The commerciality of customer experience (CX) – Does it drive revenue and who is doing it well in Europe?

Retail Financial Services

Retail Financial Services

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Moderator: Keven Mountford – PBF Solutions

Experts: Sophie Lilley, Lansons & Jeremy Larsson 

Who is getting CX right?

US firms are shining lights when it coming to achieving great customer experience and Nike is a good example of best practice.  Beyond this it was felt that in the UK telecoms provider O2 was good.  From a financial services perspective, First Direct rank well in various reports but there is a sense that they are living of its past. Barclaycard have also made huge strides in this area.  

KPI's ..how do we suitably measure performance?

Although the likes of NPS are OK as a benchmark as they can assess performance against 'moments of truth'.  However they do not go far enough? 

A shift from product to customer centricity

This was recognised as being very important - a must - but it was unclear how can it could be achieved.  One suggestion was that you should focus on lifestyle as opposed to just 'age demographics'.  Personalisation is key! 

A seamless, multi-channel CX

Previous talk has been around omni-channels but recognition given to the challenge of introducing CX standards across all touch-points. However we shouldn't think that a branch user has the same requirements and needs as a mobile based one! 

Knowing your strengths

Alignment of 'capability' is critical in a supplier type situation or where collaboration is in play. 

The regulatory barrier 

Regulatory pressure and challenges can't be ignored but shouldn't be a show-stopper. 

Conclusion

In conclusion it was noted that a cultural shift needed to come from the top and organisations have to live and breathe the CX principles. It was also noted that it has to be a long-term plan but quick wins and tweaks can improve things ahead of any major transformation.  

Although revenue can be generated, we need to start thinking along the lines of 'long term relationship = long term gain'.  In turn we need to stop the approach adopted by so many financial services companies of 'spending more time and effort acquiring customers than keeping them'!

 

 

 

                                                    


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