A Harvard Business Review poll noted that the most critical part of customer satisfaction is reducing customer effort.

When customers don’t have to relearn the tools they use for their financial services, this makes life easier for everyone.

Quantifying Customer Experience

The study talked about the impacts of customer service in both subscription-based and transaction-based business. A common theme ran throughout the users of both types of customer experience.

Across all businesses, both membership and sales growth is driven by good customer experience. Customers who had “the best past experiences spend 140% more compared to those who had the poorest past experience.” The article also suggested investing in tools that provide your customer-base with a better overall experience.

The author also points out that  “the rationale we often hear for not investing to deliver a great experience is that the cost is high. Speaking to executives inside these businesses, however, we often hear the opposite. That is: delivering great experiences actually reduces the cost to serve customers from what it was previously.”

Making Life Easy for Customers

To drive engagement and provide the best customer experience, banks and credit unions must make interactions as streamlined and effective as possible. To do this, many banks are implementing fintech into their customer service routine.

A smart way to increase customer satisfaction through fintech is to create a user-friendly experience where they don’t need to learn to use new and complicated tools. Text messaging-based solutions, for this reason, have been the most effective way to do this.

Shastic works with banks and credit unions to enhance their customer experience and provide them with the tools they need to make communication easier.

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