30% of Businesses Report 4+ Contacts Needed to Solve Banking Onboarding Issues

Onboarding a “new anything” can be a pain, but when it’s a vital financial product or service that powers a business, it becomes mission-critical to resolve problems quickly. However, business owners say it’s not easy or fast to resolve onboarding issues. In fact, very few can fix problems in a single contact.  

We surveyed more than 4,000 businesses, from sole proprietors to massive enterprises, and asked them to rate their financial services customer experiences. The results are summarized in our 2022 Financial Services CXM Impact Report. 

Across the board, the businesses cited significant and surprising insights on the speed and ease of solving onboarding or activation challenges with their financial institution. In a nutshell, it took a while - and for some, a very long while -  to iron out problems with a financial product or service during onboarding and support.

30% of businesses said it took 4+ contacts to fix onboarding issues. That number jumps to 42% for enterprises.

The first thing we discovered from the survey results is nearly all businesses we surveyed - 90% -  said they’ve needed help from their financial institution. But few… just 1 in 4 businesses surveyed - and only 19% of enterprises - could resolve their issue in a single contact! 

On average, a third of all businesses said it took four or more contacts to resolve the problem.  That number skyrockets for large companies to 42%.

Less than 20% of enterprises solved their financial services onboarding issues in one contact.

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Why Can’t Businesses Resolve Financial Product Problems Faster?

The survey revealed two major frustrations business banking customers pointed to during onboarding. Both are likely contributing to bouncing customers around like a pinball machine, in multiple interactions.

Businesses say:

1. There are too many people and organizations involved in onboarding.
2. There’s an information gap, with businesses admitting their account team “lacks knowledge”  about their specific product or service.

Solving for Ecosystem Complexity 

Financial institutions can’t slim down their partnerships. If anything, they need to expand their ecosystem and collaboration with best-in-breed micro-services to introduce new offerings to businesses more quickly than they can build them. 

So, ecosystem complexity will remain a growing challenge. What financial institutions can do, however, is keep the complexity away from the customer using technology that aggregates all of the siloed information that’s scattered across different teams and platforms today and display it in a single screen so internal teams can see what’s happening with the customer at every moment, even if they are engaging with an outside partner who’s responsible for some aspect of the customer journey. 

Our CXMEngine is a revolutionary new technology that goes beyond traditional CX platforms.  It has emerged as a new solution to connect partners and financial institution teams in one place, providing everyone who is supporting the client with a unified view of their journey progress. Thanks to a tech connector marketplace that enables CXM, many of the world’s leading platforms, like Salesforce and Fiserv, can be plugged in, opening upvisibility to the organization's siloed data.

CXM platforms extend the functionality of the technology organization's already have, including CRMs, case management, phone systems and more so they can actually pull more value out of their existing investment and see a rapid ROI.

Download the complete 2022 Financial Services CXM Impact Report.

Learn more about OvationCXM’s CXMEngine and the business outcomes our clients are reporting, including higher revenue, lower attrition and increased NPS and employee satisfaction scores.

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