Create loyalty and a better experience with a strategy you might not expect
Reduce member anxiety using these three strategies.
Leading consulting firms, such as Forrester and Bain & Co., have long maintained that emotions are key in shaping customer experience perceptions. Bain reports reducing anxiety as the key emotional element of customer experience in banking. CUNA Mutual Group surveyed 1,005 consumers online to better understand how reducing anxiety shapes customer experience and loyalty perceptions.
Consumers Are Anxious About Finances
Findings indicate a sizable portion of U.S. consumers are experiencing some financial anxiety:
- 39% agreed with “I am more anxious when spending money today than I was five years ago”
- 29% agreed with “I feel anxious about my current financial situation”
- 20% agreed with “My level of debt is ruining the quality of my life”
Consumers rated their primary financial institutions on three standardized customer experience questions measuring the degree to which they accomplished what they wanted to, how easy it was to interact with their primary financial institution and how the interactions made the consumer feel. For all questions, consumers not anxious about their current financial situation gave significantly higher ratings than anxious consumers. In other words, anxious customers/members “ding” their PFIs by giving lower customer experience ratings.
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