COVID-19 has accelerated the pace of digital transformation globally, forever changing the landscape of CX, digital risk, and fraud for financial, payments and insurance institutions. The ability to engage with prospects and clients in a digital environment has gone from a nice-to-have feature to a business-critical foundation overnight.
The coronavirus outbreak currently affecting the world population has concentrated our worries quite rightly on our families and friends. Their health and well-being are paramount. The pandemic not only has an immediate effect on us as individuals and our loved ones but has wider implications for the online lending industry and associated businesses.
I was looking over the “State of Digital Customer Experience Report – 2020,” published by CMSWire.com and Simpler Media Group, and many of my suspicions and observations were confirmed when it comes to the current efforts to improve CX using today’s most popular technologies. They fall short, typically making decisions based on treating symptoms and not the root cause of CX issues – friction in the digital customer journey.
Are your customers feeling more like a number than a customer?
If you can’t see what your customer is experiencing in real time, how are you going to make their experience better?
Somewhere along the way during the digital transformation era, the customer fell out of the customer journey. Just ask yourself, “Are our customers at the center of our digital transformation?” They should be.
In the early years of digital transformation, organizations digitized their customer interactions by merely replicating face-to-face and paper-based processes for the online world. Today, that’s simply not enough to meet the demands of a savvier digital customer.
Let’s face it, no one likes friction when it comes to completing tasks online. We completely get it. Yesterday, Neuro-ID announced the release of its inaugural FinTech Friction Index(R) Report, based on over 20 million customer journeys from the world’s top fintechs, analyzed through the lens of friction. Leveraging Neuro-ID’s proprietary, neuroscience-driven analytics and its Friction Index™, the report measures the real-time levels of friction experienced during the digital onboarding process, providing a window into the intent and mindset of the applicants. As an industry ‘first,’ the report ushers in a new level of understanding to improve the digital experience.
The Digital Experience is broken! Friction-filled processes have created unnecessary frustration, driving away valuable customers as they interact with brands online. While the move to digital has opened an exciting new world of opportunity to shop and purchase from any device, at any time, it has not come without a cost. Critical human elements have been lost, making it difficult to initiate and build lasting customer relationships. This “digital communication gap” between customers and brands have led to poor customer experiences and conversion rates that are a fraction of what they were back when face-to-face interactions were the norm.