Customer Experience Management (CEM)
The Situation Today
Customer experience management is more of an evolution - a journey of transformation to continually meet and exceed a customer’s expectations. Brand promise and customer perception are the guiding principles in this journey, where spoiled with choices, customers increasingly demand more convenience, trust and transparency, and real-time personalized interactions across multi-channels such as mobile, web, social, agent, call center, and more.
Raising the bar for customer experience can create sustainable competitive differentiation, and a highly responsive ‘digital’ offering is the way to go about it.
What’s happening in the Financial Services Industry
One of the biggest challenges that CMOs and digital heads face is to keep pace with changing consumer behavior and meet their demands within the constraints of a cumbersome technical infrastructure and cost structure. A bank’s disparate IT systems and legacy processes together with diverse channels and devices that deliver inconsistent experience across digital channels is making it difficult to scale across markets and geographies. A robust customer experience strategy will help such organizations meet their end customers’ expectation and augment overall satisfaction
Insurance companies today struggle to gain credibility and trust from customers for lack of a transparent aptitude. Brokerages and capital markets businesses struggle to create the conditions for transformation and risk losing business opportunities because of faulty execution in strategy, slow speed to market, operational inefficiencies, and wasted customer insight - all leading to a loss in revenues. In addition, business and IT misalignment, inconsistent view of the customer due to lack of a stated customer experience management solution and the inability to create a collaborative and agile way of working further add to this setback.
How HCL Can Help
Customer Centricity through Digital Transformation
‘Digital’ has changed the business game, and addressing change with a bolt-on strategy that adds a mobile application here or a website there will not meet the needs of tomorrow’s consumers. The new world of digital channel delivery requires a new operating model that can help manage and connect channels more efficiently and introduce new systems and skills within new channels, which are cost effective and can move the organization towards becoming more engaged, intelligent, connected, and fast.
HCL’s Customer Experience Management solution is playing a huge role in the enhanced ‘digital’ customer experience of several F500 financial services institutions. It works on the following principles:
- Engaged: HCL can help re-invent your customers’ experience – by putting them back at the heart of your business - through customer-centric development approaches while fostering a culture of innovation and “outside-in” thinking
- Intelligent: HCL can help you tap into and exploit value from your organization’s data with the help of advanced customer experience analytics while harnessing the power of next generation predictive tools and techniques, helping you make sounder decisions
- Connected: HCL can help you integrate real time decision support based on customer experience measurement, thereby driving more value from each customer interaction
- Clockspeed: HCL can help you harness deeper collaboration and connections inside and outside your organization through agile methods
- cX Studio: HCL offers you a unique model that is designed to for your customer experience strategy and to accelerate the digital transformation of your organization
What We’ve Done For Others
HCL has delivered significant value to customers in the financial services industry by helping them transform their business operations across enterprise IT initiatives. HCL also ensures that they achieve their business objectives through our business benefits realization methodology. In particular, we have
- Increased new-customer acquisition by up to 25% and acquisition rates by up to 40% for a leading financial institution in the U.S.
- Implemented an Omni channel customer experience tool that resulted in savings of $12 million in channel operations and provided tools that reduced call duration by 14 to 23 seconds in a call center for a F500 financial services institution
- Improved cross-selling and up-selling by 5%, decreased operational costs by 20%, and decreased the cost to report across lines of business by 50% for a leading financial institution in the U.S.
- Developed two mobile apps for customers in Europe that have been recognized by Information Week and were awarded the Value Honors 2012 awards in their respective categories
Delivering superior customer experience by transforming digital channels -
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