Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
U.S. Consumer Banks and the Potential of Location-Based OffersCognizant
The increasing use of mobile devices, plus advances in location-aware technologies, are driving the adoption of location-based services across customer-facing industries, including retail. U.S. consumer banks can take advantage of this trend by using the vast amount of customer data they collect to help retailers develop contextually relevant, location-based offers that strengthen and grow customer relationships and position retail banking services as more than mere commodities.
Magenta advisory: Data Driven Decision Making –Is Your Organization Ready Fo...BearingPoint Finland
It’s nice to have loads of data. Nevertheless, many managers start to sweat when it comes to genuinely fact-based decision making. This study reveals the keys to leveraging big data successfully.
A combination of factors − the pandemic, catastrophic weather events, evolving policyholder expectations, and insurers’ drive for operational efficiency and future relevance − are sparking P&C industry changes.
In a post-COVID, new-normal environment, the most strategic insurers are building resilient, crisis-proof enterprises poised to take advantage of emerging and future business opportunities. They are leveraging advanced data analytics and novel technologies to assure agility and achieve positive revenue and customer satisfaction outcomes. Competitive advantage will hinge on accelerated digitalization and faster go-to-market. Therefore, win-win partnerships and embedded services with InsurTechs and other ecosystem players are critical.
Read Capgemini’s Top P&C Insurance Trends 2022 for a glimpse at the tactical and strategic initiatives carriers are undertaking to boost customer-centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future-readiness.
When we published the Top Trends in Wealth Management 2020, little did we foresee the pandemic that would sweep through the world and disrupt life as we knew it. Yet, when we reviewed last year’s trends, we found that many still hold and some have taken on even greater relevance. One such trend is sustainable investing, which had begun to gain prominence as investors became more aware of ESG considerations, and firms rolled out more sustainable investing offerings. Another trend that has accelerated in the post-COVID world is the importance of investing in omnichannel capabilities and technologies such as artificial intelligence (AI) to enhance personalization and advisor effectiveness. The pandemic has driven wealth management firms to accelerate their digital transformation journey, with some immediate focus areas being interactive client communications and digital advisor tools.
There is no denying that time is of the essence. Yes, budgets are tight, but the Open X ecosystem offers wealth management firms opportunities to reimagine their operating models and deliver excellent customer experience cost-effectively.
Creating an Omnichannel Customer ExperienceCSI Solutions
Customer expectations of banks increases every day. Omnichannel banking gives the bank an opportunity to meet the customer demands and deliver a seamless customer experience. This allows the bank to build long-term, loyal and profitable relationships. Learn what the industry trends are for Omnichannel banking and where the banking industry is going with Omnichannel 2.0.
The most significant trend of 2016 will be the ‘Platformification’ of banking, where both existing banks and startups begin a strategic shift towards becoming banking platforms, much like how Amazon is a platform in retail.”
Capgemini presentation: gamification and the digital advantageBen Gilchriest
Presentation from a recent, joint Capgemini - Badgeville event in Sydney, Australia on the role of enterprise gamification in digital transformation.
Over-hyped or duly justified, enterprise gamification - the use of game design techniques to a business setting to make tasks more fun and engaging - is gaining attention from business leaders. Two-thirds of digital transformation programs fail mainly due to behavioural, cultural, or skills challenges.
This content is from a presentation by Ben Gilchriest, Digital Transformation lead for Capgemini Australia, on the importance of digital transformation, the main challenges companies face in realising value from digital, and touches on how enterprise gamification can help organisations over-come these challenges to achieve a Digital Advantage.
Capgemini Australia's Digital Transformation practice, focused on helping our clients find, size and catalyse digital opportunities, and Badgeville, the #1 gamification and behaviour management platform, work in partnership to leverage innovative gamification techniques to accelerate digital transformation in major organizations by engaging, rewarding and motivating employees and customers.
Top trends in Payments: 2020 highlighted the payments industry’s flux driven by new trends in technology adoption, innovative solutions, and changing consumer behavior. The pandemic has tested the digital mastery of players, who are already grappling with transition. Non-cash transactions are on a robust growth path, accelerated by increased adoption during COVID-19. Regulators are working to instill trust and address non-cash payments risk amid unparalleled growth as players collaborate to quell uncertainty. Regional initiatives, such as the P27 (Nordics real-time payments system) and the EPI (European Payments Initiative), are gaining traction in response to country-level fragmentation and competition.
Investment in emerging technologies is looked upon as an elixir to mitigate fraud, data-driven offerings are being considered for providing value-added propositions, and distributed ledger technology is in focus for digital currency solutions, efficiency enhancement, and cost gains. New players, such as retailers/merchants, are integrating payments into their value chains while technology giants are upscaling their financial services game by weaving offerings around payments as a center stage. Constrained by budgets, firms consider business models such as Platform-as-a-Service (PaaS) to provide cost-effective and superior customer experience.
U.S. Consumer Banks and the Potential of Location-Based OffersCognizant
The increasing use of mobile devices, plus advances in location-aware technologies, are driving the adoption of location-based services across customer-facing industries, including retail. U.S. consumer banks can take advantage of this trend by using the vast amount of customer data they collect to help retailers develop contextually relevant, location-based offers that strengthen and grow customer relationships and position retail banking services as more than mere commodities.
Magenta advisory: Data Driven Decision Making –Is Your Organization Ready Fo...BearingPoint Finland
It’s nice to have loads of data. Nevertheless, many managers start to sweat when it comes to genuinely fact-based decision making. This study reveals the keys to leveraging big data successfully.
A combination of factors − the pandemic, catastrophic weather events, evolving policyholder expectations, and insurers’ drive for operational efficiency and future relevance − are sparking P&C industry changes.
In a post-COVID, new-normal environment, the most strategic insurers are building resilient, crisis-proof enterprises poised to take advantage of emerging and future business opportunities. They are leveraging advanced data analytics and novel technologies to assure agility and achieve positive revenue and customer satisfaction outcomes. Competitive advantage will hinge on accelerated digitalization and faster go-to-market. Therefore, win-win partnerships and embedded services with InsurTechs and other ecosystem players are critical.
Read Capgemini’s Top P&C Insurance Trends 2022 for a glimpse at the tactical and strategic initiatives carriers are undertaking to boost customer-centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future-readiness.
When we published the Top Trends in Wealth Management 2020, little did we foresee the pandemic that would sweep through the world and disrupt life as we knew it. Yet, when we reviewed last year’s trends, we found that many still hold and some have taken on even greater relevance. One such trend is sustainable investing, which had begun to gain prominence as investors became more aware of ESG considerations, and firms rolled out more sustainable investing offerings. Another trend that has accelerated in the post-COVID world is the importance of investing in omnichannel capabilities and technologies such as artificial intelligence (AI) to enhance personalization and advisor effectiveness. The pandemic has driven wealth management firms to accelerate their digital transformation journey, with some immediate focus areas being interactive client communications and digital advisor tools.
There is no denying that time is of the essence. Yes, budgets are tight, but the Open X ecosystem offers wealth management firms opportunities to reimagine their operating models and deliver excellent customer experience cost-effectively.
Creating an Omnichannel Customer ExperienceCSI Solutions
Customer expectations of banks increases every day. Omnichannel banking gives the bank an opportunity to meet the customer demands and deliver a seamless customer experience. This allows the bank to build long-term, loyal and profitable relationships. Learn what the industry trends are for Omnichannel banking and where the banking industry is going with Omnichannel 2.0.
The most significant trend of 2016 will be the ‘Platformification’ of banking, where both existing banks and startups begin a strategic shift towards becoming banking platforms, much like how Amazon is a platform in retail.”
Capgemini presentation: gamification and the digital advantageBen Gilchriest
Presentation from a recent, joint Capgemini - Badgeville event in Sydney, Australia on the role of enterprise gamification in digital transformation.
Over-hyped or duly justified, enterprise gamification - the use of game design techniques to a business setting to make tasks more fun and engaging - is gaining attention from business leaders. Two-thirds of digital transformation programs fail mainly due to behavioural, cultural, or skills challenges.
This content is from a presentation by Ben Gilchriest, Digital Transformation lead for Capgemini Australia, on the importance of digital transformation, the main challenges companies face in realising value from digital, and touches on how enterprise gamification can help organisations over-come these challenges to achieve a Digital Advantage.
Capgemini Australia's Digital Transformation practice, focused on helping our clients find, size and catalyse digital opportunities, and Badgeville, the #1 gamification and behaviour management platform, work in partnership to leverage innovative gamification techniques to accelerate digital transformation in major organizations by engaging, rewarding and motivating employees and customers.
Explore how Capgemini’s Connected autonomous planning fine-tunes Consumer Products Company’s operations for manufacturing, transport, procurement, and virtually every other aspect of the supply-value network in a touchless, autonomous way.
Insights Success has come up with a distinctive issue “The 10 Most Influential Voices in Banking” which recognizes the incalculable contribution of banking enthusiasts who has revolutionized banking processes with their inventive excellence.
The banking industry’s resilience is being tested as banks navigate through a remarkable 2020 filled with uncertainties. The impact of COVID-19 has been about setting the tone for future operational models. Retail banks have shifted focus towards integrated risk management with a more holistic view of operational risks. Adapting to the new normal, banks have prioritized cost transformation while engaging customers virtually. Incumbents sought to be more responsible within fast-changing environmental conditions and ESG remained a critical focus.
To provide more experiential services, banks are leveraging techniques such as segment-of-one to hyper-personalize offerings while aiming to humanize digital channels for increased engagement. Banks are also revamping middle and back offices, going beyond the front end leveraging intelligent processes. Open X is enabling banks to play on their strengths and use the expertise of ecosystem players. Going forward, banks are poised to become an enhanced one-stop shop by providing consumers value-adding FS and non-FS experiences.
To acquire customers in cost-effective manner, retail banks are tapping value-based propositions ‒ such as POS financing and mortgage refinancing. Further, Banking-as-Service provides incumbents a way to provide their high-value offerings to other players. In preparation for the future, banks will be looking to improve their go-to-market agility by leveraging the benefits of cloud. This analysis outlines the top 10 trends in retail banking for 2021.
Infographic - Turning AI into Concrete Value: The Successful Implementers' To...Capgemini
What concrete benefits are organizations really seeing from AI today? Our comprehensive research provides insights direct from the market on the real-life benefits, the best use cases, and where to invest - a successful AI implementers’ toolkit.
The economic downturn has been impacting companies' results for several years now. In this study, Magenta Advisory took a look at how digital business can help companies to get ahead of their competitors before the economy starts its rise again.
Property & Casualty Insurance Top Trends 2021Capgemini
The Property & Casualty insurance landscape is evolving quickly with the changing risk landscape, entry of new players, and changing customer expectations. The ripple effects of COVID-19 on the P&C insurance industry and natural disasters such as forest fires have adversely impacted insurance firm books.
In this scenario, to ensure growth and future-readiness, the most strategic insurers strive to be ‘Inventive Insurers’ – assuming a customer-centric approach, deploying intelligent processes, practicing business resilience and go-to-market agility, and embracing an open ecosystem.
Read our Property & Casualty Insurance Top Trends 2021 report to explore the strategies insurers are adapting to remain competitive amidst the evolving business landscape and how they can explore new ways to enhance their profitability.
Financial services is undergoing a paradigm shift that is forcing incumbent retail banks to rethink growth strategies as they struggle to remain relevant. Growing competition from BigTechs, FinTech firms, and challenger banks has added to the complexity created by increasingly stringent regulatory and compliance requirements. Customers now expect a seamless customer journey and personalized offerings because they have become accustomed to top-notch individualized service from GAFA giants Google, Apple, Facebook, and Amazon. The changing ecosystem offers established banks new, unexplored opportunities and encourages a transition beyond traditional products to meet the exacting requirements of today’s customers. Bank collaboration with FinTech and RegTech partners is becoming commonplace. Incumbents are exploring point-of-sale financing and unsecured consumer lending, while they also boost their digital channel competencies to reach a broader customer base. Banks are beginning to accept open APIs and are working with third-party specialists to create an open shared marketplace. Technological advancements such as AI are fueling efforts to evolve customer onboarding and touchpoint processes. Increasingly, banks are turning to design thinking methodology to understand the customer journey, extract deep insights, and develop a more refined user experience across the customer lifecycle.
Our analysis of the top retail banking trends for 2020 offers a glimpse into the fast-changing banking ecosystem and explores the tools and solutions being used to face new-age challenges.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
Similar to other financial services domains, payments is evolving into an open ecosystem. The EU’s Payment Services Directive (PSD2) pioneered open banking by encouraging banks and established payments players to securely open the systems to foster competition, innovation, and more customer choices. In tandem with non-cash transaction growth, regulations are driving banks and payments firms to expand their array of payment methods and channels. Governments are encouraging financial inclusion by also promoting the adoption of non-cash payments. Increasingly, merchants and corporates seek to offer alternative payment systems because of widespread popularity among consumers. Alternative payments also enable merchants to provide real-time and cross-border payments to boost business efficiency.
Banks, payment firms, card firms, BigTechs, FinTechs, and other players are continuously developing new technology to cash in on market changes. However, data breaches and fraud continue to hinder innovation as firms devote countless resources each year to address security issues. Many governments are also designing new regulations to reduce ecosystem threats. All these measures are expected to make the current ecosystem much more secure and simple for players as well as customers.
Top Trends in Payments: 2020 explores and analyzes payments ecosystem initiatives and solutions for this year and beyond
An Interview with Marc Menesguen Managing Director, Strategic Marketing for L...Capgemini
Leading a digital transformation at an established enterprise with entrenched brand loyalty and a traditional business model is no easy task. Yet executives at L'Oreal recognize that digitization represents "an extraordinary opportunity to strengthen our current business model and become even better at being the world's number one beauty group."
In this Capgemini Consulting interview, Marc Menesguen, Managing Director of Strategic Marketing for L'Oreal, explains that having commitment from the CEO was critical to making the strategy a success as was creating cross-functional teams of marketing, research, communictions, manufacturing and sales. Moreover, the company plans to double its investment in digital media from 5% to 10% in 2011 -- for both internal systems and external collaboration -- and to train 15,000 employees, including mangers, in "digital fluency."
Explore how Capgemini’s Connected autonomous planning fine-tunes Consumer Products Company’s operations for manufacturing, transport, procurement, and virtually every other aspect of the supply-value network in a touchless, autonomous way.
Insights Success has come up with a distinctive issue “The 10 Most Influential Voices in Banking” which recognizes the incalculable contribution of banking enthusiasts who has revolutionized banking processes with their inventive excellence.
The banking industry’s resilience is being tested as banks navigate through a remarkable 2020 filled with uncertainties. The impact of COVID-19 has been about setting the tone for future operational models. Retail banks have shifted focus towards integrated risk management with a more holistic view of operational risks. Adapting to the new normal, banks have prioritized cost transformation while engaging customers virtually. Incumbents sought to be more responsible within fast-changing environmental conditions and ESG remained a critical focus.
To provide more experiential services, banks are leveraging techniques such as segment-of-one to hyper-personalize offerings while aiming to humanize digital channels for increased engagement. Banks are also revamping middle and back offices, going beyond the front end leveraging intelligent processes. Open X is enabling banks to play on their strengths and use the expertise of ecosystem players. Going forward, banks are poised to become an enhanced one-stop shop by providing consumers value-adding FS and non-FS experiences.
To acquire customers in cost-effective manner, retail banks are tapping value-based propositions ‒ such as POS financing and mortgage refinancing. Further, Banking-as-Service provides incumbents a way to provide their high-value offerings to other players. In preparation for the future, banks will be looking to improve their go-to-market agility by leveraging the benefits of cloud. This analysis outlines the top 10 trends in retail banking for 2021.
Infographic - Turning AI into Concrete Value: The Successful Implementers' To...Capgemini
What concrete benefits are organizations really seeing from AI today? Our comprehensive research provides insights direct from the market on the real-life benefits, the best use cases, and where to invest - a successful AI implementers’ toolkit.
The economic downturn has been impacting companies' results for several years now. In this study, Magenta Advisory took a look at how digital business can help companies to get ahead of their competitors before the economy starts its rise again.
Property & Casualty Insurance Top Trends 2021Capgemini
The Property & Casualty insurance landscape is evolving quickly with the changing risk landscape, entry of new players, and changing customer expectations. The ripple effects of COVID-19 on the P&C insurance industry and natural disasters such as forest fires have adversely impacted insurance firm books.
In this scenario, to ensure growth and future-readiness, the most strategic insurers strive to be ‘Inventive Insurers’ – assuming a customer-centric approach, deploying intelligent processes, practicing business resilience and go-to-market agility, and embracing an open ecosystem.
Read our Property & Casualty Insurance Top Trends 2021 report to explore the strategies insurers are adapting to remain competitive amidst the evolving business landscape and how they can explore new ways to enhance their profitability.
Financial services is undergoing a paradigm shift that is forcing incumbent retail banks to rethink growth strategies as they struggle to remain relevant. Growing competition from BigTechs, FinTech firms, and challenger banks has added to the complexity created by increasingly stringent regulatory and compliance requirements. Customers now expect a seamless customer journey and personalized offerings because they have become accustomed to top-notch individualized service from GAFA giants Google, Apple, Facebook, and Amazon. The changing ecosystem offers established banks new, unexplored opportunities and encourages a transition beyond traditional products to meet the exacting requirements of today’s customers. Bank collaboration with FinTech and RegTech partners is becoming commonplace. Incumbents are exploring point-of-sale financing and unsecured consumer lending, while they also boost their digital channel competencies to reach a broader customer base. Banks are beginning to accept open APIs and are working with third-party specialists to create an open shared marketplace. Technological advancements such as AI are fueling efforts to evolve customer onboarding and touchpoint processes. Increasingly, banks are turning to design thinking methodology to understand the customer journey, extract deep insights, and develop a more refined user experience across the customer lifecycle.
Our analysis of the top retail banking trends for 2020 offers a glimpse into the fast-changing banking ecosystem and explores the tools and solutions being used to face new-age challenges.
This analysis provides an overview of the top trends in the retail banking sector driven by the competition, digital transformation, and innovation led by retail banks exploring novel ways to create and retain value in evolving landscape.
COVID-19 caught banks off guard and shook legacy mindsets to the core. With 20/20 (2020) hindsight, firms are more aware, digitally resilient, and financially stable as they head into 2022. The trials of the past 18 months forced firms to shore up existing business and consider new models and revenue streams.
Customer-centricity remains at the top of most FS agendas and is a 2022 focal point. Banks will focus on achieving operational excellence as diligently as delivering superior CX. In 2022 and beyond, it will be paramount for FIs to explore and invest in new technologies to remain relevant and resilient.
Banking 4.X will arrive in full force in 2022 with platform-supported firms monetizing diverse ecosystem capabilities and aggressively harvesting data to create experiential customer journeys through intelligent and personalized engagements. The new era will compel future-focused banks to finally abandon legacy infrastructure and collaborate with third-party specialists to solidify their best-fit, long-term roles. Increasingly, open platforms will make banks invisible as banking becomes embedded into customer lifestyles. At the same time, banks will shed asset-heavy models and shift to the cloud for greater agility, speed to market, and faster innovation. The shift will act as a precursor to adopting new technologies on the horizon – 5G and Decentralized Finance.
The recent past was filled will extraordinary lessons for financial institutions. Now is the time to act on those learnings and move forward profitably.
Similar to other financial services domains, payments is evolving into an open ecosystem. The EU’s Payment Services Directive (PSD2) pioneered open banking by encouraging banks and established payments players to securely open the systems to foster competition, innovation, and more customer choices. In tandem with non-cash transaction growth, regulations are driving banks and payments firms to expand their array of payment methods and channels. Governments are encouraging financial inclusion by also promoting the adoption of non-cash payments. Increasingly, merchants and corporates seek to offer alternative payment systems because of widespread popularity among consumers. Alternative payments also enable merchants to provide real-time and cross-border payments to boost business efficiency.
Banks, payment firms, card firms, BigTechs, FinTechs, and other players are continuously developing new technology to cash in on market changes. However, data breaches and fraud continue to hinder innovation as firms devote countless resources each year to address security issues. Many governments are also designing new regulations to reduce ecosystem threats. All these measures are expected to make the current ecosystem much more secure and simple for players as well as customers.
Top Trends in Payments: 2020 explores and analyzes payments ecosystem initiatives and solutions for this year and beyond
An Interview with Marc Menesguen Managing Director, Strategic Marketing for L...Capgemini
Leading a digital transformation at an established enterprise with entrenched brand loyalty and a traditional business model is no easy task. Yet executives at L'Oreal recognize that digitization represents "an extraordinary opportunity to strengthen our current business model and become even better at being the world's number one beauty group."
In this Capgemini Consulting interview, Marc Menesguen, Managing Director of Strategic Marketing for L'Oreal, explains that having commitment from the CEO was critical to making the strategy a success as was creating cross-functional teams of marketing, research, communictions, manufacturing and sales. Moreover, the company plans to double its investment in digital media from 5% to 10% in 2011 -- for both internal systems and external collaboration -- and to train 15,000 employees, including mangers, in "digital fluency."
This presentation talks about how Dominos launched Pizza, tasted failure and then made a massive improvement via a polycentric strategy to capture the market. The success of Dominos proves the adage that - success is all about being there at the right place at the right time.
Domino’s Pizza: Writing the Recipe for Digital MasteryCapgemini
Did you know that Domino's delivered higher returns than Google, Apple, Facebook and Amazon in the last five years? Domino’s has enjoyed a steady ascent, owing in large part to its successful digital transformation.
The latest in our Digital Masters Series, this report traces the rise of Domino’s Pizza from ranking lowest in consumer taste surveys to a successful digital organization today.
How can organizations similar to Domino’s, which operate in a traditional sector, undertake significant technology-driven transformation?
Read this report to learn about Domino’s secret recipe for digital mastery.
So you've formulated a User Experience strategy for your company from the ground up. Completion rates are way up. Complaint email numbers are way down. Your boss loves you, and you've got the corner office to prove it. What's next?
This session will take the next step and explore how User Experience fits into the business ecosystem alongside fields of Customer Experience and Customer Relationship Management.
What tips can we learn from these fields, and how can we engage with our colleagues to pass on what we as UX professionals have learned from the web, to turn satisfied users into passionate customers.
[Presented at UXLX, Lisbon on May 11th, 2011]
UserZoom hosted a webinar with UX strategy expert Paul Bryan. In the webinar, Paul covered 7 important elements for developing a successful UX strategy.
UX STRAT 2016 - Turning CX Strategy to CX Reality at ShellTim Loo
Shell's Commercial Fleet business serves and supports millions of business customers around the globe with fuel cards, fleet products and services across its fuels retail network - the world's largest.
Sarah Oey, Shell and Tim Loo, Strategy Director at Foolproof, will share their experience in creating the global customer experience strategy at Shell Commercial Fleet and the ongoing challenges, breakthroughs and pitfalls of making that strategy a valuable customer reality at one of the world's biggest companies.
ECEW 2013 Anthony Thomson - The proven benefits of Metro Bank's CE strategy TheFocusGroup
Anthony stepped down as Chair of Metro Bank in December 2012. He outlines how the effect the customer experience-driven policies of MetroBank have had on performance, and on the aim of turning customers into advocates / fans. Introduction: about Metro Bank, founding ideas and ideals, history, growth throughout the South East, forward strategy; Customer Experience strategies: rewarding employees for satisfaction levels, not sales targets; These strategies have lead to: customer satisfaction scores, rates of recommendations, organisational growth How the use of social media / different channels (“touch points”) supports the CE-based strategy of the bank.
The Future Is Here: How Social Affects Lead GenerationMarketo
Social for lead generation has finally stepped into the limelight, and for good reason. The question of whether or not it can be an effective B2B marketing strategy has been answered with an astounding yes. But now the question remains, “how do I successfully implement social into my overall strategy?”
For those who continue to ignore this question, social will remain in a silo along with a growing list of missed opportunities. For the rest of us, it’s time to drop the philosophical approach and get down to some tactics and metrics that drive revenue. The SlideShare deck above is a goldmine for social marketers. It’s a self-guided visual journey that will enlighten and layout a blueprint for success. Developed over several months and through a tremendous amount of trial and error, we have done the homework for you and laid the groundwork. From building a foundation, to combining inbound with outbound and finally fully integrating social with marketing automation, this is the one stop shop on the road to finally breaking social out of its silo and welcoming it to the revenue table.
Monitoring Analytics To Create Customer Value And ExperienceeTailing India
According to research conducted by Gartner,Customer Experience (CX) is the top priority for companies who have invested in analytics software. The goal for any company is to have an ‘always on’ view of how their operational performance that impacts on the way that customersexperience their brand across all touch-points. This is now possible by using untapped machine data in combination with more traditional measures of customer satisfaction such as Net Promoter Score (NPS).
Customers Are Channel Neutral: The truth about multi-channel marketingDavid Harkins
Originally written in 2003 as a prediction for what would come to be known as "Omni-Channel marketing."
______
From 2003:
The term "multi-channel marketing" refers to the process of building a customer relationship across two or more marketing or sales channels.The channels are those that are interactive,such as face-to-face,telephone,email,Internet,or perhaps direct mail.These channels provide an organization the opportunity to develop and maintain the brand promise as the customer engages the organization at each point of contact.
The consumer landscape has changed over the last ten years. New digital and mobile platforms and devices have transformed the way consumers interact with the organisations they do business with.
Read our new white paper to understand why cross-channel segmentation is more important than ever to keep up with today's hyper-connected consumers and what are the 8 critical success factors for an effective cross-channel classification.
ZenithOptimedia is championing a new strategic approach to communications planning that sees a radical rethink of the way clients prioritise and allocate resources across paid, owned and earned media.
Being Digital: Making Digital Real and RewardingCognizant
Businesses can 'do' digital by focusing on isolated initiatives. But to truly 'be' digital, they need to ensure they are digital to the core, and redefine the nature of customer centricity.
Success in the "Pull Economy" means understanding that a number of significant business principles have changed. In a hyper connected world information flows much faster and more freely. Organisations as a result are subjected to a growing level of collective intelligence and value creation from outside the company's walls brought on by the increased collaboration of customer/consumers, consumers, employees and suppliers in what is now a much larger ecosystem of data, conversation, innovation and participation. There needs to be a knowledge framework to help companies manage this transformational change and maximise as much value from it in a way that benefits the business and the customer/consumer.
In the second article of the series, sponsored by Avanade, we look at how many business leaders don't view digital as central to their organisations and are avoiding partaking in a business makeover that would empower employees to utilise data analysis. What does it take to compete with those who have made the organisational change?
Fjord Trends 2020: Emerging Trends in Business | Accentureaccenture
Accenture's Fjord Trends 2020 provides insight on business trends impacting business, tech & design to help brands thrive in a changing world. Read more.
IBM Guide to Consumer Products Industry Technology TrendsTero Angeria
This guide provides a quick overview of what we believe manufacturers need to address within each of these
technological transformation areas and how IBM solutions can support that transformation.
IBM offers manufacturers the integrated solutions and services required to keep pace with today’s transformational business requirements. Based on the experiences and feedback from working with many leading consumer products clients around the globe, we have designed a portfolio of offerings that addresses the specific needs of consumer products companies from strategy and roadmap development to integrated software solution delivery all focused on using technology enablers to create new value across your enterprise.We help manufacturers deepen their relationships with their consumers, offer differentiated value to channel partners to generate competitive advantage, establish supply network improvements to increase efficiencies and achieve operational excellence—all for the express purpose of
supporting continued profitable growth.
Similar to From UX to CX: Rethinking the Digital User Experience as a Collaborative Exchange (20)
COVID-19 heightened chronic challenges within the global healthcare industry. It became a catalyst amid fierce competition and tight regulations for health providers and payers to focus on digital health, cybersecurity, patient data transparency, and a variety of customer-centric and operational enhancements. As a result, we found the 2022 trendline pointing to improvements in access and quality of care.
Healthcare challenges such as optimizing the cost of care while simultaneously enabling personalized interventions and consumer-friendly shoppable services are long-standing − but, historically, the industry has been slow to react.
Read our Top Trends 2022 report to examine the lingering ramifications of the pandemic, responses from medical and insurance organizations, and the worldwide impact of ever-changing regulatory standards and mandates.
This analysis provides an overview of the top trends in the commercial banking sector as they shift to technology high gear to boost client efficiency and battle a volatile, uncertain, competitive, and evolving landscape.
First, it was retail banking. Now, advanced technology is shifting to – and disrupting − the commercial banking space. Many commercial banks, known for paperwork, red tape, and branch dependency, were unprepared to support clients during their post-COVID-19 ramp-up. But now, the digital pivot to new mindsets, partnerships, and processes is in overdrive.
As commercial banks grapple with competition from FinTechs, BigTechs, and alternative lenders, their inability
to fulfill SME demands and pandemic after-shocks necessitates transformative process changes and a move
to experiential, sustainable, and inclusive banking models. We expect banks to strive to meet the demands
of corporate clients and SMEs by digitally transforming critical workflows and improving client experience.
Additionally, incremental process improvements in the middle and back-office that leverage intelligent
automation will keep the competition at bay because engaged clients are loyal.
Adopting newer methods to mine data and moving to as-a-Service models will prepare commercial banks
to flexibly respond to newcomers and find ways to co-exist through effective collaboration. The time has come for commercial banks to put transformation on the fast track as lending losses in wallet and market share could spill over to other functions!
How incumbents react and respond to 2022 trends could determine their relevancy and resiliency in the years ahead.
The Covid-19 pandemic necessitated the payments industry undergo a facelift, sparked by novel approaches from new-age players, fostered by industry consolidation, and customers’ demand for end-to-end experience. Crossing the threshold, the industry is entering a new era – Payments 4.X, where payments are embedded and invisible, and an enabling function to provide frictionless customer experience. As customers make a permanent shift to next-gen payment methods, Digital IDs are critical for a seamless payment experience. The B2B payments segment is witnessing rapid digitization. BigTechs, PayTechs, and industry newcomers are ready to jump in with newfangled solutions to help underserved small to medium-sized businesses (SMBs).
As incumbents struggle with profits, new-age firms are forging ahead to take the lead in the Payments 4.X era by riding the success of non-card products and services. The new era demands collaboration, platformification, and firms can unleash full market potential only by embracing API-based business models and open ecosystems. Data prowess and enhanced payment processing capabilities are inevitable to thrive ahead. The clock is ticking for banks and traditional payments firms because the competitive advantage is not guaranteed forever. As industry players seek economies of scale, consolidations loom, and non-banks explore new territories to threaten incumbents’ market share. While all these 2022 trends are at play, central bank digital currency (CBDC) is emerging globally and might open a new chapter in the current payments landscape.
As we slowly move out of the pandemic, financial services firms have learned the criticality of virtual engagement to business resilience. Wealth management firms will need capabilities to cater to new-age clients and deliver new-age services. This report aims to understand and analyze the top trends in the Wealth Management industry this year and beyond.
A year ago, our Top Trends in Wealth Management report emphasized how the pandemic sparked disruption and digital transformation and changing investor attitudes around Environmental, Social, and Corporate Governance (ESG) products. As we begin 2022, many of those trends continue to hold as COVID-19’s wide-reaching effects continue to influence the wealth management industry.
As wealth management (WM) firms supercharge their digital transformation journeys, investments in cybersecurity and human-centered design are becoming critical to building superior digital client experience (CX). Another holdover trend − sustainable investing – is gaining mainstream attention and generating increasingly sophisticated client demands. Data and analytics capabilities will become ever more essential for ESG scoring and personalized customer engagement. As large financial services firms refocus on their wealth management business while new digital players make industry strides, competition is becoming historically intense. Not surprisingly, client experience is the new battleground.
While COVID-19 has sparked the demand for life insurance, it has also exposed the operating model vulnerabilities in distribution, servicing, and customer retention. In a post-COVID, new-normal environment, insurers need to enhance their capabilities around advanced data management and focus on seamless and secure data sharing to provide superior CX and hyper-personalized offerings. Accelerated digitalization and faster go-to-market are vital to remaining competitive, and win-win partnerships with ecosystems are critical in the journey.
Read our Top Life Insurance Trends 2022 to explore the tactical and strategic initiatives carriers undertake to acquire competencies around customer centricity, product agility, intelligent processes, and an open ecosystem to ensure profitable growth and future readiness.
A combination of factors such as demographic changes, evolving consumer preferences, and desire to become operationally efficient were already spurring changes in the life insurance industry. Enter 2020 – the COVID-19 pandemic is having a significant impact on the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry is adapting to the new normal.
Furthermore, COVID-19 has acted as a catalyst, pushing life insurers to prioritize their efforts on improving customer centricity, developing go-to-market agility, making processes intelligent, building business resilience, and embracing the open ecosystem.
Read our Life Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the changing market dynamics.
The uncertainty of 2020 is setting the global tone for the immediate future in the financial services industry. So it is no surprise banks are laser-focused on business resilience, emphasizing both financial and operational risks. The need to adapt quickly to new normal conditions through virtual customer engagement is clear.
Customer centricity continues to drive commercial banks’ solution designs. And, the pandemic compelled products that deliver immediate client value ‒ quick digital onboarding, seamless lending, and support for small and medium-sized enterprises (SMEs). The onus is now on banks to go to market more quickly, which requires the implementation of intelligent processes and integrating corporates’ enterprise resource planning (ERP) systems with banking workflows.
To achieve go-to-market agility, banks across the globe are investing in and collaborating with FinTechs. Many of these partnerships are focused on boosting digital lending and providing seamless support to anxious small-business clients in need of assurance.
With newfound impetus for FinTech collaboration, commercial banks have picked up their step on the path toward OpenX. COVID-19 made it evident that survival during turbulence is manageable through collaboration with ecosystem players.
Read our Top Trends in Commercial Banking 2021 report to explore the strategies banks are adapting to transform their businesses from a product-led, siloed model to an experiential and agile plan.
A combination of factors, including demographic changes, evolving consumer preferences, and regulatory and compliance mandates, were already spurring change in the health insurance industry. Enter 2020 and the COVID-19 pandemic, which is having sweeping implications for the industry.
At the peak of disruption, the focus was on ensuring business continuity, but new initiatives are cropping up to tackle the challenges as the industry adapts to the new normal.
Furthermore, some changes are here to stay, and it will be prudent for the industry players to be resilient to the market shifts by being agile, improving member centricity, making processes intelligent, and embracing the open ecosystem.
Read our Health Insurance Top Trends 2021 report to explore the strategies insurers are adopting to manage the external pressures.
Aspects of the life insurance industry have remained constant for years – and so have premiums. Traditional savings products have taken a huge hit in terms of attractiveness because low interest-rates prevail. Meanwhile, the risk landscape is shifting, and insurers need to align better with the emerging business environment, manage changing customer preferences, and improve operational efficiencies. Within today’s scenario, industry players are undertaking tactical and strategic shifts in attempts to manage unpredictable market dynamics. Insurers must develop alternative products to breathe new life into policies and leverage emerging technologies (artificial intelligence (AI), analytics, and blockchain) to improve efficiency, agility, flexibility, and customer-centricity.
Read Top Trends in Life Insurance: 2020 for a look at the innovative steps future-focused insurers are considering to meet industry challenges and opportunities.
The health insurance industry is evolving and undergoing significant changes. As the risk landscape shifts, insurers are working to improve operational efficiencies, meet evolving customer preferences, and align better with the changing business environment. Accordingly, payers must adapt and align business models and offerings. An incisive tactical approach is required to accommodate members’ needs and related emerging risks — medical, health, and environmental. Advanced technologies such as artificial intelligence, analytics, automation, and connected devices are enabling insurers to manage these changes proactively, partner with members, and help to prevent risks, all the while continuing to fulfill payer responsibilities.
Read Top Trends in Health Insurance: 2020 to learn which strategies insurers are adopting to navigate and align with today’s challenges.
The commercial banking industry faces daunting challenges. Operational costs continue to rise. Corporate clients seek convenience and personalized products and services. Cybersecurity is a major concern as more and more bank processes become digitalized. Compliance with wide-ranging open banking regulations is mandatory. The entry of BigTechs and other players is heating up competitive pressure. Therefore, it is essential for banks to transform and adapt to the changing business environment.
Read our Top Trends in Commercial Banking: 2020 report for analyses of the initiatives, new solutions, and trends expected to shape the commercial banking ecosystem in 2020 and beyond.
Wealth management is facing significant disruption on two fronts – customer experience and digital transformation. To effectively succeed within these turbulent times, understanding client demographics and expectations is essential. Firms can leverage deep customer insights to grasp their clients’ changing ethos and develop solutions accordingly. Improved customer satisfaction often drives competitive advantage. As firms prioritize superior customer experience, they are adopting intelligent solutions such as analysis of consumer sentiments to deliver hyper-personalized services. Firms are also leveraging artificial intelligence (AI) and machine learning (ML) techniques to improve client-advisor relationships. To innovate, especially within legacy infrastructures, organizations must embrace open APIs to scale technology capability with support from WealthTech newcomers and third-party vendors that offer generic and customizable API-based platforms. Regulations such as the EU’s General Data Protection Regulation (GDPR) and know your customer (KYC) mandates are pushing firms to ramp up cybersecurity and automate cumbersome client onboarding processes, in a data-driven compliance scenario.
How to get off the white elephant of physical and leverage the true benefits ...Capgemini
In the modern world of immediacy, how do we kill latency whilst reducing business costs and delivering rapid value? Stuart Fleming (Vice President, Cloud Services,
Capgemini UK) provides insights into the successful implementation of a scalable hybrid cloud platform which allows quick access to AWS with a simple migration approach leveraging VMware’s tools.
Connected Autonomous Planning: a continuous touchless model enabling an agile...Capgemini
Phil Davies, Head of Consumer Products, Retail and Distribution, Capgemini Invent and Michael McCullough, Supply Chain Lead, Capgemini US discussed “How using Intelligent Automation drives a step change in planning effectiveness and efficiency” at Kinexions 2019, the annual destination for users and supply chain innovators to showcase how to accelerate innovation, shorten time-to-value and maximize competitive advantage.
Capgemini’s Connected Autonomous Planning is a holistic approach to develop touchless planning solutions that creates a more easily automated, agile and responsive supply chain to support the needs of the future consumer and channels.
Data Center of the Future: Designing a modernized, high performance computing...Capgemini
With cloud being hailed as the new black, customers are increasingly looking to easily leverage Hybrid Cloud and Hyper-Converged Architecture, without transformation in technology. At VMworld US 2019, Eric Killinger, Director, IT strategy, Capgemini NA, spoke about how Capgemini makes cloud run better by simplifying infrastructure for your existing landscape via a software-defined data center, supporting immediate OPEX savings, real-time data processing and cloud-based scalability and cost predictability, illustrating the joint success with VMware of such a rollout at Hydro One.
Speaker:
Mike Davidson, Executive Creative Director at Capgemini in North America.
With the right narrative, brands can speak to their consumers in ways that resonate and drive conversion. In this session, Capgemini DCX North America’s Executive Creative Director will explore trends and techniques to better connect the narratives from initial marketing efforts to a completed purchase. We'll also provide examples of who's using these techniques and how, so attendees can leverage it in a meaningful way.
Speakers:
Rich Lyons, Head of Digital Customer Experience at Capgemini in North America.
Shaun Lee Lewis, Vice President Marketing and Direct to Consumer at NYDJ Apparel.
Salesforce’s multi-Cloud ecosystem empowers businesses to drive engagement across three Salesforce Clouds: Commerce, Marketing and Service. Capgemini’s portfolio of accelerated offerings delivers integrated, innovative online experiences and has helped NYDJ reach unprecedented growth with this approach. In this session, Capgemini and NYDJ discuss the power of an integrated digital strategy.
Enabling and accelerating multi-tenancy with Capgemini Digital Cloud Platform...Capgemini
For de-centralized organizations, multiple cloud instances and databases can drive up costs, limit scalability and maintainability, and prevent growth. In this session, you’ll learn how to enable and accelerate multi-tenancy for optimal performance and efficiency. You’ll hear lessons and best practices from Capgemini’s work implementing multi-tenancy at the infrastructure, platform, and application levels while ensuring seamless operation across any cloud environment thanks to Red Hat OpenShift. There will also be a discussion of how accelerators like Capgemini’s Digital Cloud Platform can cut time to market by up to 50%. Learn more: https://www.capgemini.com/service/cloud-services/cloud-native-powered-by-red-hat/
GDG Cloud Southlake #33: Boule & Rebala: Effective AppSec in SDLC using Deplo...James Anderson
Effective Application Security in Software Delivery lifecycle using Deployment Firewall and DBOM
The modern software delivery process (or the CI/CD process) includes many tools, distributed teams, open-source code, and cloud platforms. Constant focus on speed to release software to market, along with the traditional slow and manual security checks has caused gaps in continuous security as an important piece in the software supply chain. Today organizations feel more susceptible to external and internal cyber threats due to the vast attack surface in their applications supply chain and the lack of end-to-end governance and risk management.
The software team must secure its software delivery process to avoid vulnerability and security breaches. This needs to be achieved with existing tool chains and without extensive rework of the delivery processes. This talk will present strategies and techniques for providing visibility into the true risk of the existing vulnerabilities, preventing the introduction of security issues in the software, resolving vulnerabilities in production environments quickly, and capturing the deployment bill of materials (DBOM).
Speakers:
Bob Boule
Robert Boule is a technology enthusiast with PASSION for technology and making things work along with a knack for helping others understand how things work. He comes with around 20 years of solution engineering experience in application security, software continuous delivery, and SaaS platforms. He is known for his dynamic presentations in CI/CD and application security integrated in software delivery lifecycle.
Gopinath Rebala
Gopinath Rebala is the CTO of OpsMx, where he has overall responsibility for the machine learning and data processing architectures for Secure Software Delivery. Gopi also has a strong connection with our customers, leading design and architecture for strategic implementations. Gopi is a frequent speaker and well-known leader in continuous delivery and integrating security into software delivery.
LF Energy Webinar: Electrical Grid Modelling and Simulation Through PowSyBl -...DanBrown980551
Do you want to learn how to model and simulate an electrical network from scratch in under an hour?
Then welcome to this PowSyBl workshop, hosted by Rte, the French Transmission System Operator (TSO)!
During the webinar, you will discover the PowSyBl ecosystem as well as handle and study an electrical network through an interactive Python notebook.
PowSyBl is an open source project hosted by LF Energy, which offers a comprehensive set of features for electrical grid modelling and simulation. Among other advanced features, PowSyBl provides:
- A fully editable and extendable library for grid component modelling;
- Visualization tools to display your network;
- Grid simulation tools, such as power flows, security analyses (with or without remedial actions) and sensitivity analyses;
The framework is mostly written in Java, with a Python binding so that Python developers can access PowSyBl functionalities as well.
What you will learn during the webinar:
- For beginners: discover PowSyBl's functionalities through a quick general presentation and the notebook, without needing any expert coding skills;
- For advanced developers: master the skills to efficiently apply PowSyBl functionalities to your real-world scenarios.
Slack (or Teams) Automation for Bonterra Impact Management (fka Social Soluti...Jeffrey Haguewood
Sidekick Solutions uses Bonterra Impact Management (fka Social Solutions Apricot) and automation solutions to integrate data for business workflows.
We believe integration and automation are essential to user experience and the promise of efficient work through technology. Automation is the critical ingredient to realizing that full vision. We develop integration products and services for Bonterra Case Management software to support the deployment of automations for a variety of use cases.
This video focuses on the notifications, alerts, and approval requests using Slack for Bonterra Impact Management. The solutions covered in this webinar can also be deployed for Microsoft Teams.
Interested in deploying notification automations for Bonterra Impact Management? Contact us at sales@sidekicksolutionsllc.com to discuss next steps.
Transcript: Selling digital books in 2024: Insights from industry leaders - T...BookNet Canada
The publishing industry has been selling digital audiobooks and ebooks for over a decade and has found its groove. What’s changed? What has stayed the same? Where do we go from here? Join a group of leading sales peers from across the industry for a conversation about the lessons learned since the popularization of digital books, best practices, digital book supply chain management, and more.
Link to video recording: https://bnctechforum.ca/sessions/selling-digital-books-in-2024-insights-from-industry-leaders/
Presented by BookNet Canada on May 28, 2024, with support from the Department of Canadian Heritage.
Elevating Tactical DDD Patterns Through Object CalisthenicsDorra BARTAGUIZ
After immersing yourself in the blue book and its red counterpart, attending DDD-focused conferences, and applying tactical patterns, you're left with a crucial question: How do I ensure my design is effective? Tactical patterns within Domain-Driven Design (DDD) serve as guiding principles for creating clear and manageable domain models. However, achieving success with these patterns requires additional guidance. Interestingly, we've observed that a set of constraints initially designed for training purposes remarkably aligns with effective pattern implementation, offering a more ‘mechanical’ approach. Let's explore together how Object Calisthenics can elevate the design of your tactical DDD patterns, offering concrete help for those venturing into DDD for the first time!
Key Trends Shaping the Future of Infrastructure.pdfCheryl Hung
Keynote at DIGIT West Expo, Glasgow on 29 May 2024.
Cheryl Hung, ochery.com
Sr Director, Infrastructure Ecosystem, Arm.
The key trends across hardware, cloud and open-source; exploring how these areas are likely to mature and develop over the short and long-term, and then considering how organisations can position themselves to adapt and thrive.
Kubernetes & AI - Beauty and the Beast !?! @KCD Istanbul 2024Tobias Schneck
As AI technology is pushing into IT I was wondering myself, as an “infrastructure container kubernetes guy”, how get this fancy AI technology get managed from an infrastructure operational view? Is it possible to apply our lovely cloud native principals as well? What benefit’s both technologies could bring to each other?
Let me take this questions and provide you a short journey through existing deployment models and use cases for AI software. On practical examples, we discuss what cloud/on-premise strategy we may need for applying it to our own infrastructure to get it to work from an enterprise perspective. I want to give an overview about infrastructure requirements and technologies, what could be beneficial or limiting your AI use cases in an enterprise environment. An interactive Demo will give you some insides, what approaches I got already working for real.
UiPath Test Automation using UiPath Test Suite series, part 4DianaGray10
Welcome to UiPath Test Automation using UiPath Test Suite series part 4. In this session, we will cover Test Manager overview along with SAP heatmap.
The UiPath Test Manager overview with SAP heatmap webinar offers a concise yet comprehensive exploration of the role of a Test Manager within SAP environments, coupled with the utilization of heatmaps for effective testing strategies.
Participants will gain insights into the responsibilities, challenges, and best practices associated with test management in SAP projects. Additionally, the webinar delves into the significance of heatmaps as a visual aid for identifying testing priorities, areas of risk, and resource allocation within SAP landscapes. Through this session, attendees can expect to enhance their understanding of test management principles while learning practical approaches to optimize testing processes in SAP environments using heatmap visualization techniques
What will you get from this session?
1. Insights into SAP testing best practices
2. Heatmap utilization for testing
3. Optimization of testing processes
4. Demo
Topics covered:
Execution from the test manager
Orchestrator execution result
Defect reporting
SAP heatmap example with demo
Speaker:
Deepak Rai, Automation Practice Lead, Boundaryless Group and UiPath MVP
The Art of the Pitch: WordPress Relationships and SalesLaura Byrne
Clients don’t know what they don’t know. What web solutions are right for them? How does WordPress come into the picture? How do you make sure you understand scope and timeline? What do you do if sometime changes?
All these questions and more will be explored as we talk about matching clients’ needs with what your agency offers without pulling teeth or pulling your hair out. Practical tips, and strategies for successful relationship building that leads to closing the deal.
Dev Dives: Train smarter, not harder – active learning and UiPath LLMs for do...UiPathCommunity
💥 Speed, accuracy, and scaling – discover the superpowers of GenAI in action with UiPath Document Understanding and Communications Mining™:
See how to accelerate model training and optimize model performance with active learning
Learn about the latest enhancements to out-of-the-box document processing – with little to no training required
Get an exclusive demo of the new family of UiPath LLMs – GenAI models specialized for processing different types of documents and messages
This is a hands-on session specifically designed for automation developers and AI enthusiasts seeking to enhance their knowledge in leveraging the latest intelligent document processing capabilities offered by UiPath.
Speakers:
👨🏫 Andras Palfi, Senior Product Manager, UiPath
👩🏫 Lenka Dulovicova, Product Program Manager, UiPath
From UX to CX: Rethinking the Digital User Experience as a Collaborative Exchange
1. From UX to CX: Rethinking the Digital User
Experience as a Collaborative Exchange
May 2017
2. 2
A New
Prism for
User Experience
in a Digital
Economy
What makes for a valuable user experience – one where customers extract value and the firm captures profit? Recent
research has pointed toward technology as the catalyst for structural changes that allow firms to become more open-
sourced via digital platforms, creating a competitive advantage. Indeed, platform structures have brought together
producers and consumers in high-value exchanges.1
Yet there is still much to learn about how customers determine
whether they have received value from these exchanges. It’s rather obvious why a firm would want its customers to solve
their own problems via peer-based support forums, for example (for call-center savings, as in the case of Apple). But
why would customers agree to do the firm’s work? What kind of value do they receive in return? In a desire to welcome
a new age of digital technology and prescient algorithms, we must be mindful of ignoring the human element in the
user experience. Firms that successfully create win-win dynamics are well positioned to create customer value and reap
rewards like loyalty and efficiency. Yet there remains a relative paucity of discussion about the customer side of the digital
economy and how insight-driven design must complement data collection.
We seek to address this gap in knowledge by developing a framework that evaluates the four kinds of value – economic,
cultural, social, and information capital – that customers expect in their exchanges with firms in a digital economy. Using
a multi-method, multi-year approach across a variety of industries, we deepen our understanding of how customers
determine value in a manner that is more “predictably irrational”2
than “homo economicus.”3
The resulting Collaborative
Exchange (CX) framework illustrates the importance of viewing the user experience through the lens of two key types of
exchanges: participation and information. Therefore, firms doing business in the digital age must view their interactions
with customers as embedded in an exchange economy, where both firms and customers seek to extract their own
maximum value. We provide an answer to the question posed at the very beginning of this paper: a win-win exchange
equilibrium makes for a valuable user experience where both the firm and the customer create and extract “capital” from
the exchange.
Collaborative Exchange / 2016-2017
3. 3
Digital transformation has shifted our economy from traditional firm structures to more porous organizations. And
consumer behavior in this digital age has radically shifted from a passive stance to a much more informed and active
role in every interaction with a firm. This is in stark contrast to the controlled “Mad Men” era, when firms appeared to
enjoy an “if you build it they will come” influence over the consumer experience. Instead, firms are no longer beholden
to their internal workforce to produce content and design the customer experience.4
Truth is, the locus of control in the
digital economy rests neither in the hands of the firm nor the customer — it is negotiated in exchanges. Companies
are loosening the reins and letting customers do some of the work when they see a mutual benefit. And customers
asked to provide information or participate in a brand’s interface want to know what they are getting in return. Much
like a negotiation “dance”,5
sometimes one partner leads, sometimes the other. But when these exchanges achieve
an equilibrium, they produce valuable win-win collaborations.
Digital technologies have accelerated this exchange by providing a platform for customers to participate and for
companies to gather information simultaneously.
Former Senior Vice President of Pricing and Promotions at Staples, Donna Rosenberg reflects on this change over
time, “When I first started in retail, we only had stores and that transaction data and then we added our online
business. You are suddenly getting more data and have more access to customers. And then mobile came along
and customers are engaging with you at a variety of different access points. Things evolve through people wanting
to engage with you more and more. It’s a give and take situation and it’s accelerating.”
Our research with executives (in-depth interviews) who are intimately involved with their firms’ customer strategy, points
to successful firms seeking to build user experiences on a foundation of collaborative exchanges. Additional analysis of
customer sentiments (quantitative measure of thematic content) and observational case studies demonstrate the increased
prevalence of such exchange dynamics (See “About the Research”).
Nearly two years of research across industries uncovers how two key dimensions – participation and information – are
the conduits for creating shared value in an exchange between a firm and customers. Rethinking or creating touch points
in the user experience is essential for firms that want to identify and generate new opportunities for value creation in these
exchanges.
Redefining
the Role
of Customers
Collaborative Exchange / 2016-2017
Truth is, the locus of control in the digital
economy rests neither in the hands of the
firm nor the customer — it is negotiated in
exchanges.
4. Collaborative Exchange / 2016-2017
Companies are using digital technology to engage with their customers in a multitude of ways through new products,
services, channels and platforms. These touch points serve as channels allowing the acceleration in participation
and information flows. Customers are now able to engage at various levels along a firm’s value chain from R&D
and product development (e.g. Starbucks’ MyStarbucksIdea.com), to content creation (e.g. LinkedIn’s Profiles), to
logistics (e.g. UPS MyChoice), to services (e.g. iStockphoto inspectors). Concurrently, companies are able to gather
information at each point to uncover and infer insights – idea-storming sites have become an impetus for innovation,
user preferences have created segment stereotypes, vocal reviewers have highlighted influencers and popular
sentiments have prioritized product improvements.
For example, Starbucks allowed customers to submit, view, and track ideas through the site, Mystarbucksidea.com. At its
five-yearanniversary,thesitehadgeneratedmorethan150,000ideasandthecompanyhadimplemented277of
them.6
Starbucks provided its customers with a voice to help
mold their own experience, while also using the information
to foster innovation. Participation and information exchanges
can also benefit operations. For instance, at UPS, the most
common customer inquiry was tracking the delivery of parcels.
By allowing customers real-time access to information on their
parcel delivery (logistics), UPS has both decreased customer
service inquiries and significantly increased customer
satisfaction (service).
In the digital age, this collaborative exchange
(CX) between a firm and its customers around
participation and information is a two-sided system
of value exchanges. (Figure 1)
4
Participation
and
Information
Exchanges
Create Opportunities
Across the
Value Chain
5. Function R&D Production Logistics Marketing Sales Service Use
Participation
Market
Value
Customers provide
ideas and co-create
new products
Firms collect
ideas to create
innovation
Customers
personalize and
customize products
Firms collect
user data to provide
insights and preferences
Customers provide
delivery preferences
Firms collect delivery
preferences to provide
real-time updates
Customers comment on
social media and post
reviews / recommendations
Firms collect
sentiments to identify
key influencers
Customers
buy online and share
referrals with others
Firms collect
spending trends and
demographics to deliver
personalized ads
and offers
Customers
use self-service and
post on product forums
Firms collect customer
complaints and provide
process improvements
and solution expertise
Customers
track their/others’
activities
Firms collect
customer usage to
provide insights
Information
Market
Value
Figure 1: Opportunities to Exchange Value Across the Value Chain
Company collaborative exchanges left to right: Starbucks MyStarbucksIdea.com, LinkedIn Profiles, UPS MyChoice, Bravo Social Edition, CapitalOne CreditWise,
GiffGaff Community, Coca-Cola Freestyle Machine.
5
Collaborative Exchange / 2016-2017
6. Collaborative Exchange / 2016-2017
Vignette 1: giffgaff Leverages the Participation
Market to Power its Business
6
The Participation Market centers on how firms can drive value by sharing internal activities, while simultaneously
satisfying a customer need. Firms that have started to collaborate with customers, have found that customers want
to engage, want to provide their expertise, and appreciate being asked — as long as they extract utility in return.7
As opportunities to engage increase, so does the desire for choice. Paradoxically, you can make your customers
happier by giving them the choice to do part of the work. Vincent Boon, Head of Community, describes the
power of the participation market at giffgaff, “The value generated by the community is incredible, and means we
can take the savings we make from not having a traditional, high cost infrastructure, and pass that directly to our
customers in terms of great product value. Everyone wins!” (Vignette 1) The burden is on the firm to make the
process of participation as simple, intuitive and seamless as possible, while allowing customers to benefit from their
participation. A good way to start is by focusing on a customer’s minimum interaction. For example, an iStockPhoto
customer’s minimum viable interaction is browsing through stock piles of images. As customers painstakingly look
though hundreds of photos, members identify inappropriate images. Instead of hiring employees to monitor their
database, the company self-selected members to become ‘inspectors’ and quickly scaled human inspection services.8
By focusing on a customer’s most basic, foundational action, firms can gain from the majority of their customer-base
at the lowest level of burden to them.
The
Participation
Market:
Making Customers
Happier By Having
Them Work
giffgaff, a mobile virtual network operator in the UK, has a business model powered by their member
community. The company has no call center and employs less than 200 people. Within a year of starting
its community, members asked over 130,000 questions and 95% of those inquiries were answered by
fellow members within 60 minutes. As a reward, giffgaff provides its members with cash incentives for
contributions and referrals. giffgaff has been able to not only leverage its community for customer service,
but it has also served as an engine for marketing and R&D.9
The Participation Market centers on how
firms can drive value by sharing internal
activities, while simultaneously satisfying a
customer need.
7. 7
Vignette 2: Increasing Information Market Value
to Enhance Subscriber Experience11
The Information Market centers on how brands can deliver value by leveraging information that they have directly or
indirectly gathered. (Vignette 2) If the information is used to benefit the customer or offer a personalized experience,
customers will be willing to provide personal data. Conversely, if the information is not leveraged accurately or without
providing transparent options to customers, this can prove to be off-putting or invasive. Donna Rosenberg, former SVP of
Pricing and Promotions at Staples, describes customers’ willingness to share information, “Companies need the data and
customers are usually willing to share the data if there is something in it for them. As long as companies have an arsenal
of value levers they can give in return, they will be able to connect with their customers. That’s where the best exchange
happens — when the company is willing to offer a variety of options instead of a one-size-fits-all value, take it or leave it.
That will make companies more successful.” Firms have started to extract data and derive insights in the form of micro-
targeting for personalized sales. But it feels like they are merely scratching the surface. Most companies acknowledge that
they leverage only small amounts of the data they have gathered from customers or external parties and most importantly,
many do not have a holistic view of their customer.10
Netflix, an online, streaming service to watch movies and TV shows, gathers activity from users selecting, viewing,
and rating their content. Much of their success is due to their ability to easily aggregate customer and content data
such as genres, viewing habits, and trends to answer questions including: Are certain customers trending toward
specific types of covers? If so, should personalized recommendations automatically change? Is there an ideal
cover for an original series? Or should different colors be used for different audiences?12
Answering these questions
using data analytics and visualization has become commonplace for Netflix and has allowed them to benefit from
this personalization. For example, most of the company’s streaming activity originate from its recommendations,
which the company relentlessly adapts to meet each viewer’s preferences. This in return, has fostered loyalty and
engagement. Based off the information gathered about its customers, Netflix also drives its strategic decisions on
what content to offer. For example, they have adapted their purchasing, licensing, and content creation behavior
to launch successful series such as House of Cards and Orange is the New Black.13
As Netflix continues to grow,
they continue to see value in developing their information market to benefit both the company and their consumers.
The
Information
Market:
A New Kind of
Digital Currency
Customer Collaboration I April 2016-2017
The Information Market centers on how
brands can deliver value by leveraging
information that they have directly or
indirectly gathered.
8. Collaborative Exchange / 2016-2017
As discussed earlier, value is transferred in a collaborative exchange via two dimensions: participation and information.
But what does this mean to the consumer? What makes for a valuable user experience in their eyes? To address this
question in a nuanced fashion, we took a quantitative deep-dive into the customer perspective via event analyses,
using thousands of consumer-generated sentiments in social media. Each of these events surrounded a change to
the user experience and a measurement of the mean resulting change in customer perceptions of value (valenced
positive and negative) from a randomly-selected subset of Twitter statements (See “About the Research”).
When do customers extract value from a collaborative exchange of participation and information? Our findings across
a variety of industries show that customers experience greater utility in a user experience when, in return
for their participation or information, they receive at least one of four kinds of capital: economic, cultural,
social, or information capital. Perhaps the most obvious form
of capital is the economic one: a financial quid pro quo
characterized by payment of discounts to customers for
their participation or information. We see exchanges
based on economic capital often, where firms
offer coupon codes for participation, or pay
customers for their information. However these
exchanges, though common in the digital
landscape, are not the only kind of value that
customers seek. Other forms of capital may
come from customers feeling greater value
for non-incentive-based rewards: cultural
capitalgainsfrompositiveidentitysignaling
via self-expression; social capital gains
from increased personal status or breadth
of networks; and information capital
gains from access to personal insights or
a community knowledge base. (Figure 2)
Delivering
Value in the
Collaborative
Exchange:
A Capital Idea
8
9. 9
Customers may, for example, develop their cultural capital through involvement as advisors in a firm’s help forums.
In these kinds of exchanges, they gain utility from skill development14
. Customers who solve other customers’
problems on Apple’s forum boards may have no further contact with the beneficiaries of their knowledge, but they
gain value from developing and signaling their Apple cultural capital – and the firm saves on its support staff. This
type of exchange is a win-win. Customers may also perceive value in exchanges when they develop social capital.
For example, when users create “fan fiction” in Reddit sub-forums they simultaneously form bonds with other like-
minded individuals and increase their social capital, all while production firms are able to leverage user-generated plot
lines for inspiration. This exchange is a win-win. Furthermore, customers may extract information capital from an
exchange when a firm enables them to make better decisions. When a financial services firm like Capital One creates
a “CreditWise” program to help customers understand and track their credit ratings, the customer is empowered to
analyze her spending habits, while the firm is able to identify customers that are more likely to repay loans or effectively
manage their credit. Again, this exemplifies a win-win exchange, based on capital extraction.
Of course, it is unlikely that customers engage in conscious mental accounting of these four types of capital. But they
do form judgments of their experiences and whether they are getting something out of the exchanges (or feel taken
advantage of). Our analysis of customer sentiments strongly indicate that these forms of capital – economic, cultural,
social and information – form the basis of judgments of “good” versus “bad” collaborative exchange experiences.
Customer Collaboration I April 2016-2017
These forms of capital – economic,
cultural, social and information – form the
basis of judgments of “good” versus “bad”
collaborative exchange experiences.
10. Collaborative Exchange / 2016-2017
10
Imagine the firm’s approach to its user experience as a conversation between people. If you were asked to tell
everything about yourself with no real reciprocity from the other conversant, the experience would probably feel
like an unpleasant interrogation. It is not only important to understand where to create value for the firm, but also to
understand where it is welcomed.
For firms, benefits include: more efficient use of resources, ideas for innovation, or value creation opportunities.15
For
example, allowing customers to participate in other customers’ experience like we have seen with iStockphoto or with
Giffgaff on reducing technical assistance costs through crowdsourcing.
Creating
Win-Win
Exchanges Pays Off
Firm provides:
Access and transparency to
its key activities
Firm Extracts Value:
Increased innovation
Increased value creation
opportunities
Reduced risk
Reduced resource
intensity/costs
Customer provides:
Information about
oneself
Customer Extracts Capital:
Economic (incentive-based rewards
Cultural (self-expression, lifestyle)
Social (status, networks, reputation)
Information (insights,
knowledge)
Win-Win
Exchanges
Information & Participation
Digital Acceleration
Figure 2: A Win-Win Equilibrium: Value Extraction for Both the Firm and Customer
11. 11
Today, it is all about achieving an equilibrium that allows both the firm and the customer to extract value — a win-win. In order to achieve this, firms have to relinquish some of their
control to the benefit of customer engagement, while customers give up control of some of their information for the benefit of better personalization. When both sides exchange value,
it can pay off:
Bravo Television Network’s Social Edition. Bravo television network leveraged its customer base for content to create a whole new type of show: Social
Edition. The network re-aired the same show, but overlaid the screen with content from their social media channels that fans posted during the initial showing.
Although it was the same episode, fans felt rewarded by potentially seeing their personal tweets broadcasted. The first social edition episode premiered to
1.14 million viewers, a 67% increase from the average for episode encores and Bravo’s Facebook page activity increased more than 200%.16
Firms gained
content for an innovative offering, while creating a new experience for viewers, creating a win-win exchange.
Coca-Cola’s Freestyle Machine. Coca-Cola digitized consumption preferences with its Freestyle vending machines. The Freestyle machines created
cultural capital by allowing customers to choose their own personal drink from more than 100 different combinations of drink types and flavors. The platform
allows Coca-Cola to track what people are drinking and when. This information is then shared with vendors to know which drinks are popular and at what
time of day to adjust their marketing accordingly. Within Coca-Cola, this data also allows the retail side of the business to shape their product offerings17
, increasing value creation
opportunities for the firm. The consumer can self-express themselves with a curated beverage, while the firm can enhance their product and merchant offerings, creating a win-
win exchange.
Understanding the two-sided nature of engagement and how customers perceive the exchange is crucial to cultivating a collaborative exchange.
Customer Collaboration I April 2016-2017
The first social edition episode
premiered to 1.14 million viewers,
a 67% increase from the average for
episode encores and Bravo’s Facebook page
activity increased more than 200%.
12. Collaborative Exchange / 2016-2017
It is all about achieving an
equilibrium that allows both
the firm and the customer to
extract value — a win-win.
13. 13
Customer engagement must be understood not only in terms of amount or value extracted by the firm, but
by the lived experience of the consumer herself. Digital-mediated exchanges thus require that firms not rely
on data science alone, but develop a parallel arsenal of behavioral science.
For every successful customer engagement platform, there are also troublesome stories of failed exchanges
for both firms and customers. When the United States Postal Office first deployed their self-service kiosk, it
was seen a confusing form of participation. The kiosk was designed to process 80% of employee transactions
but, in practice, only ended up handling 26%.18
When Chase sent automated SMS alerts regarding account
updates or debt collection to customers without consent, it was seen as an intrusive form of information
exchange. Because Chase did not give the customers a choice to opt out, the bank was penalized with a
$34 million Class Action settlement.19
As information becomes more accessible, and consumers more participatory in the brand experience, the
answer is murkier than ever. When Facebook first auto-compiled user photos to provide a digital album called
“Year in Review”, the feature highlighted unwanted memories such as a daughter who had passed away or
romantic relationships that had ended. Once again users did not have an option, leading to a 200% drop
in the average customer sentiments before and after the event based on our research. So what is it about
engagement that allows firms and customers to mutually benefit in today’s digital age?
Things Go
Wrong
When Customer
Perceptions Do
Not Match Brand
Expectations
Digital-mediated exchanges thus require that firms not rely on data science
alone, but develop a parallel arsenal of behavioral science.
The kiosk was
designed to
process
but, in practice,
only ended
up handling 26%
of employee
transactions80%
14. Collaborative Exchange / 2016-2017
14
Much talk of user experience is dominated by the wonders of new digital technology that appear to give prominence to
the firm and its prescient algorithms. The fevered pitch for the development of algorithms that better understand and
predict customer preferences seem to suggest that future customer experience will be like an automaton “WestWorld”
park. Yet we were recently reminded of how careless it is to ignore the human element in the recent United States
election, where data alone miscalculated sentiments of a large portion of voters. Firms would do well to heed this
lesson. As companies design new touch points, features or enhancements to their core offering, our research shows
the need for careful, human-centric experience design to complement data and insight-driven design.
Individual firms must assess the level of possible participation (ranging from no participation, to an individual level, to
mass participation) and the level of information (ranging from gathered to leveraged) and whether the value extracted
is mutually beneficial. Of course there are areas where customer involvement does not make sense. The art is to
decide where participation needs to be closed or shared across the value chain. As participation is increasingly
shared in a digital world, firms will need to decide where to provide optionality. Similarly, firms must assess whether the
information they have directly or indirectly collected from customers feels exploitative or dissonant when leveraged.
Finding the right balance is the key to defining a collaborative exchange and getting it right requires sensitivity to
human emotions.
Customer Collaboration I April 2016-2017
The fevered pitch for the development
of algorithms that better understand and
predict customer preferences seem to
suggest that future customer experience
will be like an automaton “WestWorld” park.
15. Collaborative Exchange / 2016-2017
Finding the right balance is the key to
defining a collaborative exchange and
getting it right requires sensitivity to
human emotions.
16. Collaborative Exchange / 2016-2017
16
Creating win-win customer experience is a combination of strategic decisions around the level of participation and
flow of information designed into the collaborative exchange. The cross section of the two dimensions uncovers four
overarching CX archetypes. By looking at various touch points across the four archetypes, our research has identified
common traits that help drive positive customer experiences. Mastering each archetype allows firms to optimize their
overall CX value proposition. How is it best done? By running natural experiments using customer sentiment data
(social, online, telephony, etc.) to assess if new touch points truly create customer capital for mutual benefit. (Figure 3)
Create
Human-
Centric
Win-Win
Exchanges:
Mastering Four CX
Archetypes
Create Win-Win Collaborative Exchanges (CX) via 4 Archetypes
to leverage Participation (P) and Information (I)
24
“P” Shared & “I” Leveraged
CX based on new services from
leveraging customer par cipa n
and informa
Promotes connectionsand
communitybuilding
“P” Controlled & “I” Leveraged
CX based on new services from
leveraging customer informa
Promotes knowledge
and expertise
“P” Shared & “I” Gathered
CX based on new services from
opening up a firm value chain to
customer par cipa
Promotes customer listening
and interaction
“P” Controlled & “I” Gathered
CX based on new services from
factors outside of direct
customer informa n and
par cipa
Promotes reliance and security
CompanionsHosts
AdvisorsDirectors
Information Gathered
ParticipationControlledParticipationShared
Information Leveraged
Figure 3: Four Participation (P) - Information (I) Archetypes
17. Directors – are firms that provide services and offerings based on
controlled participation and gathered information by the firm. Unlike
Advisors, firms gather information from their customer, but do not
tend to leverage it to provide a personalized customer experience.
Imagine a conductor leading his orchestra. The musicians rely on the
conductor’s hand gestures for tempo, entry, and overall direction.
Firms in this archetype promote reliance and security. For example, American
Express’ customers rely on the company for trust and security to make daily transactions
and ensure they are not being overcharged. Customers provide highly personal, secure
data from each transaction to their social security number with minimal participation
in return. We find a great emphasis on utility in these exchanges, often in the form of
economic capital extraction by the customer.
Advisors – arefirmsthatleverageinformationabouttheircustomers
to further develop and refine their services. Unlike Companions,
Advisors keep participation controlled by the company. Imagine
a pilot communicating with air traffic control. The pilot leverages
information shared by air traffic control but ultimately, is in control
of the commands. Similarly, although 23andme, a genomics
company, gathers immense amounts of data to provide personalized health risk reports,
the ultimate decision on what to do with that information is up to the customer. In each
of these instances, customers derive utility via information capital and cultural capital
(the development of skill and expertise). Strategically, creating Advised exchanges
makes sense when a company is trying to promote knowledge or expertise.
Companions – are firms that work alongside their customer so that
the shared participation and gathered information about users can
be leveraged to change the customer experience. Unlike Hosts, the
firm is actively leveraging customer information to deliver a curated
experience in return. Companies that promote connections or
community building are the most likely to be successful, building
both social capital which can also lead to increased information
capital. For example, Waze, the world’s largest community-based traffic and navigation
app, depends extensively on leveraging information gathered via customer participation.
By allowing customers to self-report accidents, road blocks, police traps and more, Waze
has enhanced the companionship formed between the brand and those using the platform.
These social networks also serve as a conduit for information capital, as people share their
experience on the road and use the platform as a primary source for navigation.
Hosts – are firms that gather information about their users by
opening up their value chain to shared participation. Companies
that promote customer listening and interaction with the
brand are most likely to be successful. Imagine a moderator
and panelists. A moderator creates an atmosphere for panelists
to respond and in return, listens to the responses and adds
to the conversation in an effort to inspire further engagement.
For example, Lyft, the ride-sharing platform, mainly hosts a platform that invites
participation from riders and drivers, gathering information about a riders’ travel,
demographics, and hotspots. Users receive information capital from navigating
their travels and economic capital from reduced pricing versus taxi cabs. Although
Lyft leverages this information to introduce additional services such as Line, its
carpooling feature, the company primarily hosts a platform for transportation.
Customer Collaboration I April 2016-2017
Mastering each archetype allows
firms to optimize their overall CX
value proposition.
17
Some industry sectors exhibit a natural affiliation to a dominant CX archetype. Sectors that trade on security or that are highly
regulated have a higher cost of failure when translating data into insights or opening their internal activities to participation.
Therefore, firms such as banks or pharmaceuticals may more likely be Directors. Conversely, sectors that are known as knowledge
providers such as healthcare organizations are predominantly Advisers because they rely on leveraging data to create insights,
while keeping their expertise internal.
18. Collaborative Exchange / 2016-2017
Managing Collaborative Exchanges Dynamically
Our research shows that, generally, firms have a dominant CX strategy, favoring a clear positioning along the participation and information dimensions for their core offers. However,
as it innovates new touch points, features, or enhancements, a firm will naturally venture into new collaborative exchange territories. Care is needed to ensure that these new
exchanges add rather than detract value from the overall experience. Facebook, a digital-born firm with an overall “Companion” CX strategy cultivates different forms of capital
than American Express, a non-digital-born firm with an overall “Director” strategy, but both have extended touch points across all four archetypes. (Figure 4)
Human sentiments are notoriously hard to predict. In our research we have looked at customer sentiments before and after a CX event (product launch, new feature, etc.) to identify
if customer capital has been created in the new exchange or not. By mastering the CX archetypes firms can test and understand how new touch points are perceived and thus,
calibrate their experience strategy.
18
Examples: Facebook and AmericanExpress Customer Touch
points across CX Archetypes
25
Transactions
gather spending
power and
pa erns
Fraud SMS Alerts
using spending
pa erns to
prevent
fraudulent ac
Credit Reports
gather personal,
secure
informa
to validate users
AmEx O ers
using spending
pa erns to offer
merchant deals
Hosts Companions
Directors Advisors
Photo Sharing
gathers 200M new
photos per day
Safety Check
users can mark
themselves safe
during tragedies
Advertisements
gathers user
interests from
clicked cles
Year in Review
a recap of
memories
shared in a year
Hosts Companions
Directors Advisors
Information Gathered
ParticipationControlledParticipationShared
Information Leveraged Information Gathered
ParticipationControlledParticipationShared
Information Leveraged
Figure 4: Facebook and American Express’ Customer Touch points across CX Archetypes
19. Collaborative Exchange / 2016-2017
Hosted Exchanges
Firms that have dominant CX strategy as a Host
embody experiences that are inspired from
gathering of customer needs and wants. These
exchanges mostly attract customers to take part
in the product or service as an optional activity
and refrain from making it a requirement especially
at the beginning. Our research showed that, on
average, customer sentiments shared about touch
points in this quadrant were positive. As one of the
safer archetypes, experiences here tend to follow
an industry’s best practice, but have yet to reap the
full potential of the information that is gathered to
deliver additional insights. (Vignette 3)
19
Vignette 3: Orient Insurance’s Added Touch
points within the Hosted Archetype20
Orient Insurance PJSC, the second largest insurance company in the UAE, does not customize its products
at the individual level, but instead gathers information about its customers to design new offerings for a
particular segment. Xavier Arputharaj, the Chief Operating Officer, reflects on this approach: “We are not
in the market to create customized individual solutions because what is good for a few should be good for
many… Within the product, we make changes to suit the individual’s requirements such as enhancing the
cover or diluting the cover or adding more features, but the product is created having a particular segment
of the market in mind.”
Despite Orient Insurance’s overarching “Directed” CX strategy when curating product offerings, the company
has developed a mobile app to share participation, creating touch points within the “Hosted” archetype:
“The apps that we are developing would have the benefits listed out for the customer. She keys in her
personal information and then she can choose the type of plan that she wants. She doesn’t need to have a
sales person explain it to her. This works well for the younger and lower middle-aged segment. They want
to feel that they are choosing the offering and that they are not being enticed or influenced by anyone to
make a decision.”
As a part of their dynamic CX strategy, Orient Insurance is also planning on recognizing messages and
scanned documents sent via a company WhatsApp account.
19
20. Collaborative Exchange / 2016-2017
Linkedin’s All-Star Profile Status Ask Me Anything for Jenna
-0.2
-0.3
0.7
0.6
0.5
0.4
0.2
0.1
-0.1
0.3
0
Pre-Launch CX Event Launch
20
Figure 7: Average Customer Sentiment for Hosted Exchanges
LinkedIn’s All-Star Profile Status grants curators a status if they complete building their profile. LinkedIn’s dominant
Companion CX strategy depends on customers participating by creating content and then sharing that content with
its community. With the All-Star Profile Status, a Hosted exchange, LinkedIn lets users know where their profile stands
relative to other users. Although some lack of clarity exist on how to achieve the status and its true customer benefits,
regular users expressed positive social capital. (Figure 5 & 7)
21. Collaborative Exchange / 2016-2017
21
Figure 5: LinkedIn's All-Star Profile Update
Figure 6: Reddit’s AMA for Jenna Elfman
Negative Social Capital: Status
Positive Social Capital: Status
Reddit, a social news aggregator in the United States, created Hosted exchanges when they expanded their service to include
AMAs (Ask Me Anything). AMAs are forums for celebrities, politicians, and more to answer questions asked by users. Jenna
Elfman, the main actress of sitcom, Imaginary Mary, hosted an AMA in an effort to promote her new show on ABC. However,
instead of the new show being widely discussed, users quickly jumped on the opportunity to question the actress on her
Scientology beliefs. Reddit, the Host of the exchange, had opened up AMAs to create an avenue of self-expression. Although
the AMA exchange between users and Jenna Elfman led to negative customer sentiments, we consider this to be a win-win
exchange for Reddit as it was able to successfully Host a platform that opened and engaged its users to participate. (Figure 6 & 7)
22. Collaborative Exchange / 2016-2017
Vignette 4: Designing a Companion CX Strategy
with Farmers on the MyYara Platform21
22
Yara, the largest nitrogen fertilizer producer, is innovating its customer experience with a farmer-first mindset to bring
value to both the firm and its end-users. MyYara, a digital platform to connect with their farmers, is creating an experience
based on Companion exchanges.
MyYara hosts all the tools and services provided by the firm. In the past, farmers had standalone systems with a
number of apps. However, MyYara provided farmers with a one-stop engagement portal to be able to access real-time
recommendations for crop nutrition and for Yara to gather information in return.22
By having a farmers logged into the
platform, Yara can pair their applications with harvest information. Together, Yara is able to recommend the right amount
of fertilizer to use to optimize the application or improve efficiency rations. Terje Knutsen, Head of Crop Nutrition at Yara,
describes how this bring economic and information capital to a farmer: “A farmer growing tomatoes might be able to sell
tomatoes for a higher price if the skin finish is really, really high quality. He could take a soil sample, send it to us and we
would give an analysis: Are there the right nutrients in the soil to give him the right quality of skin? If so, the farmer gets a
higher price. This is an example of where we can get the shared value: we give the farmer a product that helps him sell
more so he keeps buying our product.”
Byusingtheplatform,Yaraisabletogainimmenseamountsofinformationfromthefarmers,andstrengthenrelationships.
Using this information, Yara is starting to implement a Farm Relationship Management system (FRM) to manage end
user information, “This is something we emphasize a lot right now because we recognize that unless we can do this in a
systematic, analytical way, we will not be able to leverage it successfully.”
MyYara, the digitally-mediated engagement platform between the company and its farmers has opened Yara’s value
chain to participation and information markets to enhance their value proposition and experience. Terje reflects on this
transformation, “With the technology, it strengthens our relationship with the farmer and also makes it less likely that the
farmer can leave because they have their data with us…It enables us to communicate much more directly with the end
users, and also be more visible as a knowledge provider. What I think is quite exciting is that it's more towards the sharing
economy for value, which you don't see in some other industries.”
Companion Exchanges
Dominant CX strategies based on Companion
exchanges can command greater rewards,
but with higher risk. In this archetype, control
over the customer experience is distributed
to multiple parties, creating the possibility for
variable experiences. Our findings show that the
biggest volatility in overall brand sentiment (versus
individual touch points or features) was found in
this quadrant. By opening up the participation
market and simultaneously leveraging information
from the engagement, firms are able to gain
insight from an external perspective and at times,
additional resources as mentioned earlier with
iStockphoto’s inspectors. This approach can
expand an organization’s contributors, but also
makes firms vulnerable to a positive or negative
opinion of their brand. (Vignette 4)
23. Collaborative Exchange / 2016-2017
Sometimes an exchange is inside the dominant CX strategy and sometimes they venture to other archetypes. Tinder,
a dating application, has a dominant Companion strategy. Tinder’s Super Like feature allowed users to express more
admiration instead of just a simple swipe to the right. Before this feature enhancement, users could only see if others
had liked them if both parties swiped positively. Super Like let users share their feelings from the start; hence, opening
up an additional aspect of its value chain to participation. When looking at tweets two weeks after the feature release,
the majority of customer sentiments expressed positive social capital (recognition status) by expressing their social
standing with the number of Super Likes they had received. (Figure 8 & 9)
Unlike Tinder’s Super Like, Facebook’s Safety Check feature attracted negative cultural capital at the outset. Safety
Check, which allowed users to mark themselves and others as safe in the wake of tragedies also made itself vulnerable
to the public eye. Although users could personalize or update their pages, Facebook still controlled which regions the
Safety Check feature would be available. Hence, the feature attracted negative sentiments from users when it was not
enabled in Beirut, which faced terrorist attacks one day prior to Paris. Users who wanted to share support for Beirut
were not able to self-express themselves as they were for Paris. (Figure 9 & 10)
23
Figure 8: Tinder's Super Like Feature
Positive Social Capital: Status
Figure 9: Facebook's Safety Check Feature
Negative Cultural Capital: Self-Expression
24. Collaborative Exchange / 2016-2017
24
Figure 10: Average Customer Sentiment for Companion Exchanges
Tinder’s Super Like Facebook’s Safety Check
-0.4
-0.6
0.6
0.4
0.2
0
-0.2
Pre-Launch CX Event Launch
25. Collaborative Exchange / 2016-2017
Advised Exchanges
Dominant CX strategies within the Advisor
archetype reflect experiences that are based on a
firm’s data-driven decisions. (Vignette 5) Because it
is easier to forget the human element when making
data-driven decisions, Advisor exchanges is one of
the riskier quadrants. In a Companion exchange,
customers participate willingly and often take
accountability if things do not go as expected. Here,
the overall brand is held accountable and therefore,
is more likely to be blamed if the information that
was leveraged is seen as dissonant to a customer’s
expectations. However, if done well, firms are
perceived as having a certain expertise in an area
or as a knowledge provider, creating additional
customer stickiness.
25
Vignette 5: Leveraging QR Codes to Build
Advised Touch points from Tire Usage23
Michelin, one of the largest tire manufacturers in the world, has been able to promote knowledge sharing by
creating ‘Advisor’ exchanges from its tire usage. This past year, Michelin China started to label its tires with
a unique QR code. The company can now understand the flow of the tires across the entire country. When
retailers scan the QR code upon arrival and sale of the tire, Michelin identifies the retailer stock level in real-time,
informing forecasts for production and imports. Using this information, Michelin is also able to trace its tires to
quickly course correct. For example, Matthew Ye, Marketing Director from Michelin China describes a scenario
if one of the tires had a defect: “You need to be able to know where these goods are flowing in case if you are
facing a product claim and there is a need to trace products sold. In the past, it was a bit messy for us, but
after the QR code system implementation we did some tests and we know how it flows now.”
This has also benefited the customer. The QR code not only helps consumers be more informed about the tire
performance and how to best maintain their vehicle, but also confirms the authenticity of the tire: “The fact is in
China, there are a lot of websites that are not controlled by the Michelin network and hence, have issues from
people selling tires that are not proper.”
This comes at a time when the company also launched WeCare, a customer relationship management tool to
send out service reminders, an ‘Advisor’ touch point. ”For example, if you had a tire changed in our shop last
July, we will be able to - based on your mileage, your car model, and your spare part changes - to predict next
time your service item will be due for another maintenance.”
According to Matthew Ye, information from tire flow, usage and performance not only brings Michelin closer
to its end customer, but has brought value to the company across the value chain, “This helps a lot to create
new products/services. All this data helps Michelin make better decisions to inform marketing, distribution,
communication and the sales planning.”
26. Collaborative Exchange / 2016-2017
26
Figure 13: Average Customer Sentiment for Advisor Exchanges
AncestryDNA Facebook’s Year in Review
-0.1
-0.2
0.6
0.5
0.4
0.3
0.2
0.1
0
Pre-Launch CX Event Launch
Ancestry.com, the world’s largest consumer DNA network, hosts information from more than 3 million people.
AncestryDNA is a report that provides information about one’s ethnicity across 26 regions and identifies potential
relatives through DNA matching with other participants.24
Ancestry.com not only advises on the makeup of a
customer’s genealogy, but also has identified unknown siblings, parents, and distant relatives based on information
collected from participants. Promoting the company as a knowledge provider, AncestryDNA was able to provide
cultural capital and information capital for its customers. Hence, customer sentiments shared two weeks after the
features global rollout were significantly positive. (Figure 11 & 12)
27. Collaborative Exchange / 2016-2017
27
Facebook’s Year in Review is a compilation of a users' already Hosted photo memories. Facebook used users’ photos
to showcase their year by creating a digital photo album based on existing data. Although users had the option to
share the Year in Review with their social network, Facebook controlled the content. On average, users did not feel
that the Year in Review accurately reflected their experience, leading to a negative sentiment within two weeks of the
launch. (Figure 12 & 13)
Figure 12: Facebook's Year in Review Feature
Positive Cultural Capital Self-Expression/Identity and Positive Information Capital: Insights
Negative Cultural Capital: Self-Expression
Figure 11: Global Rollout of AncestryDNA
28. Collaborative Exchange / 2016-2017
Vignette 6: An Insurance Company’s Directed Approach to CX25
One of the oldest insurance companies in the United States maintains an overarching Directed approach for
their dominant CX strategy that was ranked #1 for overall customer satisfaction by J.D. Power.26
As a part of
the company’s “go-forward business strategy, 2021”, the firm has created a division called “Agency Markets”
that combines their commercial, middle market and personal lines. Although branded as a new division, the
company will continue to provide their network of agents with products and services directed by the brand.27
The insurance company acts as a facilitator between agents within their network. Based on information
gathered from agents, the firm shares insights across the network to improve their end customers’ experience.
According to a senior executive at the firm, “We're hopeful that if we provide both services and those types
of consultative insights to agents that they will make the company a preferred carrier for customers. We're
trying to create partnership with mutual outcome.” The company hopes that this approach of information
gathering and controlled participation continues to maintain their customer experience standing and create a
win-win exchange between all parties.
28
Directed Exchanges
Directed CX strategies are characterized by
consistent experiences controlled almost entirely
by a firm. This is a classic pre-digital archetype,
where decisions and product/service curation are
typically made by the firm. (Vignette 6) Although
experiences here can be positive or negative,
customers are less likely to speak about how
they may feel because there is a lower perception
of choice and expectation of engagement and
personalization.
29. Collaborative Exchange / 2016-2017
29
JetBlue’s Mint Offering is a new premium class that improves on the service of its current business class. The new
service attracted a positive sentiment, appealing to their customers’ economic capital by providing the best domestic
business class option. With a lower price relative to competitors, Jetblue Mint offers flat seats, closeable suites for
privacy, a superior dining experience and much more. When comparing customer tweets about JetBlue versus
sentiments specifically about the Mint Offering, our findings show that there was a 46% increase in average sentiment.
(Figure 14 & 16)
Figure 14: JetBlue's New Mint Offering
Figure 15: Apple's Elimination of Headphone Jack
Positive Economic Capital: Incentive-based Rewards
Negative Economic Capital: Incentive-based Rewards
Apple’s decision to remove the headphone jack from its new iPhone 7 was not as well received within two weeks
from its release. In fact, the average sentiment between Apple and the new feature showed a 119% drop. Customers
expressed negative sentiments as they felt that they were no longer getting the same amount of value in return when
upgrading to the new iPhone. (Figure 15 & 16)
30. Collaborative Exchange / 2016-2017
Figure 16: Average Customer Sentiment for Director Exchanges
Jetblue’s Mint Class Offering Apple’s Headphone Jack Removal
0
-0.05
0.35
0.3
0.25
0.2
0.15
0.1
0.05
Pre-Launch CX Event Launch
30
31. Collaborative Exchange / 2016-2017
Shaping your customer experience with new touch
points or enhancements outside of a firm’s dominant
CX archetype requires careful risk management,
experimentation and sentiment analysis. However,
even when things do go wrong, our research shows
that companies can put in place successful remedial
strategies.
32. Collaborative Exchange / 2016-2017
32
Yes, is the answer. The trick: analyze customer sentiments and act quickly to course correct. The more
participatory an exchange, the more likely the first two weeks of sentiments shared about a CX event positively
correlate with sentiments about the brand after the event unless a firm intervenes to course correct. In most of our
cases, if people shared positive sentiments in the first two weeks, the overall sentiment after the event would still be
positive. Similarly, if people shared negative sentiments in the first two weeks, the overall sentiment towards the brand
would also be negative. However, in the case of Facebook’s Safety Check launch described earlier, the negative
sentiment about the brand after its launch significantly improved.
Immediately after the Paris bombing users complimented Facebook, “Hats off to #Facebook for creating their
#SafetyCheck feature”, “I learned a friend was safe in #paris last night via a #facebook feature, #safetycheck”, or
"#prayingforparis never realized just how many #friends I had in the #Paris area last night until FB’s #SafetyCheck
notifications came in". However, this was short-lived when people came to realized that the feature had been enabled
in Paris during the terrorist attacks, but not in Beirut the day before where bombings also took place. Many people
on social media were upset. This feature, which leveraged a users location felt biased and left many people unable to
self-express, leading to 160% drop in average sentiment after the event.
Facebook’s CEO responded quickly28,29
, stating that Facebook would immediately put plans in place to expand
the feature. Within three days, when bombings occurred in Nigeria, the company did just that. Safety Check was
expanded as promised and the average customer sentiment increased by nearly 170% after the expansion. Facebook
was quick to listen to their users and reconnected with human empathy. (Figure 17)
Can You Turn
Around
a Negative Situation?
increase in average
sentiment after the
expansion.
170%
drop in average
sentiment after
the event
160%
33. Collaborative Exchange / 2016-2017
Figure 17: Facebook's Safety Check Course Correction
Safety Check CX Timeline
-0.3
0.4
0.3
0.2
0.1
0
-0.1
-0.2
Safety Check
Expansion
(Nigeria Launch)
Criticism
(3 Days
Post Launch)
Safety Check
(Paris Launch)
Pre-Safety Check
(2 Weeks
Before Launch)
33
As companies open new touch points and/or enhance their product and services, they venture into new participation
and information archetypes from their dominant strategy. The ability to experiment and build the capabilities to quickly
course correct is crucial to maintain a win-win customer experience and protect a brand.
The ability to experiment and build the
capabilities to quickly course correct is crucial
to maintain a win-win customer experience
and protect a brand.
34. Collaborative Exchange / 2016-2017
Embrace
the Next
Generation
of CX
or Risk Being Left
Behind
34
Ahuman touch is always necessary. I will
never belittle the importance of human touch.
- Xavier Arputharaj, COO of Orient Insurance
The digital economy has accelerated the proliferation of digital touch points. This will not stop. Navigating and designing
sticky customer experiences has become more complex. Advances such as artificial intelligence or deep learning are
creating unprecedented new opportunities. These technologies have seeped their way into our daily lives from AI bots
in our home like Amazon Echo and Google Home to Facebook’s facial recognition with DeepFace. However, the new
exchanges they create can lead to positive or negative customer sentiments as a comprehensive understanding of
human behaviors, values and sentiments is still required to build win-win experiences.
Despite the increased innovative opportunities that digital technology creates, human connections still need to
beprioritized. Xavier Arputharaj, COO of Orient Insurance, a UAE-based insurer, emphasizes the importance of the
human element: “Man and machine have to work together. We have become more and more technology driven in
terms of touching our customer to constantly interact with them via email, text messages, developing a good app.
However, a human touch is always necessary. I will never belittle the importance of human touch.” To derive maximum
value for firms and customers, leaders need to prioritize activities using the CX framework and principles. (Figure 18)
35. Collaborative Exchange / 2016-2017
35
Part 1: Optimize Win-Win Exchanges with a CX Strategy
EXPLORE:
Participation and information are the linchpin of experience design and value-creation opportunities across a firm’s
value chain. Firms need to decide where participation needs to be closed or shared. As participation is increasingly
shared, firms should ask themselves if they are giving their customers the right amount of agency of control to drive
engagement. Similarly, they must assess whether the information they have directly or indirectly collected can bring
benefits to customers or feels exploitative or dissonant when leveraged. Start by addressing a pain point where
customers interact with the firm at the most basic, foundational level. By focusing on a customer’s minimum viable
interaction, firms can gain from the majority of their customer-base at the lowest level of burden to them.
ASSESS:
Value is created and most welcomed when customer expectations match customer perceptions. Each CX archetype
promotes different characteristics. Firms can map their existing and new touch points against the archetypes and
assess their CX value proposition. This can be done with sentiment analysis from public or propriety engagement
content such as social media, public forums, and customer service content. By understanding customer sentiments,
firms can test if the touch point is delivering gains in economic, cultural, social or information capital to promote the
right archetype. For example, if your touch point is an Advisor-based exchange, do you offer customer capital to
promote knowledge sharing?
Part 2: Prioritize Human Empathy throughout your Organization
EQUIP:
Win-win CXs require balanced capabilities between data science and behavioral science. Firms should have methods
and capabilities in place to advocate for human empathy when design changes are made to the customer experience.
For example, Facebook has built an ‘empathy team’ to ensure they treat their customers not as users, but as
‘people’.30,31
ALIGN:
Human sentiment cannot always be predicted. When firms emphasize human empathy and have the ability to quickly
course correct brand images can be protected. Firms should ask themselves if they have processes in place to
assess the impact of design changes and when and how to course correct.
Start by addressing a pain point where
customers interact with the firm at the
most basic, foundational level.
36. Stage Description Guiding Principles & Key Questions
Key Principle: Win-Win exchanges are optimized when both firm value and customer capital are maximized.
Part 1: Optimize Win-Win Exchanges with a CX Strategy
EXPLORE
Common practices when
extracting value at various points
in a firm’s value chain
Guiding Principle: Participation and information will be the linchpin of experience design and value-creation opportunities across a firm’s value chain
Participation: Should participation be closed or shared?
ƒƒ What is the minimum customer participation across the value chain?
ƒƒ Can we drive engagement by giving customers some control?
ƒƒ How can we make it easy for customers to participate?
ƒƒ Can this participation address a pain point at any stage in the value chain?
ASSESS
A framework to understand
how participation and information
markets can work together
to create win-win customer
exchanges
Guiding Principle: Value is created and most welcomed when customer expectations (customer capital) match perceptions (customer sentiments).
Do customer sentiments for each offering match our respective archetypes?
ƒƒ Hosts: Does our CX promote customer-brand interaction?
ƒƒ Companions: Does our CX promote community?
ƒƒ Advisors: Does our CX promote accurate knowledge sharing?
ƒƒ Directors: Does our CX promote security?
Figure 18: Designing Win-Win Collaborative Exchanges
Part 2: Prioritize Human Empathy throughout your Organization
EQUIP
Tested methods to equip for
dynamic successful CXs
Guiding Principle: Strong CXs require balanced capabilities between data science and behavioral science
ƒƒ Do we have the right methods and capabilities to help us understand customer sentiments and perception of the experience?
ƒƒ Do we have formal human checks and balances against design and algorithmic changes to the customer experience?
ALIGN
Next steps for firms to align
internally and course correct,
if required
Guiding Principle: Human sentiment cannot always be predicted, but a brand image can be protected when firms prioritize human empathy and quickly
course correct when required
ƒƒ Are our customers central to our decision-making across the organization?
ƒƒ Do we have the processes to allow us to course correct and make our customers know we prioritize human empathy?
Information: Should information be gathered and/or leveraged?
ƒƒ What is the minimum customer information gathered across the value
chain?
ƒƒ Can we gather more information and bring utility to customers without
seeming exploitative?
ƒƒ How can we make it a win-win for the customer to provide information?
ƒƒ Can this information address a pain point at any stage in the value chain?
36
37. Collaborative Exchange / 2016-2017
3737
Conclusion
We need to fundamentally rethink the customer experience in the digital economy, from merely a “UX” (user experience) to a “CX” (collaborative
exchange). As digital technology progresses and open ecosystems become more complex, organizations will increasingly become porous. Designing
highly participative customer exchanges with mutually beneficial information flows is the key for firms to survive in the next phase of digitization.
We propose a framework for deciding when and how consumer experiences can transform into collaborative exchanges (CX) across all touch points in a
firm’s value chain. This framework, based on quantitative and qualitative analyses, identifies when CX will create value for both the firm and its customers.
The participation and information markets serve as value levers to help firms create win-win exchanges based on human-centric
experiences. By increasing or decreasing access and transparency to internal activities, firms can find ways to innovate that maximize firm value
and customer capital. In this way, we argue for a more customer-centric understanding of digital transformation. Assessing each touch point in a
firm’s value exchange from a customer’s standpoint requires an honest assessment of the capital that they will receive in return for their participation
and information: economic, cultural, social and information. Whether community participation helps with a firm activity or provides insight, companies
need to constantly assess sentiments and follow CX guiding principles as they innovate their experiences. Data scientists will need to work in lock
step with behavioral scientists to bring value to both parties, leading to the next wave for the war on talent: the demand for behavioral
scientists. Understanding the importance of humanized engagements within digitally enabled experiences is becoming a management imperative.
Blending customer analytics and behavioral science is the future of CX in a digital world. In order to fully leverage the opportunities offered by digital
transformation, firms need to embrace the principles of Collaborative Exchange or fear behind left behind.
Data scientists will need to work in lock step with behavioral
scientists to bring value to both parties, leading to the next wave
for the war on talent:
The demand for behavioral scientists.
38. Collaborative Exchange / 2016-2017
38
Executive Summary
1. Firms doing business in the Digital age must view their interactions with customers as embedded in an Exchange economy, where both the firm
and the consumer seek to extract maximum value from the level of participation and information exchanged.
2. These digital exchanges are not merely passive on the part of the firm or the consumers, but characterized by co-creation of value along the value
chain. Value creation occurs through customer capital: economic, cultural, social, and information.
3. From a behavioral perspective, the stronger the perception of capital by the customer, the greater the value of the information and participation
markets. These perceptions are not merely “rational” but subject to the heuristics highlighted by behavioral science.
4. A win-win exchange equilibrium can be achieved when both the firm and the customer create and extract capital from the digital collaborative
experience. Customer satisfaction hinges on ongoing expectations of the brand.
5. Firms can create value by playing four kinds of roles, based on the amount of participation and information shared in the collaborative exchange:
Host, Companion, Advisor, and Director.
6. Successful firms will not only leverage data scientists in their arsenal, but also behavioral scientists who can design human-machine interface
platforms that leverage human empathy and create a win-win CX.
38
39. Collaborative Exchange / 2016-2017
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40. Collaborative Exchange / 2016-2017
About the Research
As organization boundaries are becoming more porous in a digital economy, the role of the consumer is also changing. Customers
are more willing to share personal information or partake in firm activities and at times, with no cost to the firm. Our research set out
to explore the rational and emotional drivers underpinning the acceleration of the participation and information markets in the digital
economy and how both dimensions can work together to bring shared value between a firm and a customer.
This framework, combining both quantitative and qualitative analysis, is based on findings from event and sentiment analysis
(involving over 40,000 of customer comments and tweets), executive interviews and observational case studies. We analyzed over
70 collaborative customer experience events across industries and extracted data from 50 cases for sentiment analysis. These
events included changes or launches in loyalty programs, self-service platforms, features, offerings and more. For each event, we
measured: (1) the degree of firm-consumer participation and information exchanged on a 56 point scale and (2) sentiment analysis
of tweets before and after a collaborative customer exchange to assess which events had positive or negative experience and the
type of capital that drove customer value. Our analysis of the customer-generated content involved a triangulation method: tweets
were randomly selected around the focal event timeline by BrandWatch, a social media monitoring software and then thematically
analyzed via LIWC, a natural language processing tool, for valence, sentiment, and meaning. Our team of researchers then analyzed
the randomly selected customer sentiments for thematic validity. The timeline for each event comprised of a two, two week periods:
(1) Pre-Event and (2) Event Impact. Sentiments two weeks before an event about the brand provided a control period and two
weeks after an event about the brand and the event assessed the event launch. We complimented our research with 15 in-depth
executive interviews with leaders intimately involved in customer strategy and experience design e.g. C-level executives, Heads of
Marketing, Ecommerce, Social Media etc. These interviews gave us an understanding of the participation and information markets
across a firm’s value chain and across industries. In addition, we have incorporated content from observational case studies
including studying published case studies and response times and experiences from online user registrations, mobile applications,
and self-service kiosks to illustrate our findings.
Our research uncovers a framework for deciding when and how consumer experiences can transform into collaborative exchanges
(CX) via digitally-mediated touch points in the firm’s value chain. This framework identifies when CX will create value for both the firm
and its customers as firms continue to mold their experiences. We’ve developed this framework based on data from domains as
varied as finance, healthcare, food, service, and entertainment, from platform-based businesses to packaged goods.
40
41. Collaborative Exchange / 2016-2017
About the Authors
RENÉE RICHARDSON GOSLINE
rgosline@mit.edu
@reneegosline
akshita.puram@capgemini.com
@AkshitaDP
didier.bonnet@capgemini.com
@didiebon
AKSHITA DEORA PURAM DIDIER BONNET
Renée is a Senior Lecturer and Research Scientist at
the MIT Initiative of the Digital Economy at the MIT Sloan
School of Management. She has been named one of
the World’s Top 40 Professors under 40, and is a leading
expert in behavioral science and branding. Her expertise
includes Consumer Behavior, Social Media, and
Social Status Influence. Prior to academia, she was a
Marketing practitioner at LVMH Moet Hennessy and Leo
Burnett. Professor Gosline received her undergraduate
and graduate training at Harvard University, including a
Doctorate from the Harvard Business School.
Akshita is a Manager at Capgemini Consulting within their
Digital Strategy group with 10 years of experience in the
technology industry. Her passion for improving customer
experiences started when she specialized in CRM, while
working at Salesforce.com. Her client work focuses on
helping companies transform the way they engage with
their customers and re-align their organization, employees
and operations to be more efficient, effective, and profitable
in today's digital era. Akshita is an alumnus of MIT Sloan
School of Management and is currently a Visiting Scientist
at the MIT Initiative on the Digital Economy.
Didier is an Executive Vice President and Global Practice
Leader at Capgemini Consulting. He has more than 25
years’ experience in strategy development, globalization,
internet & digital economics and business transformation
for large multinational corporations. He is the co-author
of the book “Leading Digital: Turning Technology into
Business Transformation”, along with several research
articles and is regularly quoted in the press. Didier
graduated from a French Business School and holds a
Doctorate from Oxford University.
41
Hyun J Rhee from MIT deserves a special mention for her invaluable contribution in collating and computing the customer sentiments analyses.