Since launching the PositivityTechⓇ intelligent platform, we’ve met with dozens of financial institution executives. They have shared their need to listen more closely to their customers and to take action on the systemic patterns that manifest in their customers’ complaints. Here is what we’ve heard from them:
“We have so much innovative technology, and yet, we still don’t really know our customers.”
1. Financial institutions want to proactively protect and strengthen their businesses by turning complaints into strategic assets.
Today, the rise in customer complaints attracts media attention, amplifying consumer voices and driving regulatory scrutiny. To ensure our financial institutions are ahead of these issues, executives need to manage complaints proactively instead of resolving them one at a time.
“We have a lot of untapped customer data that is unstructured, and we want to understand its value to the customer experience.”
2. Financial institutions are beginning to recognize that their customers’ voices are their most valuable assets.
Executives understand the value that can be derived from customer complaints. Customer complaints can help executives flag future risks and take important preemptive steps, which can impact business performance. Managing customer complaints is like managing a portfolio, and can offer a multitude of new business opportunities.
“So much of our work is manual. We need to become more efficient at integrating our data.”
3. Financial institutions want to understand their market share of complaints.
Executives want to know how their customer complaints compare to their competitors’ customer complaints. This necessitates integrating data from internal and external sources, including customers’ voices and behaviors. When executives see that the PositivityTech platform has this capability, they are intrigued.
“Different parts of the organization use different tools and methods to understand the customer journey.”
4. Financial institutions need to better align their complaint categorizations.
Every executive we’ve spoken to has shared their need for standardized customer complaint categories. The PositivityTech platform develops categories that merge what customers say with how financial institutions can meet their needs.
“We need to be able to securely and efficiently integrate diverse data sources at scale with an end-to-end view of customer interactions.”
5. Financial institutions want to utilize complaints to impact their financial performance.
Instead of solely focusing on the volume of complaints, PositivityTech’s scalable platform focuses on the severity of complaints, which helps predict multiple business drivers, such as account attrition, customer engagement, and environmental risk management. All of these business drivers play a role in a business’s financial performance.
Our meetings continue to validate that the PositivityTech platform is helping financial institutions listen to their customers like never before, preempt regulatory and reputational risk, and grow their revenue in new ways.
If you’re interested in discussing your financial institution’s 2020 goals, we’d be happy to schedule a meeting. Please email me at marcia.tal@positivitytech.com. I look forward to hearing from you.