Customer experience is no longer just a buzzword anymore. It has become an integral part of any business strategy. Major technology and business transformations today are formulated with customer experience at the heart of it. All banking pundits will attest to the need for banks to move beyond a transactional relationship with their customer and strive to have more holistic interactions and provide highly personalized experience to meet expectations and sustain loyalty.
Today, financial institutions are required to have the capability to offer a greater wealth of customized products and services that are available 24x7 in an omnichannel environment. They need to monitor and assess customer experience using key performance indicators and strive to drive ‘customer delight’. While customer experience is an absolute must have, it is important to note the customer needs vary significantly from one segment to another. Therefore, it is necessary to identify the right segmentation of customers that can effectively group customers with similar needs and expectations. This will help firms to provide personalized, customer-specific product packages and services.
Getting the customer experience right is often about gaining alignment by answering some key questions such as ‘Have we segmented our customers correctly?’, ‘Are the products aligned to our customer segments?’, ‘Are the right customers using the right channels?’, ‘Are our processes aligned and customized to the segments?’, ‘Are we effectively using technology to deliver these processes?’, ‘Is our customer service organization aligned by our customer segments?’.
How we add value
Effective customer experience depends on various factors including technology landscape, alignment within the organization, well-defined processes, and ability to capture and utilize right customer information. Cedar provides a well-defined methodology to execute a best-in-class customer experience strategy by
- Assessing current customer segmentation to ensure customers have been coherently categorized and reviewing any potential imbalances in the customer pyramid.
- Providing alignment of products to these segments to enable a customized product proposition is offered to each segment.
- Driving usage of the right channels by customer segments.
- Streamlining processes and aligning them to segments.
- Enabling effective leverage of existing technology landscape.
- Alignment of customer service organization with the segments.
This is strategically followed through with effective mapping and implementation of Customer Journeys, and periodic measurement using the Balanced Scorecard (BSC), and Net Promoter Score (NPS). Cedar has a proven track records of transforming the customer experience for financial services clients, mapping customer journeys & improving on them, putting into place a customer service dashboard using the BSC, and finally helping clients measure customer satisfaction using the Net Promoter Score (NPS) with a proprietary tool kit.