Say your financial institution has adopted new technology for customer service. How are you going to measure the success of this new investment?
There are a few statistics or data points that likely come to mind first: increased sales, improved conversion rates, decreased operating costs, and so on. However, there’s so much more to ROI than the obvious statistics, and only looking at the major factors might not give you the full picture. Without looking at these, you might be missing out on a whole trove of different insights into how well these products are performing, which could radically change how well you perceive these investments to be doing.
Here are a couple of different things you might not be considering right now as important ROI factors, but are definitely worth thinking about when assessing any given customer service investment.
Customer Loyalty & Brand Reputation
Maintaining a good standing with your existing customers is vital for the continued success of your business, and nothing earns the trust of your users quite like the customer service they receive. Being able to consistently deliver an excellent service experience and demonstrate a commitment to improvement and satisfaction will go a long way in producing a more stable customer base with a higher lifetime value.
Are you paying attention to the new customers you’re adding, but the existing customers you’re keeping loyal as well? Take a look at reduced customer churn, as well as using data-driven insights into the ways that your customers think about your service.
Cross-Selling and Upselling Opportunities
With digital customer service providing a more personal experience, this can also lead to some potential increased revenue in terms of enhanced upselling opportunities. The ability to provide more efficient, streamlined experiences creates a better environment for suggesting further products or services, and insights into digital user behaviors can uncover signs of potential interest. Are you considering (or taking advantage of) these potential revenue streams?
Risk Mitigation
In the highly regulated world of the financial industry, ensuring that you have the ability to ensure future compliance and security can be a massive benefit in itself. Being able to avoid potential risks such as fraudulent activities or shifting industry standards can (and certainly should) count as money saved when looking at the success of your investments. What potential risks is this new product helping you to avoid, and are you considering what you’ve successfully avoided along with what you’ve achieved?
Scalability & Future-Proofing
In a similar vein, being able to scale with time and stay future-proof is a major way you can get big returns. Avoiding needing to constantly update and refresh, choosing products with seamless integrations and holistic platforms will save on needing to invest in future upgrades. Is this product built in a way that will limit the potential for things to become out of date? Is it reliant on multiple touch points that could potentially become incompatible in the future? In this case, potential money saved is definitely money earned.
Putting it together
For financial services organizations selecting and maximizing the benefits of customer interaction technology is not just a matter of convenience; it’s a strategic imperative. Beyond immediate conversion and customer satisfaction, the returns of a ChannelLess interaction strategy encompass enhanced engagement, brand loyalty, data-driven personalization, operational efficiency, regulatory compliance, up-selling, and future-proofing your institution. By recognizing and fully crediting these often-overlooked returns, financial institutions can harness the true potential of their (and your) technology investments to achieve sustainable growth and success.
To see how others are using a ChannelLess strategy to improve business outcomes, click here.
