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How Financial Institutions Can Get the Most Out of Customer Experience Software

September 12th, 2019

So, your financial institution is looking for ways to better understand and strengthen the customer experience. Understandable—after all, customer satisfaction is one of the keys to brand loyalty. But it can be quite difficult to get inside the mind of your customers without the right tools. Your financial institution may lack the capacity to conduct frequent phone interviews or the technology to monitor customer sentiment. That’s where customer experience software comes in to save the day and deliver the insights you need in order to grow your customer base. 

There are quite a few online management tools out there, but they’re not all created equal. Today, we’re taking a look at some of the most helpful features and tools you can find in a customer experience management program, so that you know what to look for and how to take advantage of those valuable opportunities to strengthen customer loyalty, satisfaction, and retention. If you’re planning on testing out new customer experience software, you’ll want to make sure that it offers these key features. 

Insightful Dashboarding

Think of your dashboard as the hub of your customer experience management—an at-a-glance view of current customer service data. A good dashboard includes a view of aggregated data, narrow behaviors, customer comments, and any other stats that are important to your financial institution. Whether you’re brushing up on the overall numbers before heading into a meeting or preparing to do a deep dive into customer sentiment, this is the place to start. At Avannis, we can customize key aspects of your dashboard for you, providing you with actionable insights that will inform future changes to your financial institution’s customer service journey. 


Segmenting your customers by standard demographics like age and income will only get you so far. What else do these people have in common, and how can you identify those overlaps? Customer service software can give you a clearer picture of who your customers really are by breaking survey respondents into groups based on more than just age or education level. At Avannis, for example, we can break out your survey scores by a variety of categories, such as employee/branch, profitability code, product, and more. These new segments can help you see connections where there were none before, producing actionable insights that will serve you well moving forward. 

Sentiment Analysis

Sifting through hundreds of customer responses by hand will take you and your team too long to do any good. By the time you’ve digested and analyzed the results of just one yearly survey, it might be time to start the next one! And that’s not the only issue here. Ideally, one person would read and analyze all of your customer comments, distilling that information into helpful feedback for the entire team and also recognizing sales and service opportunities when they arise. But who is ready to take on that burden—and for an extended period, to ensure that comments are coded consistently over time? 

Thoughtfully designed and expertly executed surveys coupled with the right online tools can provide a clearer, more immediate picture of your customer base. Sentiment analysis offers an opportunity to focus on general customer feelings. We create a general sentiment analysis by coding customer comments. Instead of having to read through all those responses, you’ll be able to quickly view the overall sentiments for any portion of your business, identifying immediate needs and growing concerns. 

Push Reporting

Push notifications aren’t just for obnoxious smartphone apps that want you to buy something; they can be used as a customer experience management tool to alert the right people at the right time. Simply identify the criteria that you would like to trigger a notification. Whenever those criteria are met, a notification can be pushed to the relevant team and branch members. A push notification system can send alerts for urgent Action Items, such as a customer threatening to withdraw funds or an unresolved issue that has yet to be addressed. 

This system can be used for opportunities as well as urgent needs. Think of the benefits of your team being alerted when sales opportunities present themselves within a customer survey. A customer may be buying a car or house soon and find themselves in need of a credit card or a new method of saving. The element of immediacy lends urgency to recovery efforts and sales opportunities while keeping staff engaged in a positive way. If you have the option, give push reporting a try—and see how it affects your team. 

Industry Comparisons

While satisfaction is a key element in customer retention, you still need to do better than your competitors in order to keep your customers. That requires knowing how you match up to the competition. But how can you keep an eye on other financial institutions while also working to strengthen your own? Banking customer service software offers a neat solution in the form of industry comparisons. At Avannis, for example, we allow you to compare your financial institution to your competitors in everything from broad categories like overall satisfaction and Net Promoter Score to narrow behaviors like upselling at the teller window. Use these insights to your advantage by shoring up the weak points in your FI’s customer experience journey. 

Effective Customer Service Management With Avannis

At Avannis, we’re pleased to offer all of the above features and more, with no long-term commitments or contracts. Contact us today to get started increasing customer loyalty and retention with customized surveys, industry benchmarks, and valuable guidance. And don’t forget to follow us on Facebook and Twitter for the latest industry news and updates!