Getting commercial about customer experience (and 3 things that should be high on your CX agenda)
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Customer Experience (CX) has become the buzzword of 2017, but why exactly should it be a key commercial priority for wealth management firms, and what are the three areas that should be at the top of your CX agenda?
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Getting commercial about customer experience (and 3 things that should be high on your CX agenda)
- 2. iress.com 2 Everyoneโs talking about CX Customersโ experience must match expectation Financial Times 2017 Predictions: Digital transformation and CX top the list Adobe 2017: Time to get serious about customer experience AMA Thriving in the year of customer experience MarTech Today 7 ways fintech is improving the customer experience American Banker
- 3. iress.com 3 of businesses say improving CX is a top priority. INCLUDING YOUR COMPETITORS Source: Forrester 70%
- 4. iress.com 4 Why should you care about CX?
- 5. iress.com 5 of consumers will pay more for a better customer experience. Source: Oracle 86% Why should you care about CX?
- 6. iress.com 6 Brand reputation is now the most important criteria when selecting a wealth manager. Why should you care about CX? Compeer / IRESS research 2016
- 7. iress.com 7Source: Harvard Business Review Why should you care about CX? Companies who successfully implement a customer experience strategy achieveโฆ Higher customer satisfaction rates Reduced customer churn Increased revenues
- 8. iress.com 8 What is good customer experience? โข Seamless โข Engaging โข Responsive โข Anticipate โข Flexible โข Reliable โข Removes the pain Google Pay image credit : downloadsource.fr - https://www.flickr.com/photos/downloadsourcefr/16627515576
- 9. iress.com 9 thingsthat should be high on your CX agenda
- 10. iress.com 10 Improve client reporting โข Improve quality and make it easier to consume โข Offer paperless โข Mobile - access across all devices, anytime, anywhere
- 11. iress.com 11 Automate manual tasks to enable scalability โข Reporting โข Communications โข Portfolio rebalancing โข Trade execution โข Account opening
- 12. iress.com 12 Develop a true omni-channel offering Empower your clients with choice โข Digitalise to meet clientsโ expectations โข Humanise to exceed clientsโ expectations โข Different options should compliment one another, not force duplication
- 13. iress.com 13 People vs and robots
Editor's Notes
- Customer Experience has become the buzz word of 2017 In fact, this year has been labelled by many as โthe year of customer experienceโ Everyone is talking about it, across all industries, including the Financial Services
- And every year, improving CX is becoming more and more of a priority for businesses. Why? Consumer expectations are constantly increasing Technology is obviously a key driver behind this โ itโs making things easier for consumers but also The number of businesses in the UK is at a record high and CX has become a key competitive differentiator.
- But letโs dig deeper It goes without saying, we all want our customers to be happy. But why should this be a key priority for your business, from a commercial perspective?
- 86% of consumers will pay for more a better customer experience Things like price and service offering are becoming more and more irrelevant People will proactively pay for a good experience And for some, they just donโt have the patience or time for a bad one.
- Customer experience is also a key shaper of your brand reputation. People share their experiences. We asked 1000 investors what the most important criteria was when selecting a wealth manager Brand reputation came first by quite a significant margin. This was above fees, range of products and services offered, and even investment performance. Itโs now become more important to your customer than being the best at what you do.
- Companies who successfully implement a customer experience strategy achieve Higher customer satisfaction rates Reduced customer churn Increased revenues. Most customer experience programmes quickly veer away from business objectives and become simply about tracking metrics Time passes slowly, data continues to mount, and paralysis sets in So whatโs the solution? At IRESS we start off byย understanding the customer journey, we work in short sprints, and focus on Net Promoter Scores
- What is good customer experience, and who/what is influencing it? Seamless โ Paperless, STP account opening like Atom Bank Engaging โ Monte Carlo only graphs are no longer acceptable, want goals based planning tools Responsive โ CityMapper Anticipate โ Spotify recommendations Flexible โ Multi-channel service providers Reliable โ Really doing what it says on the tin Removes the pain โ Automated workflows
- Itโs clear to see that CX is more than a buzzword โ itโs a necessity. There are limitless things you can do to enhance CX Iโve tried to narrow this down to three key areas that I think add the most value
- Clients donโt know how difficult it is to aggregate information from: Multiple data sources Legacy systems Poor data quality Inconsistent performance calculation But nor do they care โ this is 2017 This has really informed our approach to software design Good visuals Infographics Clear simple language Interactive, customisable reports where date range, benchmarks and visuals are all customisable
- A global survey of advice businesses in 2016 pointed to workflow automation as the number one issue they want solved Many businesses are still spending a disproportionate amount of their time on manual business processes such as: Client and business reporting Correspondence and arranging review meetings Portfolio rebalancing Trade execution Account Opening Automate these tasks to: Become more time and cost efficient Reduce errors and improve data consistency Scale up without much friction Manage compliance Automating allows you to offer your clients more of your time - a smoother back office shows in the front office.
- Finally, offer your service through all the channels your client expects today Face, telephone, online, automated Ensure a consistent view through every channel Donโt place limits on your clients Donโt get complacent and think relative to your industry Think relative to the rest of the world Thatโs what the most successful investment firms are doing And soon the rest will have to follow in their footsteps anyway
- This is not to say clients want a fully digital service โ most will not Face to face is always going to be a key element We have seen this with Betterment, the robo service, who have recently added face to face into mix Customers want to do business with providers that offer both digital, and face-to-face interactions Use technology to compliment your face to face service, not replace it.