Despite an average drop in overall CX scores, UOB and Income Insurance have emerged as new leaders in banking and insurance, respectively
SINGAPORE, November 21, 2022 /PRNewswire/ — According to by Forrester (Nasdaq: FORR) 2022 Singapore Customer Experience Index (CX Index™), despite a positive evolution of CX scores in 2021, financial services companies from Singapore were unable to sustain this momentum, with average scores falling slightly in 2022.
Forrester’s CX Index in Singapore assesses the CX quality of financial services brands in the motor/home insurance and banking sectors. It is based on a survey of over 2,500 consumers in Singapore through 11 brands, including six insurers and five banks.
According to Forrester’s CX Index, how an experience makes customers feel, through a set of positive or negative feelings, has a greater influence on their brand loyalty than effectiveness or ease. Among the customers of that of Singapore banking industry who trusted a particular brand, 74% plan to spend more with that brand and will advocate for it. In contrast, among customers who feel disappointed with a particular insurer, only 11% plan to spend more and only 12% will champion that brand.
Last year, Singapore’s CX Index saw the highest level of positive change since its launch in 2018. Many brands, especially the insurance industry, which relied heavily on personal service from agents, used pandemic shutdowns as an opportunity to build CX equity with their clients. Unfortunately, most companies were unable to sustain this trend in 2022. For example, the insurance industry saw its average score drop significantly, with five out of six brands losing ground. Similarly, with the exception of United Overseas Bank (UOB), the banking sector saw no significant positive change in its CX scores.
In a turnaround from last year’s performance, UOB jumped five points to deliver the best CX of any bank and insurance brand this year. The bank doubled down on its digital experiences to deliver more emotionally positive interactions for its customers and improved its website and mobile app experiences. Income Insurance (formerly NTUC Income) has undergone a dramatic reversal in its rankings in 2022, rising from last to first among auto/home insurers. In a year that saw declining CX quality for all of its peers, the company improved its experience score on the website and mobile app.
“While financial services brands Singapore have steadily improved their CX quality over the years, which has now plateaued and most still only provide an ok customer experience,” said Amit Bhatia, senior analyst at Forrester. “To achieve CX leadership, brands need to dive deep into data to understand the key factors that most influence customer loyalty so they can prioritize their efforts.”
Forrester (Nasdaq: FORR) is one of the world’s most influential research and consulting companies. We help leaders in technology, customer experience, digital, marketing, sales and product use customer obsession to accelerate growth. With Forrester’s research, consulting, and exclusive events, leaders around the world are empowered to be bold at work, manage change, and put their customers at the center of their leadership, strategy, and success. their operations. Our unique insights are based on annual surveys of more than 700,000 consumers, business and technology leaders around the world; rigorous and objective research methodologies, including Forrester Wave™ assessments; 70 million real-time feedback votes; and the shared wisdom of our customers.
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