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11 customer experience statistics you need to know

Consider these while preparing for TILA-RESPA and beyond

Over the last few weeks we’ve scoured the net for some relevant statistics and stories regarding the first “building block” of digital transformation: Customer Experience. For those of you who missed it, a post from last week discussed the concept and movement of digital transformation, and the three key areas that businesses are focused on to make that a reality for their organization.

Today, we’ll focus on the Customer Experience area by way of some interesting statistics:

1.     92% of companies surveyed reported a decline in customer satisfaction; consumers were most disappointed by inconsistent service.  (Salesforce.com)

2.     Consumers are two times as likely to share their bad customer service experiences than they are to talk about positive experiences. (2012 Global Customer Service Barometer)

3.     42% of service agents are unable to efficiently resolve customer issues due to disconnected systems, archaic user interfaces, and multiple applications. (Forrester)

4.     89% of consumers have stopped doing business with a company after experiencing poor customer service. (RightNow Customer Experience Impact Report)

5.     A customer is four times more likely to buy from a competitor if the problem is service related vs. price or product related. (Bain & Co.)

6.      55% of consumers would pay more for a better customer experience. (Defaqto Research)

7.     It takes 12 positive customer experiences to make up for one negative experience. (Parature)

8.     83% of consumers require some degree of customer support while making an online purchase. (eConsultancy)

9.     45% of companies offering web or mobile self-service reported an increase in site traffic and reduced phone inquiries. (CRM Magazine)

10.   While 73% of companies with the most positive CX impact understand the link between customer experience and business results, only 35% of companies with the least positive CX impact claim the same. (Temkin Group)

11.   A 10% increase in customer retention levels result in a 30% increase in the value of the company. (Bain & Co)

So how is digital transformation and customer experience relative to TILA-RESPA?

Well, love it or hate it, at the heart of the CFPB’s march to Aug. 1, 2015 is the focus on the consumer. Think about what we’ve discussed on this blog regarding the changes TILA-RESPA will bring, the “on demand” expectations of today’s consumer, and complexity of the investment to go digital in order to meet these challenges more efficiently and cost-effectively.

Can you pull that off in your organization without any help? Have you already gone into freak-out mode seeing the slowly-exposed gaps from any of your existing vendors?

You’re not alone. In addition to our solutions that help you meet and exceed the challenges of TILA-RESPA, we’ve also created the TILA-RESPA Knowledge Center, where you can browse a knowledge base of articles and documents, or join the conversation in forums. Register today for your free account and get involved with the hundreds who already have!

All information and views expressed or implied are provided without warranty and are only the opinion of Pavaso, Inc. Each participant should seek legal representation for legal interpretation of the ruling and the CFPB directly for final instruction and interpretation.The final rule can be found here.

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