How Finance Surveys in Fintech Institutions Help Drive Business Growth?
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As the uncertainty caused by COVID-19 will exist for the foreseeable future, banks and financial institutions need to stay vigilant until a path to normalcy emerges. By catering to customer needs, motivating employees, and analyzing the operational and risk compliance implications, the finance sector can successfully facilitate its return to stability.
Here’s where a question arises – How do banks and capital markets maintain operational resilience even during the pandemic?
Importance of customer feedback in the dynamic financial landscape
The financial industry is ever-evolving, from cash to cashless/ digital money and from banks to digital services. The changes are made, but how do finance surveys fit into this?
Financial institutions lack insights on how to make their services seamless and accessible because they lack knowledge of their target customers’ needs. Surveys help you engage with the users, learn their needs, and initiate communication on how to align the services with their expectations.
Customer feedback guides financial institutions through the intricate terrain of market trends, dynamic customer expectations, and regulatory changes.
Adding competitive advantage with CX and EX
During uncertain times, customers matter more than ever so delivering superior customer experience (CX) can empower financial services businesses with enhanced customer loyalty as well as market revenue.
Likewise, focusing on employee experience (EX) can help businesses sustain employee engagement to strengthen organizational culture even during the pandemic. So, leveraging EX playbooks for achieving CX excellence can be the best way to infuse organizational agility.
Treating your employees nicely will go a long way. As exceptional EX enhances the productivity of the employees, it uncovers their full potential, which helps them drive business value. Enable your employees to make significant changes to the work arrangements and provide full support for it. By doing so, they will be able to seamlessly cater to the customers while fulfilling their family responsibilities.
In most countries severely hit by the pandemic, the role of the finance sector has become even more crucial. While customers are dealing with the loss of jobs, disrupted revenue, and fewer sources of income, financial businesses need to focus on elevating their customer experience (CX) to help their customers deal with temporary difficulties.
Providing necessary support & forbearance and meeting the “liquid” expectations of the customers will help build trust at an individual level.
How can finance surveys help?
Given the current situation of the COVID pandemic, finance surveys are the best way to understand how people are weathering through the crisis. A finance survey helps you explore the key drivers behind customer experience while empowering your employees to get a unified view of the customer journey.
To monitor and manage their customers well, banks and financial institutions need to invest in customer experience, which can be achieved using finance surveys. Here’s why you need to consider finance surveys for your business:
Customers prefer personalization
While the customers’ relationship with their financial services provider is purely transactional, offering personalized experiences to the customers can make them stay with the same bank longer. Using finance surveys can help you gain a true, 360 view of your customers. This lets you cater to them personally, which promotes client loyalty and boosts revenue growth.
Brand perception is crucial
Being an essential aspect of the business, customer service plays a pivotal role in overall brand perception. Most customers tend to cut ties with their financial service provider due to poor customer service; including finance, surveys can empower the customers to solicit their open & honest feedback. This lets you serve them better, which enhances your brand value.
For instance, conducting finance surveys to track bank customer service can help you gather customer feedback, which ensures a convenient banking experience for all your clients. In the case of personal finance, these surveys can help you gain in-depth insights into the financial health of your customers and their spending habits, too.
Use Voxco’s omnichannel finance survey solutions to fully understand your customer issues, align your employees, and pinpoint growth opportunities even in turbulent times.
Understanding customer needs
Today, the customer base is more diverse than ever. The most noticeable shift is in digital banking users. From women choosing financial services to medium-income earners adopting digital services, needs, and expectations are becoming diversified.
Finance surveys and customer feedback act as a source of real-time insights into shifting preferences and emerging trends. By tapping into customer sentiment, you can identify customer pain points and unmet needs, enabling you to tailor the services.
Building trust and loyalty
Trust is the currency of a financial institution. When you actively seek feedback, it demonstrates transparency and commitment to listening and addressing customer concerns. Establishing feedback loops and creating ongoing open dialogue with customers fosters loyalty. Trust is a powerful driver for customer loyalty, which translates into tangible business growth.
Compliance and risk management
The financial landscape is subject to severe regulatory requirements and potential risks. Customer feedback plays a vital role in identifying areas of non-compliance and potential risks. By incorporating customer insights into your risk management strategies, you can ensure that you proactively address emerging risks and meet regulatory standards.
Differentiating in a crowded landscape
With multiple institutions offering similar services, the financial sector is saturated. Leveraging finance surveys helps gather unique insights from customers, enabling you to identify opportunities for differentiation. Customer feedback can help uncover the strengths and weaknesses of your financial institutions, allowing you to make strategic decisions to set your company apart from competitors.
Voxco helps the top 50 MR firms & 500+ global brands gather omnichannel feedback, measure sentiment, uncover insights, and act on them.
See how Voxco can enhance your research efficiency.
In the dynamic financial landscape, customer feedback is not just a marketing obligation but a strategic imperative. Finance surveys guide you through customer needs, preferences, and expectations, enabling you to establish trust and meet regulatory standards.
Customer insights help you navigate the complexities of the financial market, foster innovations, and fuel sustainable business growth. By actively seeking customer feedback and placing them at the center of the decision-making process, you can create a business model for long-term success.
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