How FinTech Brands Can Use Sentiment Data to Improve CX
The banking experience has never been one to write home about. Typically, people don’t feel a strong connection to their financial institution because they view the relationship as purely transactional. With the introduction of banking and financial planning apps, this industry has taken on an even more robotic feel. Customers go their entire lives without interacting with an actual person. While this is great for saving time and resources, it can restrict brands’ ability to gather useful feedback and develop meaningful relationships with customers to prolong their lifetime value.
So, what if that all changed? What if you could get feedback from all of your power users? What if you could tell when customers were about to churn? What if you could build trust and lasting relationships with your customers? If you could identify shifts in behavior and sentiment, your retention rates would go through the roof because you’d be able to act on those emotions before they threaten your bottom line.
Money is Personal
Historically, personal finance is a topic typically held close to the chest, not often discussed with peers. Sharing financial flounders can feel embarrassing and declining balances make people feel vulnerable. Losing money can be incredibly scary, and gaining wealth can feel euphoric. When our financial future is uncertain or changing, emotions are heightened and people feel incredibly vulnerable. It’s a rollercoaster of emotions.
Money is seen as something highly personal, and many believe their financial status to be a direct reflection of who they are as a person. Although you may disagree with this notion, it’s just the way many people feel in today’s society.
Given the intensity of emotions associated with money, it strikes us as odd that financial institutions have yet to tap into this gold mine of sentiment data and customer experience insight. If you haven’t embraced a customer-centric approach to CX and feedback, it’s time to start. Once you start incorporating empathy into your customer experience and humanizing your communication, people will respond in powerful ways.
Churn is Avoidable
People leave their bank or financial institution for several reasons:
- Poor customer service
- Heightened fees
- Inconvenient hours and locations
- Bad digital experiences
- Poor customer service
But the majority of customers won’t tell you this. Yes, they might feel strongly about your brand, but 96 percent of unhappy customers never complain directly to you. But if you can’t fix what you don’t know, how do you prevent the same thing from happening again?
The bottom line is this: Most brands only hear from less than one percent of their customers, yet 90 percent of customers say they wish they were asked for feedback. Read that again. Ninety percent of customers want to give feedback, yet you’re only hearing from one percent.
This is dangerous because we know that the biggest mistake a brand can make is making decisions based on the feedback of a tiny sliver of their customer base. Better decisions come from more insight from more of your customers.
By proactively gathering feedback at the right time and place, you can start to paint a clearer picture of the customer experience you provide.
Sentiment is Actionable
Capture, analyze, act, repeat. Once you activate and empower the voice of the 99 percent of customers you’re not hearing from, you’ll be able to reveal insights you never had before. You’ll be able to track sentiment shifts (i.e. did people hate your newest app update?) and gain a clearer, more robust understanding of the entire customer experience from end to end.
When you can see a change in emotions, you can act accordingly. If a power user of your app suddenly shows signs of negative sentiment, you can intercept them at the right time to repair what went wrong before they leave a one-star review in the app store. The same goes for the reverse. If someone hasn’t been using your app for a while and frequently submits complaints suddenly begins exhibiting positive sentiment, you can harness their voice and amplify it through encouraging a five-star review or asking them what changed. These insightful reviews can then drive your product roadmap, identify issues within your organization, and improve your team’s customer experience strategy.
Customer sentiment data can help you:
- Gather feedback about new products or updates to existing products
- Gain context and get more out of NPS scores
- Target loyal customers to join special programs
- Intercept negative reviews and drive five-star reviews
- Identify gaps in communication and onboarding
- Provide better, more effective customer service
- Inform or validate your product roadmap
- Prevent churn and improve retention
- Remove silos between product, marketing, and customer service
Your team has the power to make the financial management process less stressful for your customers, and therefore boost their happiness. Don’t let the slow innovation cycle typical of the financial industry slow you down. You have the power to transform your organization through customer experience. It’s time to empower the customers waiting to give you feedback and unlock the data from the 99 percent of your customers you’re not hearing from.
Ready to get started? Schedule a demo of Apptentive’s customer experience solution today.