June 9, 2022 – The current state of customer experience in the financial services and insurance industries is defined by contradiction. There is widespread consensus about the importance of CX but little agreement as to how it should be organized, implemented, measured, and improved. Budgets and headcounts have increased in many cases, but specific strategies for deploying these resources and investing in capabilities seem to be inconsistent and beset by challenges in communication, measurement, organization, and governance.

This report explores these challenges along three main paths: what kind of contact points consumers have with brands (contact-based CX), organizational intentions vs. actions and execution, and the effect of company size and industry type. Based on Aite-Novarica Group’s Q1 2022 quantitative study of 210 insurance and financial services professionals who have insight into CX strategy, the report explores important differences between industries, organizational models, communication channels, and CX capabilities.

This 45-page Impact Report contains 32 figures. Clients of Aite-Novarica Group’s Customer Experience or Retail Banking & Payments service can download this report and the corresponding charts.