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How finserv organizations use DXI for better alignment and cross-functional collaboration

The FullStory Team
Posted May 24, 2023
How finserv organizations use DXI for better alignment and cross-functional collaboration

Here’s a scenario that may sound familiar for a financial services organization: 

The support team for Four Star Finance, an online banking app, is receiving complaints that customers are frustrated by the limit on the number of checks they can deposit at one time. This group of customers is vocal, but what’s the real impact of their issue? After all, fewer than half of consumers will actually leave feedback when they encounter friction. 

Based on that data, should the Four Star team assume that the number of customers who are annoyed by the check deposit limit is actually much greater than those who complain to support? Or are only a handful of vocal customers frustrated? How should you prioritize this in your app’s roadmap? 

The relevant stakeholders gather to discuss this topic, but everyone is using a different source of user data and has a different idea on how to approach the situation. The meeting descends into chaos. 

Many organizations—finserv or not—struggle with similar issues. Prioritizing digital experience updates is a complex process with many component parts, stakeholders, and dependencies.

When companies lack a single source of reliable experience data, everyone is reading off of different roadmaps—and too often nothing gets done to make a difference for the company or its customers. 


Enter: Digital Experience Intelligence

When a company has trustworthy, democratized data, it’s able to identify and focus on the efforts that will have the greatest impact on KPIs and customer priorities. Its stakeholders can align around the roadmap, make objective trade-offs, and work toward unified outcomes. 

The companies at the leading edge of digital experience have put time and thought into improving their workflows, organizational structure, and decision-making processes.

Perhaps most importantly, they’ve invested in a DXI platform like FullStory, so that all of these processes, decisions, and stakeholders have one source of truth for objective decision-making. 

Prioritizing with DXI

Let’s take a look at how the original scenario might play out when the finserv company has a Digital Experience Intelligence solution: 

The support team for Four Star Finance, an online banking app, is receiving complaints that customers are frustrated by the limit on the number of checks they can deposit at one time. This group of customers is vocal, but what’s the real impact of this issue? 

The relevant stakeholders gather to discuss this topic, and they have questions about how they should prioritize the complaints about the limit on check deposits. 

Using FullStory, the Four Star team is able to identify exactly how many users hit the limit on check deposits each day. Happily, it turns out that the number is low. But just to be safe, they set up a Dashboard to monitor this segment of users and plan to keep an eye on the numbers. They decide on a threshold: if the number of customers who meet the deposit limit surpasses 1,000 a month, they’ll revisit how they’ve prioritized this issue in their roadmap. 

What’s more, while conducting this investigation the team notices some frustrated sessions where the loading spinner remains on-screen for more than five seconds when a user taps “deposit check.” Slow page load times are cited as the most frustrating DX issue by 72% of consumers, making this a pretty glaring user experience issue for the app team. 

After using FullStory to determine what portion of their users are impacted by slow load times, the Four Star team determines that their check deposit workflow’s performance is a much more critical issue than the deposit limit. With this data in mind, the team is confident that prioritizing performance over feature enhancement will result in the greatest improvement to their app experience. 

A couple of stakeholders aren’t thrilled with this plan, but since it’s backed by real digital experience data, they agree that the approach makes sense. 

Data FTW

This world is still not perfect, but it’s significantly better for all involved. The company will increase revenue, customers will experience less friction, and employees have a framework and singular source of truth to be able to make decisions and move forward together with one cohesive plan—saving valuable time and resources.


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The FullStory TeamContributor

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Our team of digital experience intelligence experts shares tips and best practices.

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