Plenty of buzzwords follow client facing professionals around and are often referenced in discussions as proof of the understanding the support team has during individual client interactions. Terms like empathy, transparency and responsiveness are all basic tenets of a client facing team but they have been so wildly overused they have started to lose their integrity. We want to break through the obvious and get to the bottom line: clients want you to behave as you would if your own time and money was at stake.
As we have seen throughout and across industries, the client experience is shaped by more than just percentage of time a product was delivered accurately and on time, or the volume of the service offering. It hinges on a deeper psychological connection between the client and the service provider.
To be sure, having a form of measurement is critical, but you must have stakeholder consensus that your statistics can objectively present valuable, actionable data to indicate the true measure of performance of your client experience team.
The Data
In 2024, studies confirm the direct link between client satisfaction and increased financial growth for business service providers, manifesting in both repeat business and transitioning those clients to referenceable partners. According to the American Customer Satisfaction Index (ACSI), companies in financial services that score high on customer satisfaction metrics often see greater customer loyalty and higher client retention rates.
Similarly, insights from the 2024 Financial Services Benchmark Report by Smart Communications indicate that as customer expectations rise, institutions with strong communication standards and data security measures are better positioned to maintain client loyalty. This report found that 85% of customers deem consistent, secure communication essential to their satisfaction, underscoring how positive experiences with service quality lead directly to client trust and recurring business.
More eye-opening statistics:
- 63% of customers would switch to a competitor after only one or two negative customer support experiences (CX Scoop, 2024)
- Ninety percent of consumers believe customer support should offer accurate resolutions and have knowledgeable representatives. (Zoom, 2022)
- Eighty-two percent of customers say that customer support agent demeanor is an important element of an effective contact center experience. (CFI Group)
- Eighty percent of customers believe that companies should improve customer experiences, especially given the vast amount of data they collect. (Salesforce)
Additionally, your client facing teams must continually evolve with your clients. Zoom’s 2024 customer experience statistics reveal that companies with high client satisfaction scores are 29% more likely to receive additional investment in their customer experience initiatives, further reinforcing the financial impact of satisfied clients in fostering loyalty and new business growth. These findings indicate that focusing on tailored, prompt, and transparent client service can create substantial advantages for financial services firms looking to retain and grow their client base.
Tools are Equally Important
Of course we don’t discount that information delivery and self-service opportunities are often highly valued by clients. In fact, the ACSI’s 2023-2024 Finance Study highlights that features like prompt response times, reliable digital interfaces, and effective problem resolution are key drivers for customer retention, reinforcing that satisfied clients are more inclined to engage in additional transactions and recommend the firm to others. We will still caution firms to ensure that they don’t create tools just for the sake of having tools under the assumptions that’s what their clients want. See more on our thoughts about that here.
Financial information is often charged with emotion—whether it’s trade capture and lifecycle management, performance calculation, financial reporting, or managing investments in volatile markets. Client facing teams must create a sense of security, reassuring clients that they are more than just the sum of their transactions. We’ve seen first-hand how empathy allows us to build deep, lasting relationships with clients, making it easier to manage their expectations, especially in difficult times. And, unfortunately, we’ve seen firms that don’t view the client experience beyond the deliverable artifact (confirmations, books and record, financial reports), and those firms encounter circumstances that are difficult to recover from.
But not impossible.
Over decades of client experience management, our team has learned that the key to understanding is listening. Business owners, especially in the financial services sector, have taught us that understanding what clients truly need means not only addressing the obvious financial goals but also considering the unspoken concerns and insecurities clients might have.
One of the most important lessons we’ve learned is that, while clients may initially approach you with financial questions, their deeper needs often center on stability, peace of mind, or validation of their decisions. By investing the time to understand these underlying concerns, aesEXE helps clients define their service offerings with clarity and purpose. We propose customized models that empower our clients to remain adaptable while consistently reinforcing their own clients’ trust and loyalty.
By taking a client-first approach, backed by lessons from successful companies and business owners, service providers can foster loyalty and trust, creating relationships that last and grow. Whether it’s through proactive engagement, clear communication, or personalized service, focusing on the psychology of the client experience is key to long-term success in this industry.
Nearly everything is measurable. The key is to measure the right things, all the time, and ensure your teams are empowered to act on the data they should act on. Our proprietary tools empower client facing teams and allow them to create the metrics that matter most to your clients, and your stakeholders. You must determine what information is critical to measure. We can help.
Contact us to see how we can help you meet your goals.
Also read our post on the importance of the Chief Experience Officer.
