WATERLOO, Ontario, June 26, 2018 — Axonify, the world’s most trusted corporate microlearning platform, today announced results from a study, conducted by PMG Intelligence, which revealed that frontline financial services employees are in critical need of more in-depth and ongoing employee training to positively impact customer experience.
The survey, which polled 400 frontline bank employees and insurance advisors and 1,300 consumers located in the U.S. and Canada, demonstrated that many financial services frontline employees don’t have the confidence they require to deliver the best customer experience. Only 13 percent of financial services frontline employees feel equipped to answer all the questions they receive from clients, and 60 percent indicated that they were not completely satisfied with the employee training they receive.
The survey also showed that, among the customers who switched their main financial institution, poor customer experience was cited as the reason.
“As firms progress on their digital journey, they must deliver continuous training to ensure frontline employees are able to keep pace with change. Doing so empowers employees to deliver exceptional customer experiences while remaining engaged, which can reduce employee churn and customer attrition,” said Carol Leaman, CEO of Axonify. “Moving forward, firms must establish what information their employees and advisors need to know and deliver job-specific information to individuals in short, bite-sized chunks (microlearning) that fit into an employee’s workday.”
Overwhelming feedback suggests that employees and advisors believe training information is received too far in advance (before they have a need for the information), and isn’t reinforced over time. Additionally, 49 percent of frontline employees indicated that they do not have time to participate in training or that it needs to be done outside of regular work hours, and 26 percent replied that training is not engaging.
The study also showed that as employee tenure increases beyond five years, satisfaction with ongoing training (or lack thereof) decreases, which can then impact both the customer and employee experience, as well as employee retention.
Additional consumer-related findings include:
- Eight in 10 consumers interacted with bank tellers in the past year (on average, once per month).
- Three in 10 consumers interacted with advisors in the past year (on average, once per quarter).
- More than 10 percent of customers think the advice they receive related to products, processes and financial planning has very little value.
In March 2018, PMG Intelligence—a leader in financial services intelligence with a 25-year history of delivering insights to clients about attracting and retaining employees—conducted a quantitative study to explore how bank customer service representatives, investment and insurance advisors view the efficiency of workplace training. The survey was carried out both online and by telephone.
For the complete report, visit https://axonify.com/pmg-report-results.
Axonify is the only microlearning platform trusted by global business leaders to drive performance. With a proven approach that’s based in brain science, and uses adaptive microlearning and gamification to make employee learning effective and engaging, our platform ingrains knowledge deep enough to change employee behavior at work. With more than 130 customers in 95 countries around the world, including Walmart, Bloomingdale’s, and John Hancock, Axonify makes learning personal to the individual, and impactful for the business. Founded in 2011, Axonify is headquartered in Waterloo, ON Canada. For more information, please visit www.axonify.com