With the total number of complaints against financial service institutions increasing despite investment in customer service processes, data from the UK’s Financial Ombudsman Service revealed a 4% increase in customer complaints between 2016-17 and 2017-18. Poor customer experience costs the banking and financial services industry £5.81 billion in 2017.
Dr Gero Decker, CEO & Founder of Signavio, said, “Focusing on saving time and resources to become more efficient is an outdated way of looking at customer experience. Customer journeys are proving to be a great way of shifting the mindset when it comes to back-end processes. Although it is a business problem and not a customer issue, businesses need to align their processes with customer experience.”