Customer Experience Nightmares That Could Have Been Avoided

It may sound dramatic, but when you’re trying to open an account, make a deposit, or purchase something (e.g. car insurance), nothing is scarier than an inefficient, fragmented customer experience. Unfortunately, many organizations struggle to create a consistent, positive experience for customers, impeding their ability to remain competitive and protect their bottom lines.

That is because customers no longer base their loyalty on price or product but on the service they receive. According to PwC’s 2018 future of customer experience report, one in three customers (32%) will leave a brand they love after just one bad experience, while 92% would completely abandon a company after two or three negative interactions. What’s more, speed and efficiency (80%) matter most, and more than half of customers (52%) are willing to pay more for it.

With Halloween around the corner, we’re here to make sure you’re not scaring your customers away with slow response times and poor customer service.

Here are 3 customer experience nightmares that could have been avoided:

  1. The Account Opening Horror Show

What constitutes a bad customer experience? Sometimes it’s as simple as poor follow-up.

We recently spoke to Tom who was trying to open up a checking account for his grandparents from 1,500 miles away. After transferring funds into the account (at one of the largest banks in the U.S.), he began the process of adding them to the account, which required pages of documentation and proof of identification. While he was able to digitally verify his grandmother’s identity, the documents he supplied for his grandfather weren’t sufficient. Tom scanned and submitted his grandfather’s driver’s license – a process in itself – but never heard back from the bank. He followed up weekly, but it wasn’t until three weeks later that his original contact got back to him citing an internal routing error.

By that point, it was too late. Frustrated by the experience and what it indicated for his grandparents’ future interactions, Tom had already opened another account at a different institution. On top of losing business, the firm’s reputation took an indirect hit, as Tom was quick to share his negative experience on Facebook and Twitter, as well as with friends and co-workers, hoping to prevent them from ever banking there.

2. The Nightmare Before Closing On Your House

When a customer is in the midst of making a significant purchase or investment, there is nothing more maddening than a business behaving like they don’t want your business with slow response times and shoddy service. Consider applying for a mortgage. When it comes to getting the keys to the new place you will call home, every second counts. One customer we recently met with, Richard, described the emotional process of searching for a home for his growing family. He attended dozens of open houses, agonizing over every decision and devoting after-work hours to gathering extensive financial documentation, including W-2 forms, pay stubs, bank payments and tax returns. When his offer was finally accepted, he was down to two mortgage underwriters. One firm came back to him with requests for additional information – including information that had already been provided but was lost in the document shuffle. Richard felt like a nameless individual, one of thousands who was applying for a mortgage, and their response more than 4 days later validated those feelings. The other firm processed the documentation efficiently and without error, getting back to him and his partner in two days. Guess who Richard went with – and guess who he bad-mouthed to friends and family?

Customers have more options than ever at their disposal, making the first to respond to the first to win business. Efficient document processing is the first step towards faster, more reliable downstream transactional processing. In an increasingly competitive market, don’t let outdated upstream workflows prevent you from winning business and delivering a positive customer experience.

3. Double Double, Account Servicing Trouble

John was a lifelong customer at a top financial services firm. He had opened a savings account with them 50 years prior and dutifully mailed in checks each month that he hoped would support his family through retirement. John was the only user on the account, never imagining the challenges his wife, Dorothy, would face when he unexpectedly passed from a heart attack in 2014.

John’s transactions were paper-based. Each month, his checks were sent to the firm’s central facility where they were scanned and held for several weeks, at which point an EIM firm would come in and move the documents to a storage warehouse. Although the firm was in the midst of a digitization initiative that would bring their historical document onto their new digital systems, outdated manual document processing and data extraction workflows (in the form of hundreds of full-time employees who went field-by-field to locate and enter the necessary information) made it an extremely slow and tedious process.

When Dorothy began reconciling accounts after John’s funeral, she was stuck in processing backlog purgatory, forced to wait weeks as the company tracked down the documents and verified details. In the interim, she was denied access to the funds she needed to cover monthly expenses, adding undue stress and anxiety during one of the most difficult times of her life.

Avoiding your own horror stories

Slow response times lead to customer frustration and churn. Don’t let poor internal processes and outdated, manual workflows be the information bottleneck that prevents your organization from delivering promised (and oftentimes critical) services to your customers. Contact us to discover how HyperScience can automate processing workflows, the first step towards improving response times and overall customer experience.

Credits

Copy: Annie Christian

Back to Articles