{"id":52894,"date":"2022-08-05T08:14:35","date_gmt":"2022-08-05T15:14:35","guid":{"rendered":"https:\/\/newrcblog.wpengine.com\/us\/en\/blog\/?p=52894"},"modified":"2025-04-02T20:14:11","modified_gmt":"2025-04-03T03:14:11","slug":"new-report-how-to-drive-exceptional-customer-experience-and-value-in-financial-services","status":"publish","type":"post","link":"\/us\/en\/blog\/new-report-how-to-drive-exceptional-customer-experience-and-value-in-financial-services\/","title":{"rendered":"Report: How to drive exceptional customer experience and value in financial services"},"content":{"rendered":"

Heightened customer expectations for anytime, anywhere services, growing competition, and shifting workplace trends are putting new pressures on the financial services industry. RingCentral\u2019s second annual <\/span>Customer Success Metrics Survey in Financial Services<\/span><\/a> shows that deploying a cloud-enabled communications and collaboration platform can be a powerful tool for meeting customer expectations and driving value across the organization.<\/span><\/p>\n

Delivering significant benefits for employees and customers<\/h2>\n

According to the results of our recent survey, which included the opinions of executives and decision makers at financial services organizations in the U.S., the U.K., and Canada, RingCentral delivers significant internal and customer-facing benefits that position their organizations for success in this rapidly changing climate.<\/span><\/p>\n

In recent years, as new online products and services have emerged from financial services organizations, a growing number of customers have come to expect flexible, personalized mobile offerings. This trend has increased the need for digital transformation. For example, banks have seen an all-time high for mobile logins and check deposits along with spikes in call center interactions; insurance companies have observed increased use of digital tools for claims processing and call center<\/a> inquiries; and mortgage lenders have experienced record numbers of online applications and loan servicing inquiries.<\/span><\/p>\n

“Financial institutions recognize that the convenience and growth of digital services are leading to lasting customer shifts. Simultaneously, changes to traditional workplace models mean the industry must address the challenges of remote and hybrid work to maintain productivity and customer satisfaction.”\u201d states Matthew Lehman, Industry Principal for Financial Services at RingCentral. \u201cFor financial institutions to remain competitive, they must focus on both customer and employee needs. A unified communications platform, enhanced with AI to leverage the latest innovations, is a key component of a broader digital transformation strategy to meet this challenge and augment productivity.\u201d<\/span><\/p>\n

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Cloud communications driving value in financial services with RingCentral<\/h2>\n
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57%<\/p>\n

Increase in employee satisfaction<\/p>\n<\/p><\/div>\n

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37%<\/p>\n

Increase in customer satisfaction<\/p>\n<\/p><\/div>\n

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26%<\/p>\n

Overall ROI<\/p>\n<\/p><\/div>\n<\/p><\/div>\n

\n\t\t\tRead the full report<\/a>\n\t\t<\/div>\n<\/p><\/div>\n

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Real-life gains for RingCentral financial services customers<\/h2>\n

Our survey asked 189 RingCentral financial services customers about the real-life gains they\u2019re experiencing from deploying our all-in-one messaging, video, and phone (RingEX\u2122) solutions and our Contact Center solutions (RingCX and RingCentral Contact Center), and the findings revealed key benefits that address these employee and customer experience pressures.<\/span><\/p>\n

Some key findings include:<\/span><\/p>\n

57% increase in employee satisfaction<\/h3>\n

Remote and hybrid work can result in unintentional barriers to productivity, including departmental silos and the need for multiple apps to collaborate and share information. RingCentral eliminates many of these pain points and promotes more effective and efficient work, delivering an average 39% increase in employee productivity and a 14% decrease in employee attrition.<\/span><\/p>\n

37% increase in customer satisfaction<\/h3>\n

Customers expect seamless, personalized, and fast service across all channels, and customer service has become a key differentiator in the fight to win and retain business across all financial services. There\u2019s a direct line between the capabilities RingCentral can provide to financial institutions and their ability to meet these growing customer demands, resulting in a 37% boost in customer satisfaction satisfaction (CSat) among financial services organizations that use our solutions.<\/span><\/p>\n

26% overall ROI<\/h3>\n

Oftentimes, replacing legacy infrastructure and providing the tools financial services organizations need to better serve customers and employees can be costly\u2014but not necessarily so. Shifting to the cloud can provide significant cost savings, including easier and faster configuration, deployment, and management, as well as reduced hardware spend, all while enabling more productive work. Together these savings and operational efficiencies add up to an average 26% return on investment. <\/span><\/p>\n

22% increase in revenue growth<\/h3>\n

Deploying cloud communications, collaboration, and contact center solutions simplifies communications and drives value and revenue growth across the enterprise. Many customers prefer interacting digitally, ushering in a new era of sales and opportunities, especially for organizations embracing UCaaS and modern cloud contact centers. A unified communications platform enables financial institutions to meet customers wherever they are through tools like:<\/span><\/p>\n