Key Insights From The Study · Banking, Insurance, E-commerce and Retail, seen as more effortful now as compared to pre-pandemic levels. This could be due to a combination of these sectors falling behind on effort reduction as well as customers’ tolerance to friction lowering · As organizations have digitised nearly all customer journeys, reduction of physical effort has hit the point of diminishing returns. Being effortless on the physical effort dimensions is now table stakes. · Achieving desired outcomes continues to need multiple attempts across industries. In a digital world, this translates into higher time required than what customers expect to spend. In a digital journey, customers have significantly lower temporal tolerance and even small delays impact how effortful customers perceive a brand to be. · Post purchase phase & especially customer support is the most effortful stage in Banking, Insurance & E-commerce. Need for multiple iterations to get the right support & multiple follow-ups on status are primary effort drivers · In Retail, in-store support is reported as most effortful. Effort to get the in-store representatives to understand the requirements is high · In e-commerce, choice overload in the process of choosing the right product drives the most cognitive stress and counterintuitively drives dissonance · Efforts put by the banking industry into designing digital processes for day-to-day banking are showing results with digital banking seen as easier as compared to branch banking · Going digital has helped Insurance organizations to make significant reductions in turnaround time required in the pre-purchase phase. Complexity of options & information asymmetry however drives cognitive effort 2/4
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