CXLign – Banking

CXLign – Banking is the latest offering from Rivel. We recently purchased the assets of Customer Experience Solutions, a company devoted to measuring and improving the customer experience of US banks. If you have branches in California, Connecticut, Florida, Georgia, Illinois, Maryland, Massachusetts, New Hampshire, New Jersey, New York, Pennsylvania, Rhode Island, or Texas, we have data on your customers and how they think about you.

Why Our Clients Engage CXLign – Banking

  • Customer loyalty is your main asset. To improve it, you need to measure it. We help you pinpoint your strengths and challenges, based on the views of your customers and prospects. 
  • Tracking customer experience leads to increased cross-sell, reduced attrition and lower costs
    • Increased cross-sell.  The average bank has just over 72% share of wallet from its customers.  We can tell you what you are missing and how to earn it. 
    • Reduced attrition.  More than one in ten customers changed banks last year. You need to catch them before they go. 
    • Lower costs.  Cut cost of acquiring new customers 34% by targeting exact pain points of competitors’ customers. 
  • Leading community banks are serious about measuring customer experience.
  • Nearly all banks (96%) say customer experience is a priority, but only 40% actually make it one. 
  • CX leaders stand out.  They outperform the CX laggards by 79%.
  • A CX leader in an industry will outgrow its competitors by more than double.
  • Fully 86% of consumers will pay up for a better experience, but only 1% of banks meet expectations. 
  • The #1 priority innovation project across companies is customer experience. 

According to our research, even a modest increase in satisfaction can have dramatic impacts on your bottom line:

  • 4.8% to 13.6% increase in loan balances
  • 6.5% to 18.7% increase in deposits
  • 5.2% to 14.8% increase in contribution

What products are available?

ANNUAL SUBSCRIPTIONS

  • The Customer Experience Benchmarks® — Shows how customers rate your bank on 50+ metrics, how that compares to local competitors, and how your procedures and policies (in technology, training, staffing, etc.) are impacting customers. It also reveals what percentage of your current customer base is loyal and what percentage is vulnerable (and why). In order to ensure the interviews are objective, we reach out directly to all bank customers (yours and your competitors’) and do not go through any bank to do so. As such, we avoid the response bias that you may get in conducting surveys directly with your own customers.
  • The Prospect Brand Benchmarks® — Shows what percentage of prospects (non-customers) are aware of your bank, how many would consider using your bank in the future, and the effectiveness of marketing in driving an image of strong reputation, community contribution, quality, technology, customer service, etc. The report also details exactly what would make local prospects switch banks. It is important to note that because this research is syndicated, we are able to complete tens of thousands of honest evaluations.

ONE-OFF STRATEGIC REPORTS (available to subscribers)

  • Acquisition Report® — Comprehensive evaluation of a potential acquisition target from the customer and prospect point of view. Includes trends in share of wallet, loyalty, vulnerability, customer service, problem incidence, technology, brand image, etc.​
  • Attrition Report® — Full examination of recently lost customers, including why they left, whether their attrition was preventable, what attracted them to the new bank, and if they can be won back.​
  • Barriers to Consideration Report® — Thorough analysis of why your current prospects are or are not considering your bank. Includes direct identification of target prospects, proprietary depth questions and analysis.
  • Competitor Snapshot® — Full report on all aspects of Customer Experience from the eyes of a competitor bank’s own customers. A total of 53 metrics covered, including trends for major metrics.​
  • Expansion Report® — Identifies market share potential in a specific set of zip codes. Includes market share in play, strengths and weaknesses of current competitors, and image of your bank among consumers and businesses.
  • Loan Process Report® — Deep dive into how your loan process compares to competitors and its impact on your customer loyalty.​
  • Opportunity Report® Assesses opportunity to capture market share from a specific competitor. Often used after a competitor is acquired, closes branches, has turnover, or in response to other market issues.​
  • Strategy Consulting Session® In-person senior consultant delivery of results and analysis with executive team, board, etc. ​
  • Vulnerability Report® – Full deep dive on the susceptibility of your own customers to be enticed by a specific competitor. Usually used for defensive positioning when a major new competitor enters the market.
  • Additional analytics Any further analysis of purchased reports.​

What do our clients say?

“This is absolutely brilliant, very well designed.”

Community Bank CMO using the results to improve marketing ROI

“Your reports are of great value to us, and you are doing a great service for the banking industry.”

CMO of a Community Bank


“We are enamored with your product. It gives us just what we need to grow.”

CEO of a major New York credit union


“Your benchmarking survey results have helped drive a lot of our marketing messages, both internally and externally, and will continue to do so in 2019.”

VP Marketing at Community Bank


“Originally, we did not have room in our budget for this, but we figured out that the consortium model will cost us a fraction of what it would cost to do it ourselves. Plus, the results are objective, and you have norms.”

EVP of Retail and Digital, Mid-size Community Bank


“This is reassuring as well as eye-opening. The benchmark confirms that we are as strong at servicing as we thought, but also shows how much work we have to do in improving our digital tools.”

CEO, Large Community Bank


“At first we were going to pass on the research because it was not in our budget and we were going to have to wait until next year.  But since we are going through a complete Core Conversion next year, we really needed to start a baseline of our customers before the changes start impacting them.  The cost was really not much.”

Customer Experience Leader, Community Bank