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CX in Financial Services

Quick, Quick, Slow ― Striding Towards Effective Customer Experience Management in Financial Services

Amid fierce competition for customers, banks and financial services organisations are looking for new ways to stand out from the crowd.

And with product and price no longer differentiating factors, providing a memorable customer ‘experience’ is now a key strategic priority.

In research commissioned by RR Donnelley, we discovered that two-thirds of companies (including retail banks and credit card companies) have started Customer Experience Management initiatives since 2012.

However, while the pace of adoption is quickening, the speed of real change (and, therefore, visible results) can be slow.

Why is it taking time to see the results of CXM?

Because many businesses still view CXM as an organic, operational issue and an altruistic corporate ethos − rather than a formal business strategy.

Even those that embrace CXM strategically and holistically are being slowed by legacy technology and processes that were not designed from the customer’s perspective.

What are the most progressive companies doing?

  • Creating teams comprising a number of disciplines (and headed by an individual in a clearly defined role)
  • Streamlining and simplifying processes
  • Adopting agile IT development methods to enhance customer engagement

Further Reading

Discover more of the key findings from our research, The Rise of CXM and find out how some of the most successful customer-centric enterprises are rising to the challenges of Customer Experience Management.

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40% of dedicated CX teams have been formed in the last two years
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