- Sectors
Improving Customer Satisfaction in Banking & Insurance
Dealing with customer churn and new competition focused on the customer experience.
Unified feedback management to foster a customer-centric culture and build loyalty
Are you noticing increased customer churn as competitors increasingly focus on the customer experience?
Since 2015, the banking and insurance sector has undergone significant changes, leading to increased competition.
Easier cancellation terms for customers under the Hamon and Macron laws, highly ambitious new entrants, new offerings tailored to more specific niche needs… the market landscape is changing completely.
The importance of online reviews as a factor in decision-making and the quality of the customer experience has never been more critical for the industry.
Increased volatility
Customer retention and ensuring customer satisfaction are essential
Breaking down silos
Provide a consistent experience at every stage of the journey.
Digital Transformation
Changes in business processes and customer expectations are transforming corporate culture.
Current Key Challenges in the Banking and Insurance Sector Regarding Customer Experience
Customer satisfaction has become a strategic factor for banks and insurance companies in a market where customer churn is on the rise amid competition focused on improving the customer experience. According to a survey of 42 CX managers (source: Eloquant), 90% of them consider wait times to be the biggest source of frustration for their customers. Meanwhile, a Forrester survey (2022) revealed that 63% of consumers switch providers after two consecutive bad experiences, illustrating the importance of responsiveness and measuring customer satisfaction in banking and insurance.
However, the proliferation of offerings (checking accounts, loans, savings, insurance) and channels (branches, mobile apps, websites) complicates the customer journey. Without a unified vision and consistent management of the voice of the customer, internal silos can create friction points, hence the urgent need to offer a truly omnichannel and personalized approach. According to Capgemini (World Insurance Report 2022), 72% of policyholders consider it “essential” for an insurer to offer them tailored interactions, highlighting the central role of personalization and transparency.
In the face of these challenges, implementing a customer listening and feedback management program has become an essential tool for driving improvements in customer satisfaction in the banking and insurance sectors. By regularly gathering feedback from your customers at every stage of their journey, you can identify pain points more quickly, anticipate the risk of customer churn, and optimize regulatory compliance (GDPR, Hamon laws, etc.). Ultimately, this approach helps build trust and foster long-term customer loyalty in a competitive market.
Key features of our SaaS feedback management solution for the banking and insurance industry
Data Security and Privacy
Our ISO 27001-certified platform ensures the security of your and our customers' data. This allows you to protect your customers' privacy and build their trust.
A unified view for all your teams
Centralize all customer feedback (from branches, customer service, the website, etc.) in a single tool. This ensures that every department has the same view of the customer’s voice, guaranteeing a consistent experience and seamless collaboration.
Real-time alerts and reporting
Receive real-time alerts about dissatisfied customers or specific keywords. Respond immediately, maintain a high level of responsiveness, and keep your customers satisfied.
The Benefits of Listening to Customers in Banking and Insurance: A Powerful Driver of Satisfaction and Growth
Drive cross-selling and upselling through a unified experience
A unified feedback management system helps identify pain points at every stage of the customer journey (underwriting, claims handling, branch visits, etc.), thereby optimizing the omnichannel experience. At the same time, the more customers feel heard, the more likely they are to purchase new products or services. According to the Deloitte Global Insurance Outlook, 50% of policyholders would be willing to share more personal data to receive truly personalized offers. This finding underscores how much personalization and transparency contribute to increasing customer loyalty and cross-selling opportunities.
The Risks of Ignoring the Customer's Voice
Failing to invest in customer feedback carries significant risks: poor coordination between departments (banking, savings, insurance) creates silos, resulting in an inconsistent customer experience and rising dissatisfaction. Unresolved complaints quickly damage your reputation, and unhappy customers are likely to switch banks or insurance providers. At a time when online visibility and customer reviews influence purchasing decisions, ignoring customer satisfaction means losing ground to more agile, experience-focused competitors.
Boost performance and ROI through customer satisfaction
In an increasingly competitive banking and insurance landscape, actively listening to customer needs has become essential for sustaining growth. According to Bain & Company, retail banks with the highest Net Promoter Scores (NPS) grow twice as fast as those lagging behind on these metrics. In other words, making customer satisfaction a strategic pillar not only reduces churn but also strengthens brand awareness and trust in your brand.
Our client case studies in banking and insurance
Issues
Have a standardized, managed system in place to disseminate key performance indicators and identify areas for improvement
Response from SatisFactory
- Launch of two surveys
- Support from SatisFactory during the launch, with client teams gradually taking over management of the system
- In-depth analysis of customer reviews using AI and semantic analysis
- Real-time performance monitoring to quickly address issues
Issues
How can we start listening to our customers and engage our teams in a customer retention and loyalty initiative?
Response from SatisFactory
- 4 surveys: post-cancellation, claims, online enrollment, and annual barometer
- Dynamic emails and surveys tailored to specific products and distributors
- Semantic analysis to gain a better understanding of customer dissatisfaction
- Retrospective satisfaction: analysis over a given period and comparison between two periods
- Tracking dissatisfied customers and providing direct responses via the platform
Issues
How can we use the Voice of the Customer as a tool to foster a strong customer-centric culture within the company?
Response from SatisFactory
- 4 post-interaction email surveys
- Tailoring emails and surveys based on products and distributors
- Semantic analysis of responses to gain a deeper understanding of areas of dissatisfaction
- Tracking results by product and customer service center
Our track record in the industry
They trust us
The real-time satisfaction survey system implemented by SatisFactory has enabled us to identify areas for improvement and take initial steps
This project has enabled us to begin fostering a customer-centric culture within the company by establishing sustainable, shared satisfaction metrics and implementing a systematic follow-up process for dissatisfied customers. Our figures confirm the positive impact of our network of general agents on the quality of our customer service.
Thanks to SatisFactory, we have real-time access to the results of our customer feedback system. Flexible and user-friendly, it allows us to analyze the data easily.
FAQ on Industry-Specific Issues
Is it possible to manage multiple brands within a single feedback management program?
Yes. Large banking and insurance groups often consist of several entities, each with its own specific characteristics.
We manage multi-brand Voice of the Customer programs, each with specific requirements regarding brand guidelines, questionnaires, user profiles, and performance metrics.
How can we balance the need for customer insights with the need to gather more customer reviews online?
To address both needs, we recommend including an option at the end of the questionnaire for users to leave a review on Google, Opinion-Assurances, etc.
This way, you only reach out to your customers once, but you gather more insights about them and collect more reviews on the platforms that matter to you.
Which key indicator(s) should you choose?
The customer journey is very multifaceted, as it consists of several different experiences: visiting a branch, the application process, contacting Customer Service, filing a claim, adding a new product…
We must therefore establish the right metrics to measure the performance of each of them and consider metrics to drive brand loyalty.
We invite you to download our case studies or contact us to learn about best practices.
- Customer Experience, Feedback Management
- Surveys, Customer Loyalty, Customer Relations
- Past Events
Banking and Insurance News
- Customer Experience, Feedback Management
- Surveys, Customer Loyalty, Customer Relations
- Past Events
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