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COI performance: financial services & insurance

This is the second in our series of posts that look at industry trends in our latest COI Report. Last week, we took a look at customer experience trends impacting the retail and eTail industries, and today we’ll turn our attention to trends in the Financial Services and Insurance industries.

For the purposes of our COI reporting, OpinionLab combines retail banks, investment banks, brokerages, and credit card companies into its Financial Services database, while Insurance is a standalone vertical. Owing to OpinionLab’s strong depth in these two sectors, the COI analysis is based on over 1 million pieces of real-time Voice of Customer feedback collected throughout 2013.

Financial Services and Insurance are both industries where brands routinely make heavy investments to try to maximize customer experience performance over the long term. Based on what we saw in our latest COI report, it looks like many of these investments have paid handsome dividends.

Financial Services began the year with a sky-high COI score of 777. That lofty score dipped slightly over the course of the year, closing 2013 at 744. But that mark was still more than 215 points higher than the COI benchmark for all OpinionLab clients. The Insurance industry started the year with a COI score of 638, which climbed up to 672 at the end of September, before dipping slightly to 646 by year’s end.

Acing the customer experience challenge online, in branch, and on mobile devices means delighting customers at each and every turn. A great example of a brand that gets this is UMB Financial, one of OpinionLab’s top-scoring Financial Services brands. UMB Financial’s unparalleled customer experience performance across every facet of the organization helps explain its outstanding COI score. Whether a customer is banking online, establishing lines of credit or growing their business, UMB’s uncompromising honesty and integrity create an environment that consistently exceeds customer expectations.

With four industries down, our next post will turn its attention on the Travel & Hospitality sector and take a look at trends driving the customer experience in those industries.

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