Consumer Affairs reports that 82% of account holders cite satisfaction with their bank’s digital platforms as an important reason why they haven’t switched financial institutions. This points to an important fact: A good digital experience is critical for retention—even for services as necessary as banking and insurance.
For financial services (finserv) or insurance organizations that aren’t already investing in their digital experience, 2023 is the year to begin the digital experience journey.
Forrester, on behalf of FullStory, recently conducted a survey of 239 business leaders to understand their digital experience challenges and strategies. Of those, 50 respondents work in the finserv or insurance space.
By nature, finserv and insurance companies usually have more compliance and privacy concerns to consider than other organizations in less regulated industries. In the past, this might have hindered these organizations’ ability to analyze consumer behavior and digital experience insights, sophisticated Digital Experience Intelligence (DXI) solutions offer privacy capabilities to meet the heightened needs of these organizations.
Keep reading for answers to questions like:
What does the future of digital experience look like for finserv and insurance companies?
How do finserv and insurance companies’ digital experience stack up to other industries?
How can teams build a business case for investing in DX tech?
5 digital experience findings from our survey—and how DXI is changing the game
When it comes to having DX tools in place, the playing field is level across industries
Fifty-four percent of finserv/insurance respondents say their organization lacks the tools to calculate or analyze advanced digital experience metrics. This is exactly in keeping with responses from all other industries—which averages 54%.
For organizations who want to be competitive in the digital sphere, investing in digital experience insights is a non-negotiable. As the saying goes, you can’t improve what you can’t measure. Without knowing exactly how your website visitors or mobile app users see your online experience, you’re effectively writing a blank check to any competitor who does.
While vetting and onboarding a Digital Experience Intelligence tool like FullStory requires some effort up front, having DX insights at your fingertips will ultimately save time for team members. And FullStory is particularly easy to implement and use, with a robust set of user guides to help.
For finserv, PII is a pain
Thirty-two percent of finserv/insurance respondents strongly agree that their organization would benefit from collecting Personally Identifiable Information (PII), but lack the ability to anonymize or effectively store it. On average, only 22% of respondents from other industries feel the same way.
With an autocapture-focused DXI solution like FullStory, there’s no such thing as “not collecting the right DX data.” Out-of-the-box, FullStory safely and privately catalogs all digital experience interactions, allowing you to analyze customer behavior both retroactively and in real time. DX data is at your fingertips to answer all of your questions, plus those you didn’t even think to ask.
Plus, with Private by Default, you can rest assured that unwanted or sensitive information is never collected and stored.
For example, FullStory’s robust privacy settings have impressed Finicity, a financial data aggregation company. Rather than logging all user text input like other analytics solutions, Private by Default ensures that Finicity is only logging text that is specifically allow-listed.
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Some finserv orgs just can’t find the starting line
Forty percent of finserv respondents say their organization has DX data, but doesn’t know what to measure or where to start measuring insights from the data–slightly lower than the average of 46% across other industries.
If your biggest struggle with digital experience data is not knowing where to start, FullStory has your back. We know that digital experience data can seem overwhelming—after all, it’s likely that there are countless clicks, scrolls, searches, and other interactions on your site or app every single day.
That’s a lot to sift through to find relevant insights—which is why FullStory automatically surfaces the most action-ready insights that you might not have even known to look for.
Finserv and insurance lag behind other industries in understanding DX
Only 28% of finserv/insurance leaders surveyed strongly agree that their organization has a clear understanding of all parts of the digital experience. In the manufacturing, retail, and tech industries, 45–48% of leaders strongly agree.
For example, one finserv company noticed a spike in Rage Clicks on its account set-up page, which seemed to be causing abandonment. Through FullStory’s Session Replay, they found that users were clicking repeatedly on credit card logos meant to represent accepted methods of payment—but users thought they were buttons to select. Without FullStory’s DX insights, the company might have never known the issue existed—or if they did, might never have identified the cause.
Across the board, DX investments are growing
Half of finserv/insurance respondents say their organization plans to expand or upgrade its DX tools in the coming year. This holds true across industries: 51% of consumer product/manufacturing, 50% of retail/ecommerce, and 63% of tech/SaaS respondents say the same.
Long story short: If your organization isn’t investing in digital experience solutions, it’s likely that your competitors are. And with an investment as important as digital experience technology, it’s important to choose solutions that can stretch to accommodate your finserv or insurance organization’s needs as they grow and change.
FullStory’s Digital Experience Intelligence platform offers different plans in order to accommodate the needs of unique businesses, each offering more advanced features and analytics than the last.