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Customer Experience - King, Queen and the rest of the Assorted Monarchy for Strategy

Over the past 12 months we've looked heavily into customer engagement and experience strategies and the technology used to support these efforts. Unsurprisingly, improving the customer experience is a key focus for both business and IT leaders. Some of the insights we've learnt from a recent joint study we conducted with FST media include:

  • In Australian Financial Services Organisations there is a clear trend for lines of business or the CMO to own the customer experience. CDOs aren't yet prominent
  • The top 5 priority areas of customer experience management for Australian Financial Services are:
    • Retaining customers;
    • Attracting customers;
    • Website;
    • Mobile apps; and 
    • Measuring customer satisfaction.
  • When asked what types of customer satisfaction they measure – 87 per cent said they measure advocacy (especially with NPS), 54 per cent measure purchasing, and 74 per cent  measure retention. But very few use more than two methods of recording customer satisfaction with surveys being the most common.
  • In general, financial services executives don't believe their organisations are performing that well. When rating their own organisation’s performance in customer engagement respondents indicated they are ‘good’ or ‘very good’ in the following attributes:
    • Leadership; 
    • Making big decisions correctly; and 
    • Setting a culture that embraces change and promotes employee engagement.
  • The company website, using data, personalisation and mobility are the key technology focus areas for improving customer experience in 2015.

For more details on this research go to:

http://fst.net.au/paper_Detail.aspx?wpid=3263#

And we also have more from an AGL case study we did with Sitecore and Microsoft here:

http://www.sitecore.net/engagementimperative

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