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Client Experience Touchpoint Benchmark

“Behaviours were the missing piece for us: we were already tracking our own performance and what clients say about us.
Now we can also track and compare our effect on what they do.”

A Head of CX.

In brief

  • Client experience (CX) is an ‘effect’ you ‘cause’ that occurs in what clients do (behaviour) and what they say (feedback). What humans do can differ dramatically from what they say. So, if you want to measure their experience, their behaviours will tell you the true story.
  • But what should you measure? Save time and effort by pulling the best practice taxonomy of CX metrics off the shelf, and begin measuring CX immediately.
  • With Accomplish’s CX Touchpoint Benchmark, you will then be able to compare yourself against your peers, as well as predict and influence your effect on institutional clients’ behaviour.

To manage CX, you need to measure it

The long-term forces of supply and demand  mean that, for most asset managers, client experience (CX) has become THE reliable differentiator.

Simultaneously, changes in modern society have taught us all, as consumers, to recognise and expect good CX.

This means that your clients’ experiences in the consumer economy are driving demand for CX from your B2B asset management firm.

At Accomplish, we do not expect these trends to change or reverse. CX is here to stay.

The good news is that CX is entirely within your control and to differentiate yourself through it you need to manage it. To manage it, you need to measure it.

Without behavioural insights, client feedback will give you an incomplete and inaccurate picture

CX is an ‘effect’ you ‘cause’. It occurs in two ways – in what clients say (feedback), and what they do (behaviour). To manage CX, you should measure both.

Feedback data is essential, but it will contain gaps. This is because requests interrupt clients, are not always welcome (especially in the volumes used by asset managers), and some clients will ‘tune-out’ to them, or simply forget.

Furthermore, what humans do often differs from what we say, which adds inaccuracies to the gaps. This is because of our natural biases: we forget less recent events, we avoid difficult conversations, and our choices in hypothetical scenarios (what we say) can dramatically contradict our real decisions (what we do).

As a result, relying solely on feedback data will create an incomplete and inaccurate picture of your CX, and you may take the wrong action or operate under a false sense of security.

See how the benchmark works and what you can do with it.

Counteract the gaps and inaccuracies, and alleviate clients ‘survey fatigue’

If you want to know your clients, look at their actions – they will tell you the true story.

In contrast to feedback data, behaviour is general and universal, and you can measure it objectively, empirically, and holistically.

Without disrupting clients, you can measure your effect on what they do, which is unaffected by human biases.

In data terms, there is no substitute: behavioural data is valid, accurate, and reliable, which makes it the essential complement to feedback data to ensure you make the best decisions.

Because you can measure behaviour over any timeframe you like, you can build a high-resolution dataset, you can target your feedback requests with pinpoint accuracy and, in so doing, you can alleviate clients’ ‘survey fatigue’.

See the wood for the trees

Designed for asset managers by asset managers, the Client Experience Touchpoint Benchmark leverages the best practice Helix© data taxonomy: target behaviours and metrics for each of the moments that matter across the end-to-end institutional client journey.

Each metric is a forward-looking ‘leading indicator’ that will signal emerging trends, rather than lagging indicators that tell you about what has already happened.

Pull the Helix© off the shelf to plug the gaps in feedback data and save the time and effort needed to develop a taxonomy from scratch.

And because it is a common language, you can compare your results against your direct peers regardless of your technology stack.

The users will govern the benchmark, meaning you will have a vote in all decisions about continually improving the Helix©, keeping you at the leading edge of CX.

The Client Experience Touchpoint Benchmark – a new industry utility

Because you can record repeat instances of behaviour you can turn your baseline measurements into a series, which is when it gets really powerful.

With a series of benchmarking data, you will be able to compare your direction of travel and pace against the industry (not just a snapshot), predict and influence your clients’ behaviours to improve their experience, and evaluate the success of your CX initiatives.

What better way to demonstrate to your clients that you still care about them long after the sale?  

"...Knowledge shared is power multiplied”

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