Client Experience Maturity Benchmark

Evaluate your internal CX capability and translate the findings into a CX strategy

The Accomplish Client Experience Maturity Benchmark helps asset managers evaluate their internal CX capability and translates the findings into a CX strategy. This is important because the firms with a clear strategy dominate the leader board of CX maturity.

A unique and powerful dataset of direct peers fuels the benchmark. Designed by a working group from the Asset Management CX Forum it establishes a holistic definition of CX in the context of B2B asset management.

Specifically, a framework of building blocks and stages of maturity provides the structure and detail that enables firms to understand their absolute and relative strengths.

For example, if CX is an ‘effect’ you ‘cause’ in your clients, what effect do you want to have, at what point, how will you measure it, how will your organisation create it, and what data and insights will you need?

In an industry for which, until recently, CX was in its infancy, this has brought clarity and purpose, stimulated ambition, and galvanised firms into action.

Asset managers are using the Client Experience Maturity Benchmark to baseline their CX transformations, to learn lessons about the likely challenges and opportunities ahead, and to develop informed, relevant, and feasible CX strategies.

Why CX maturity matters

In the survival-of-the-fittest investment market in which firms’ traditional ways of differentiating themselves have become unreliable, CX has become THE reliable differentiator.

The early adopters of CX in the B2B asset management industry are already exploiting it to boost their profitability on two levels: they are improving their top-line productivity through greater satisfaction, greater organic growth, and more efficient prospecting; and they are optimising their operational costs through efficient, intuitive, and coherent client journeys.

For example, at industry level, we have used the benchmark to understand the relationship between a firm’s CX maturity and how it responded to the new client needs that emerged as a result of the shock arrival of Covid-19.

To differentiate yourself through CX you need to manage it. To manage it, you need to measure it.

The good news is that it is entirely within your control.

Summary use cases – why firms compare their CX maturity

The benchmark enables you to evaluate the strength of your firm’s internal CX capability and compare it against your direct peers.

The assessment process is standard but, in each case, our client’s situation and objective was different, so they valued different aspects of it.

To bring this to life for you, here are summaries of the three most common CX maturity use cases – demystify, step back, and go for gold. The personas and quotes are real; the names are fictional. Click here for the full use cases.

Demystify and baseline

Paige was new to her role as the COO of Distribution. Instinctively viewing the organisation from the client’s perspective, she wanted to know the ‘state of play’ she had inherited.

Her questions were “where are we OK, where should we focus, why, and how?”

Paige needed the right tool to help her evaluate the status quo and create a baseline for any future changes.

This the CX Maturity Benchmark provided.

Step back, take stock and check alignment

Aditya, Head of CX, had been leading his colleagues through a CX transformation after they onboarded into the CX Maturity Benchmark. Their plan had involved clarifying their strategy, establishing a core client journey, and instituting CX metrics and governance.

Adi felt his team and he had, at times, been working in a bubble and, quite simply, he wanted to know “how are we getting on?”

From Accomplish’s perspective Adi needed the confidence that his programme was still ‘on track’.

Going for gold

Peter was the Head of Distribution and he and his colleagues were confident that they had a particularly strong CX capability.

Peter’s firm believed their CX could differentiate them in the market. To stand out in the eyes of prospective clients, he wanted to actively promote the strength of their CX.

Was their CX good enough to include in their promotional material?

A bold move, in Accomplish’s opinion: they needed a careful, independent, and evidence-based validation before going public.

How the Client Experience Maturity Benchmark works - in summary

There are three steps to joining the benchmark:

  1. CX maturity assessment – Accomplish will gather the information we need through an informative, methodical and industry-accepted process of stakeholder interviews.
  2. CX maturity profile session – we will analyse your firm’s CX maturity profile and develop a customised report that will articulate the absolute and relative maturity of your CX capability, any issues you face, and recommended goals and approaches for your CX strategy.
  3. Free ongoing membership of the Asset Management CX Forum – your colleagues and you will be able to join dozens of minds from dozens of asset managers as we solve industry-wide issues together, develop ground-breaking techniques, and amplify and sustain your message to your organisation about the importance of CX.

Click here if you would like more detail on how the benchmark works.

Place yourself in good company

By March 2021, 21 asset management firms, responsible for $3.5tn AUM across over 22k institutional relationships, had taken advantage of the Client Experience Maturity Benchmark.

Want to know more about the benchmark? Send us an e-mail.

We would love to hear from you.

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