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.
At the recent FICO World event, this sea change was evident for financial institutions – shifting focus from internal operations to customer centricity to better serve the online customer. Customer experience has clearly become both the key differentiator for consumers, and a prioritized cornerstone for digital transformation strategies. Onboarding and new account opening are the new landscape where success and failure are determined by what happens, quite literally, as the digital customer journeys through the application process.
However, disruption brings challenges and based on conversion statistics across the board, both brands and their customers are not entirely happy with the online experience. Lack of visibility causes their collective fingers to point to ‘friction’ as the primary culprit behind a less than pleasant customer experience. So how can FIs better understand what’s happening behind the screen and better serve their digital customers? By monitoring, measuring, and managing friction in the customer journey.
Neuro-ID’s customer experience analytics provides industry-leading visibility into how your customers are interacting with your online forms, a way to scientifically measure actual friction in real-time, with our proprietary Friction Index™. Detailed observations and insight from question-level data, collected in real time, empowers brands to identify and address high friction areas in the application process to create a better experience, improving satisfaction and conversion rates at the same time.
Key to success in the digital transformation, at the heart of interaction with your brand, is the customer and improved visibility around their journey. It’s here where the difference between conversion and abandonment delicately hinges on how well you understand what’s happening and how well you respond. Now, more than ever, it’s a good time to upgrade your analytics.