledge. These qualities have earned them trust, loyalty, and dominance in a fiercely competitive industry.
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This article uncovers how top brands showcase their professionalism during client interactions and how this significantly enhances the overall client experience.
Professionalism: A Key Differentiator
Professionalism is a core expectation from clients, yet only 38% feel that FSIs conduct themselves in a highly professional manner.
Top FSI brands demonstrate a high level of professionalism 69% of the time, which is a major factor impacting their ability to nurture stronger client relationships. Conversely, failing brands showcase professionalism only 11% of the time which is a key reason why poor performing brands stumble when it comes to deepening customer relationships.
Fig. 1: Percentage who considered brand as professional.
Clarity is Key: Why Easy-to-Understand Communication Matters
Top brands differentiate themselves by ensuring that communication is clear and understandable. This may seem basic, but it’s a significant shortcoming for most FSIs. On average brands communicate in an easy-to-understand manner just 33% of the time.
Top brands are almost 2 times as likely to communicate with clients in a manner that is easy to understand (49%) while failing brands do so only 18% of the time.
Clear communication isn’t just about transparency—it fosters trust and confidence, essential elements of a professional relationship. Top FSIs prioritize simplicity in client communications more frequently by building this into their hiring and training efforts. As such, they are often perceived as more competent and reliable by clients.
Fig. 2: Percentage brands that deliver information that is easy to understand.
Ease of Interaction: Bridging the Self-Help Gap
Top brands work hard to make it easy for clients to communicate with them, especially when they need to speak with a representative. Middling and Failing FSI brands often push self-help channels and clients find it difficult to switch from self-service to human interaction. In fact, 70% of clients report frustration with transitioning from self-help to interactive support.
Leading FSI brands are more likely to invest in solutions that enable seamless transitions from automated systems to live assistance. This is a key reason why clients of leading brands are 3.7 times more likely to report that switching channels is easy compared to failing brands. Not only does this improve clients’ perception of a brand’s level of professionalism, but also the overall client experience.
Fig. 3: Percentage brands that make it easy for clients to switch between self-help and interactive channels.
Compassion and Empathy: The Missing Link
Clients expect not only knowledge and efficiency but also compassion, especially when they are dealing with financial difficulties or complex issues. Unfortunately, most FSIs struggle to show empathy when clients reach out for help. Only 34% of clients report that FSI representatives demonstrated compassion during their most recent support experience.
Top FSI brands know that emotional intelligence is key to building long-term relationships. By training their staff to not only solve issues, but also show understanding and empathy, top FSIs brands are 2.2 times more likely to show empathy during a client interaction. This fosters meaningful connections with clients which particularly meaningful in an industry where trust is paramount, and emotions can run high due to the sensitive nature of financial affairs.
Fig. 4: Percentage brands that showcase compassion 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 integrating advanced AI to assist in both self-help and live interactions, top brands are also investing in training programs that support building soft skills among front line employees.
Top brands are merging technology and employee training in a more effective manner to ensure:
1. Communication is easy to understand
2. Seamless channel hopping
3. Showcase compassion
The result is that top FSIs brands are more frequently able to showcase their high level of professionalism to customers. Middling FSI brands that prioritize these actions can achieve sustained success in this highly competitive industry.
The bespokeCX Customer Intelligence Platform (CIP) identifies areas in the customer journey that fall short of showcasing your brand's professionalism and suggests actions to improve and better highlight your brand's standards. 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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