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Research data from Forrester shows that customer experience (CX) leaders grow revenue faster than CX laggards, cut costs, reduce risk and can charge more for their products. Yet most of the world’s largest financial services businesses cannot clearly answer the following questions: “How much is CX improvement worth in annual profit?” or “How much of the annual profit comes from CX improvement?” When it comes to important business metrics, leaders in the FS industry are used to tracking “the money story” (return on equity, net profit and shareholder value) but don’t always know how customer experience and customer engagement — or the “customer story” — affect financial performance.
Particularly in times of reduced profits and with firms looking for cost savings due to the global pandemic, leaders in banking and insurance will have to credibly connect the customer story to the money story. Forrester’s Customer Experience Index (CX Index™) can help financial services brands connect customer and financial performance metrics. Forrester’s Customer Experience Index methodology measures how much the ease, effectiveness, and emotional experiences of customers strengthen their loyalty and ultimately drive business growth (not just in terms of advocacy but also customer retention and enrichment).
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