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A unique business intelligence tool

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Introduction

We have been a little quiet recently as we have focused our efforts on building a unique business intelligence tool that will be the future of client experience (CX).

This is the first blog in a new series that will describe the tool (which we call the CX Touchpoint Benchmark), explore its unique features, and explain how a large proportion of this is already operational and delivering commercial value to our clients.

The remaining blogs in the series will each investigate in detail one of the unique features.

Asset management CX benchmarking  

Accomplish collaborated with a group of firms from the Asset Management CX Forum to design and prove the concept of behavioural benchmarking and to build the data series that is now yielding commercial value to its participants.

To align firms’ measurements with their clients’ needs, we have developed segment-specific versions of the benchmark and, in case some asset managers are not quite ready yet for benchmarking, we are letting them measure basic CX metrics for free.

This new tool is important to the industry because it is the essential complement to measures of client feedback, e.g. client satisfaction surveys, advocacy scores, etc. This is because CX is an ‘effect’ you ‘cause’ that occurs in what clients say (feedback) and what they do (behaviour). But humans are tricky creatures and what they say can dramatically contradict what they end up doing. Because of this, feedback data from your clients will contain gaps and inaccuracies. So, if you want the true story, you must also measure their behaviour.

A unique business intelligence tool for asset managers

Here is a summary of the benchmark’s unique features. In subsequent articles, we will explore each one in detail.

Behavioural analysis– a best practice CX data taxonomy called the Helix© lets you define, observe, and measure the behaviours you want to see in your clients at the moments that matter. This brings significant commercial insights, for example:

  • How does your event attendance compare?
  • What about your RFP success rate?
  • Or your conversion rate of successful RFPs into revenue?
  • How much of their time do your clients give to your relationship compared to other firms?
  • And for how long do they stay with you?

Segment-specific client journeys – some aspects of your client journey will matter to all clients, while others will matter more to some and not at all to others. The CX Touchpoint Benchmark addresses this with segment-specific client journeys.

Exploit the power of the User Group – the benchmark’s governance places you, the user, in charge of directing the data and tools you need, synthesizing new solutions, and sharing best practices. This is no talking shop: through industry-level discussions fuelled by consistent data and analytics the strong are getting stronger.

Client centricity kite mark – every asset manager says they are ‘client-centric’, but actions speak louder than words and your clients know this. So you can demonstrate your tangible commitment to CX and have meaningful discussions about it with clients and prospects, we are developing an industry-wide accreditation scheme and kitemark.

We are excited about this unique business intelligence tool that we expect to set the future direction and pace of client experience for asset managers, and we look forward to elaborating throughout the remainder of this blog series.

Just get started … for free – we have created two levels of CX metrics: ~20 basic ones and ~20 advanced ones. This flexibility allows you to start measuring basic CX immediately for free. And you will do so in a way that will enable you, if you wish, to join the benchmark and find out how you compare against your peers.

We are excited about this unique business intelligence tool that we expect to set the future direction and pace of client experience for asset managers, and we look forward to elaborating throughout the remainder of this blog series:

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Adam Grainger

Adam Grainger

Asset management CX specialist. 20-year career in the investment industry – from Transformation Director roles, to regional COO positions.