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The Shell Game

You remember the shell game? Three shells with a ball under one, spin them around with some sleight of hand and see if your mark can find the ball. Simple enough, right? Several $20 bets later and you realize that even something as simple as finding the ball, a one-out-of-three chance, is next to impossible.

This is what’s been happening to lenders over the last few months as a result of the government’s stimulus package designed to provide relief for affected consumers. While it may have provided temporary relief to consumers, it has made the job of online lenders more difficult than ever when it comes to determining risk factors of applicants.

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Solving the Puzzle in Your Customer Data

If you’re like most FIs, insurance, ecommerce, or other online businesses, you probably have a load of customer data. But it is what’s hidden in that data that can make all the difference in detecting fraud, friction, customer satisfaction and creating a customer journey that makes purchasing from you a great experience.

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FI's Digital Transformation More Real Than Ever

I don’t usually talk in absolutes, but there are two things that are absolutely clear about the effects of the Covid-19 pandemic. First, there will be more demand for online financial services, from a broader spectrum of consumers (by a large margin) than earlier projected growth rates led us to believe. Second, this mass migration to online services is uncovering several weaknesses in the FI space which will require the industry to step back and consider new ways to meet the demand of their customers.

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The Changing Face of Risk

As we continue to navigate the uncharted waters of the COVID-19 pandemic, risk is taking on a whole new face for financial institutions. What may have been seen as an average credit application a few weeks ago, now could be considered high-risk, or worse...fraud. And, I don’t expect things to change back very quickly.

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Lenders Tap The Brakes

There is no question, the current economic conditions are uncharted waters for most businesses today, including online lenders. It is ironic that as thousands of households are tightening their belts and looking to unsecured loans as a way to bridge the financial gap, that online lenders are being much more selective in whom they extend credit.

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Why Do We Rely So Heavily on the NPS to measure CX?

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.

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Now Serving #29G6S08X

Are your customers feeling more like a number than a customer?

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Do Your CX Tools Show You What You Really Need To Know?

If you can’t see what your customer is experiencing in real time, how are you going to make their experience better?

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Putting Customers Back In The Customer Journey

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.

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The Digital Experience is Broken!

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.

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