Improving the Customer Experience is #1 Objective for Retail Financial Services | FC Business Intelligence Survey

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87% of participants surveyed in retail financial services believe that improving the customer experience is the number one objective in 2014 and 2015. However; only 7% feel that they are currently doing well in this area so far.

In a survey conducted by FC Business Intelligence in September 2014 of 150 participants in retail financial services, 87% believe that improving the customer experience is the number one objective in 2014 and 2015. However; the survey identified that only 7% feel that they are currently doing well in this area so far.

The survey also concluded that 76% anticipate increased investment in to analytics in the next 12 months and that the two most important things to do initially to improve the customer experience is to look at how to deliver an omni-channel experience, prove return on investment and commercialise the company’s analytics plan.

What needs to be done to take the industry that extra mile? Marsha Irving, Head of Financial Services at FC Business Intelligence commented, “Investment in to improved resources, internal infrastructure, human resources and up to the minute data and analytics programmes must be made to underpin the changes required in the retail financial services sector.”

FC Business Intelligence developed this survey in preparation for the Customer Analytics & Insights in Retail Financial Services conference and exhibition (24-25 February 2015, London). Earlier this year, the organiser hosted a delegation of over 150 industry professionals coming from retail banks, insurance companies, building societies, credit card companies, online aggregators, pay day lenders and alternative lenders to discuss issues around the implementation customer analytics in the retail financial services sector.

“There is a huge gap between where the retail financial services industry wants to be and where it is today” states Ms. Irving, “we believe that forums that bring the brightest minds in the industry together will leapfrog businesses to where they need to be faster than if they were to face a lot of unknown variables around customer analytics alone.”

Key focus areas of discussion at the conference in February 2015 including how to:

  • Attaining investment to develop an analytics blueprint for the business
  • Deploying analytics to all workforces from the boardroom to the call centre
  • Creating a centralised data dashboard and omni-channel platform
  • Building customer centres of excellence across all offline and digital platforms

Survey: Access‘The State of Customer Analytics & Insights in Retail Financial Services Survey’ results

Conference: View the Customer Analytics & Insights in Retail Financial Services conference website

About FC Business Intelligence

FC Business Intelligence has been around for over 20 years and provides news, reports and events services across 30+ industry verticals. Our Financial Services Analytics department has now run several different events including a US and UK version Banking and Insurance Analytics events which have been extremely well received across the banking sector.

Brittany Marshall, Head of Marketing, Financial Services Division, FC Business Intelligence
W: http://www.customer-analytics-in-finance.com | T: +44 (0) 207 422 4369 | E: bmarshall(at)fc-bi(dot)com

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