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CXMB Industry Insights: Financial Services – Select Findings [INFOGRAPHIC]

Together with research partner COPC Inc., and report sponsor VXI Global Solutions, we are excited to share with you the latest installment of our CXMB Industry Insights series. CXMB Industry Insights: Financial Services marks the third release in the series, following reports focused on travel and hospitality and retail.

The report is aimed at providing insights into consumer opinions and behaviors, specific to the financial services industry. Topics in this report include customer care experiences, channel use, customer effort, quality of care, privacy, and a comparison on U.S. and Canadian customers.

The infographic below highlights a few key findings, but you can also download the full complimentary report here. 

Execs In The Know & COPC Inc. Publish 2017 Corporate Edition in Customer Experience Management Benchmark Series

Findings Show That Only About One-Third of Respondents Felt Their Company Offered Support in All The Channels Their Customers Want to Use — A Slight Increase Over 2016 Results.

PHOENIX, ARIZONA – April 3, 2018 – Advocates for customer experience professionals, Execs In The Know and COPC Inc., have announced the release of the 2017 Corporate Edition of the Customer Experience Management Benchmark (CXMB) Series. The 11th volume in the series, titled The CX Journey: Strategic and Operational Insights, provides an understanding of the current CX landscape. Specific areas of expanded exploration include channel consistency, quality programs, and CX priorities for corporate professionals. Traditional Care (phone, email, and in-person), Interactive Care (online/video chat, FAQ, and self-help), Social Media Care (Twitter, Facebook, forums, etc.), and Mobile Care (apps, text/SMS, and mobile chat) are all explored.

Key Insights from the 2017 Corporate Survey:

– Only 50% of respondents answered “Yes” when asked, “Is your company’s leadership fully committed to a customer-first strategy?”

– Thirty-four percent of respondents didn’t believe their company had a good understanding of which channels their customers preferred, nor how these preferences differed from current channel offerings.

– Interest and investment in chatbots and artificial intelligence (AI) exploded in 2017, with more than a threefold increase in the percentage of brands naming chatbots and AI as the technology of most interest and/or investment.

– Only 14% of respondents felt their brands were doing a good job of providing a consistent customer experience across channels and solutions, while only half of brands (51%) had any initiatives to create greater consistency.

The CXMB Series is a resource for customer care professionals, looking to enhance their customer care program, improve brand opinion, and drive customer satisfaction. Brands such as Marriott, Blue Rock Energy, The Mine, The Home Depot, LinkedIn, Hyatt, Desjardins, CIBC, Williams-Sonoma, Inc., and more participated in this year’s survey. Continue reading

Execs In The Know & COPC Inc. Release 2017 Consumer Edition in Customer Experience Management Benchmark Series

Findings Show That After Two Consecutive Years of Solid Improvements, Consumer Opinion Toward Customer Care’s Ability to Meet Needs and Expectations has Flattened

PHOENIX, ARIZONA – November 16, 2017 – Global leaders in the customer experience industry, Execs In The Know and COPC Inc., have announced the release of the 2017 Consumer Edition of the Customer Experience Management Benchmark (CXMB) Series. The report provides compelling insights into key areas of consumer expectations, opinions and perceptions in using multiple channels for customer care. Traditional Care (phone, email, and in-person), Interactive Care (online/video chat, FAQ, and self-help), Social  Media Care (Twitter, Facebook, forums, etc.), and Mobile Care (apps, text/SMS, and mobile chat) are all explored.

Key Insights from the 2017 Consumer Survey:

– After two consecutive years of solid improvements, consumer opinion toward customer care’s ability to meet needs and expectations has flattened

– With results going back to 2014, 2017 saw the lowest percentage of consumers avoiding interacting with customer care

– Whether or not consumers self-select the multi-channel approach (as opposed to being forced into it) continues to have a profound impact on resolution and satisfaction rates for multichannel engagements

– In-Person Shoppers place far more value on good customer service than Online Shoppers

The Consumer Edition of the CXMB series is a resource for customer care professionals, looking to enhance their customer care program, improve brand opinion, and drive customer satisfaction. The 2017 Consumer Edition is the fifth consecutive year of reporting on findings of U.S. consumers, in all age groups and geographic regions. The survey findings provide both an overview of the entire customer care experience and insights regarding specific channels, as well as two new sections about the purchase experience and customer effort.

“The 2017 Consumer Edition of the CXMB Series is our most comprehensive to date,” said Chad McDaniel, President and CEO of Execs In The Know. “With every CXMB Series edition we continue to expand questions and sections that are important to today’s CX Professional, in addition to comparing data over the years to identify trends and patterns. Our community find the reports highly valuable and love using these insights to benchmark, learn, and plan their future approach.”

The full 2017 Consumer Edition is available at https://www.execsintheknow.com/cxmbseries/2017-consumer-edition/. Continue reading

COPC Inc. and Execs In The Know Publish Retail Customer Experience Research Insights

WINTER PARK, FL — (May 24, 2017) — COPC Inc., a global consulting firm that helps companies improve operations to transform the customer experience, together with Execs In The Know, a global network of customer experience professionals, announce the results from their first retail industry survey, CXMB Industry Insights: Retail. This retail report was sponsored by Gladly, the customer service platform for the 21st century consumer. A key research finding is that almost half of both online and in-store shoppers think retail brands should focus improvement efforts on the customer care experience instead of other types of experiences, such as the shopping or purchase experience. To learn more about this and other findings, download the complimentary report.

CXMB Industry Insights: Retail is aimed at providing insights into consumer opinions and behaviors, specific to the retail industry. Topics in this report include comparisons between online and in-store shoppers in the areas of pre-purchase research, shopping, customer care, drivers of mobile device shoppers, and the multi-channel experience.

Findings reveal differences and similarities between online and in-store shoppers when it comes to the customer journey. Among the most popular methods of issue resolution — in-person, phone and email — online shoppers prefer to resolve issues via email, while in-store shoppers strongly prefer to resolve issues in person. However, both groups had low preference for self-serve solutions, including self-help and automated tools.

Additionally, responses between online and in-store shoppers are strikingly consistent when respondents describe what is most important to them when interacting with a retailer to resolve an issue. Customers want agents who provide clear communication, listen patiently, understand the issue, express empathy, and are empowered to break away from the script to get issues resolved. More information can be found on this infographic.  

Survey Insights:

– In the event of a customer care issue, 68 percent of online shoppers and 75 percent of in-store shoppers would rather interact with a human versus a self-help system to resolve the issue.

– Among consumers who frequently shop from their mobile device, 44 percent would choose email as their preferred communication method with a brand compared to just six percent who would choose a phone call as their preferred communication method.

– Thirty-five percent of survey respondents think retail companies do a better job of providing a positive customer experience compared to other industries.

“We know retail brands have a huge opportunity to differentiate themselves by providing an exceptional customer experience. We conducted this survey to show real customer needs and to provide actionable data that all retailers should consider to improve customer satisfaction and increase loyalty,” said Kathleen Jezierski, chief operating officer, COPC Inc.

CXMB Industry Insights: Retail is the second in a series of industry-specific reports and is an extension of the Customer Experience Management Benchmark (CXMB) Series, also published in partnership between COPC Inc. and Execs In The Know. The first industry-specific report examined travel and hospitality and is available here.

“CXMB Industry Insights allows us to dive deeper into various industries and provide relevant insights that our community members in each vertical are seeking,” said Chad McDaniel, president, Execs In The Know. “Our retail survey offers information about consumer perceptions, expectations and behaviors so that our community can have a better understanding of the customer landscape in online and brick-and-mortar retail.”

For more information about the findings of this retail research or the CXMB Industry Insights survey series, contact Judi Brenstein, vice president, COPC Inc., at jbrenstein@copc.com.

 About COPC Inc.

COPC Inc. is an innovative global leader that empowers organizations to manage complex customer journeys.  The company created the COPC Customer Experience (CX) Standard and provides consulting, training and certification for operations that support the customer experience. Founded in 1996, COPC Inc. began by helping call centers improve their performance.  Today, the company works with leading brands worldwide to optimize key customer touchpoints and deliver a seamless experience across channels. COPC Inc. is privately held with headquarters in Winter Park, FL, U.S. and has operations in Europe, Middle East, Africa, Asia Pacific, Latin America, India and Japan. To learn more about COPC Inc., visit www.copc.com.

About Execs In The Know

For over 15 years, Execs In The Know has built a reputation of excellence in the Customer Management Industry and a worldwide community of over 50,000 Customer Experience Professionals. Execs In The Know connects people to engaging industry content, thought leadership, current trends, peer-to-peer collaboration, networking and industry employment opportunities. Examples of this can be seen at their Customer Response Summit events, roadshows, webinars, workshops, Blog Talk Radio segments, Industry Benchmarking Series, blogs, thought papers and social communities. For more information, visit www.execsintheknow.com.

Three Social Media Trends in Customer Care

The following is a guest blog post by Jeff Toister,  Founder of Toister Performance Solutions, Inc. Click here to view the original post on the Toister Solutions website. 

A story about United Airlines and leggings recently went viral.

The gist was the airline was accused of denying boarding to two teenage girls because they were wearing leggings. There’s more to the story, but in the rush to share the news, many reporters wrote misleading headlines or got critical facts wrong.

It all started with a tweet from an uninformed bystander.

Tiffany Funk did an excellent job covering the story on the One Mile at a Time blog. It’s an excellent read that reveals many facts and misunderstandings.

What jumps out at me is this story presents a reminder that social media is increasingly critical to both Public Relations and Customer Care.

I turned to the new 2016 Customer Experience Benchmark report from Execs In The Know and COPC, Inc. for the latest trends on this important channel. You can purchase the full report on the Execs In The Know website (it’s a comprehensive read).

Here are some of the highlights that really stand out for me.

Trend #1: Which Department Owns Social Media?

In a situation like the one United Airlines faced, ownership is critical.

It was part Public Relations, where members of the public were outraged because of some false information. It was also part customer service, where the bystander sending the tweets to @united was still a United Airlines passenger.

That means these functions must work closely together, but only 21 percent of companies surveyed share responsibility between customer care, PR, and marketing. Here’s the breakdown:

One positive sign is that more companies than ever before are providing their social customer care agents with training.

Continue reading

Execs In The Know and COPC Inc. Hold 2017 CXMB Series Workshop in California at LinkedIn

Leaders Learning From Leaders at Insights-Driven, One-Day Event Focused on Customer Success

PHOENIX, AZ. April 10, 2017 – Following the recent release of the 2016 Customer Experience Management Benchmark (CXMB) Series Corporate Edition, Execs In The Know and COPC Inc. will be in Sunnyvale, California, on April 19, 2017, to host a CXMB Workshop. This exclusive, one-day event will be held at LinkedIn and offers customer experience professionals the chance to gather and share their challenges, successes and insights, while also making lasting connections in their local area.

The highlights of both the 2016 Consumer and Corporate Edition reports will be discussed in depth by COPC.

A few highlights from the findings:

– Although consumer opinion towards customer care has improved, gaps between consumer and corporate perception remain

– Preference for and use of Traditional Care slips, Email surprises and Mobile Care shines

– Consumer preference for live interactions over automated interactions remains strong, but companies continue to shift care away from live interactions and into automated channels

– Forced channel changes have a negative impact on both resolution and satisfaction rates

The featured speakers at the Workshop will be Scott Shute, VP of Global Customer Operations and Mark Quinn, Senior Director, Product Operations at LinkedIn. Scott is also a valued member of the 2017 Execs In The Know Corporate Advisory Board. Their keynote will focus on the Voice of the Customer at LinkedIn, how to best understand the needs of your customers, and tailor your customer experience.

In addition to the featured speakers highlighted above, there will also be presentations from subject matter experts on “Transforming From Customer Support to Customer Success” and “Keys for Personalized, Effortless Omnichannel Journeys”.

For more information visit the CXMB Series Workshop section of the Execs In The Know website at execsintheknow.com/events/cxmb-workshop.

If you can’t attend the event, but are interested in obtaining either the CXMB Series 2016 Consumer Edition, or 2016 Corporate Edition, visit execsintheknow.com/resources/cxmb-series/.

About Execs In The Know

For over 15 years, Execs In The Know has built a reputation of excellence in the Customer Management Industry and a worldwide community of over 50,000 Customer Experience Professionals. Execs In The Know connects people to engaging industry content, thought leadership, current trends, peer-to-peer collaboration, networking, and industry employment opportunities. Examples of this can be seen at their Customer Response Summit events, roadshows, webinars, workshops, Blog Talk Radio segments, Industry Benchmarking Series, blogs, thought papers, and social communities.

To learn more about Execs In The Know, visit https://www.execsintheknow.com. For more information on their Customer Management Recruitment Solutions, visit www.justcareers.com.

 About COPC Inc.

COPC Inc. is an innovative global leader that empowers organizations to manage complex customer journeys.  The company created the COPC Customer Experience (CX) Standard and provides consulting, training and certification for operations that support the customer experience. Founded in 1996, COPC Inc. began by helping call centers improve their performance.  Today, the company works with leading brands worldwide to optimize key customer touchpoints and deliver a seamless experience across channels. COPC Inc. is privately held with headquarters in Winter Park, FL, U.S. and has operations in Europe, Middle East, Africa, Asia Pacific, Latin America, India and Japan.

For more information, please visit www.copc.com.

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Here’s What’s New In Social Media Customer Service

The following post is a guest blog from Jeff Toister, Author, Consultant and Trainer at Toister Performance Solutions. Click here to view the original post.  

Social media is still an immature customer service channel.

That’s apparent when reading the latest Customer Experience Benchmark report from Execs In The Know and COPC, Inc. This report is the 2015 Corporate Edition and was published in 2016.

I previously analyzed their 2013 report and their 2014 report and came to the same conclusion each year. Most companies still don’t get social media as a customer service channel.

Six years ago, I did my own tiny social media study. That’s back when the Starbucks Twitter profile said that some guy named Brad did the tweeting. Things are pretty much the same as even back then. (Except for Brad. I’m not sure what happened to him.)

In this year’s report, I did see a glimmer of hope that more companies are starting to catch on. Social media customer service is still far from maturity, but it might be entering it’s adolescent years.

Below are three of the more interesting trends revealed in the report. You can also purchase the full report from Execs In The Know. It’s full of intriguing insights on social media plus more traditional channels (phone, email, etc.) and emerging channels like self-service and chat.

Social media concept

Trend #1: Ownership

More customer service teams are getting involved, and they’re getting more resources to do it. It still isn’t great. Here’s the breakdown of who owns the social media function:

JT_April2016_2 Continue reading

COPC Inc. and Execs In The Know Release Summary of Customer Experience Management Benchmark Series – 2015 Consumer Edition

ConsumerSummaryButton

Survey Reveals Majority of Consumers Utilize a Multi-Channel Approach, but Still Embrace Traditional Contact Channels for Issue Resolution

WINTER PARK, FL and PHOENIX, AZ — August 19,  2015 – Leaders in the customer experience management (CEM) industry, COPC Inc. and Execs In The Know, global network of Customer Management Professionals, have announced the release of the Customer Experience Management Benchmark Series (CXMB) – 2015 Consumer Edition Summary titled, “The Consumer’s Perspective:  Exploring Multi-Channel Customer Care”.

The summary presents a snapshot of the total survey results including the continued strength of traditional channels of customer contact by phone, email, and in person—if given a choice and assuming the customer’s issue would be resolved. The 2015 Consumer Edition is the sixth report of the CXMB Series.    Continue reading

Three Social Customer Care Trends You Need to Know

The following post is a guest blog written by Jeff Toister, President of Toister Performance Solutions which helps clients improve customer service through training, development, and consulting. The original post can be seen on Jeff’s blog

Social customer care should be entering an age of maturity.

The dominant social media channels have been around for awhile. Facebook is more than ten years old. Twitter is now nine.

In reality, best practices are still evolving.

Here are three trends from the 2014 Customer Experience Management Benchmark (CEMB) study that’s co-produced by Executives in the Know and Digital Roots. These trends all seem to indicate that companies are still trying to find their way.

Social media concept

Trend #1: Channel Priorities

You can tell a lot about a company’s social media priorities by who owns it.

The CEMB revealed that customer care is an owner or co-owner of social media channels in only 50 percent of companies.

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Why is this happening? Continue reading