NEW YORK,—Glia, a provider of member interaction technology, has launched the Glia Interactions Index, which it said is a new way for financial services organizations to benchmark against similar institutions to quantify the efficiency, effectiveness and experience of their consumer interaction strategy.
Glia has also launched its first ever Unified Interactions Report based on this Index with nearly 15 financial services organizations contributing insights, and helping to validate these benchmarks, according to the company.
“The report provides actionable steps for how banks, credit unions and insurance companies can enhance how customers experience their brand,” Glia said. “In today’s interaction economy, customer interactions are where loyalty and revenue are made and lost. The Unified Interactions Index, based upon aggregated data from over three-billion interactions between financial institutions and their customers, helps banks and credit unions to compare their performance against industry benchmarks across 13 success metrics and create a single composite score.”
Glia said the composite score gives a better picture of the health of a consumer interaction program, instead of having to rely on CSAT alone.
‘Uniquely Offered’
“The benchmark data is uniquely offered for free by Glia, where it is normally only accessible through paid consultancy,” the company said. “The goal is to provide a more modern, detailed understanding of the value created by customer interactions across all forms of communication and collaboration by connecting interaction metrics to tangible business KPIs.”
Three Primary Goals
According to Glia, the Index measures against the three primary goals of nearly all consumer service, contact center and digital teams in the financial services industry:
- Efficiency, which includes lowering the overall cost-to-serve, reducing average handle times and eliminating unnecessary live interactions.
- Effectiveness, which includes revenue generation, new account openings and increasing AUM or premiums.
- Experience, which includes CSAT, NPS and CES scores; customer loyalty; and customer lifetime value.
“The Index integrates 13 different data points across these three categories to determine one unified, holistic performance metric, presented on a 0-100 scoring scale,” Glia said. “From there, the experts at Glia are available to work with that financial services company to find immediate, easy areas for improvement, identify and understand their strengths and implement a more sophisticated way to measure performance and success moving forward.
Coming in the Autumn
This autumn, Glia said it will release the Interactions Index Calculator, providing a simple, guided digital process for institutions to calculate their scores.
“This Index and Report will be continuously improved and updated; Glia plans to repeat the Unified Interactions Report again in 2025, including even more metrics,” Glia said.
For more info:
Glia’s Unified Interactions Report. In addition, a webinar will be held July 24th at 2:00 pm ET here.