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CX Forum: premium research
Industry-level solutions to industry-wide problems that member firms may then tailor to meet their specific needs.
- Segmentation is about your clients’ needs and tiering is about yours. The difference matters.
- Together with client journeys, you can make your business feel like a natural home for your clients as well as target your most valuable relationships.
- This research unearthed how asset managers were doing this and how a minority of asset managers were gaining strategic value.
Voice of the client
- In a survival-of-the-fittest market, listening to the voice of your client and flexing accordingly is about remaining relevant.
- It is vital because, even though clients’ needs evolve, your continued alignment with what they want will drive their ongoing impression of your value.
- In this research, we explore how asset managers perform this function, what is working well and less well, and propose firm- and industry-level solutions for the gaps we found.
Impact of COVID-19 on asset management CX
- How did clients’ needs change as a result of COVID-19?
- What were asset managers’ immediate responses?
- What does this mean for client experience (CX)?
- What’s the direction of travel?
- What will firms need for the journey ahead?
Effective asset management CX strategies – a best practice guide
Sustaining a superior CX requires a strategy, yet ~70% of asset managers lack one.
This project helps firms solve the problem, by outlining:
- The characteristics of an effective CX strategy
- How to diagnose your situation and where to start
- Generic CX strategies for common situations
Use this guide in conjunction with Key Experience Indicators:
- Measure CX by tracking cause (KPIs) AND effect (KXIs)
- Use your metrics to identify any CX improvement goals
- If necessary, use this guide to match your strategy to your situation
Key Experience Indicators (KXIs) – the missing piece of the puzzle
Traditional differentiators have become unreliable and bargaining power has shifted to clients. Client experience (CX) remains THE way to retain clients and minimise complexity and costs.
In an unfavourable macro-economic environment revenue retention takes precedent, which makes CX a top priority.
To use CX for your commercial advantage, you must first be able to define, measure and explain it. The industry is not yet aligned on these points.
This paper solves the problem by:
- Defining CX for B2B asset managers
- Explaining the science behind how CX is an effect that firms cause
- Proposing the concept of Key Experience Indicators (KXIs) to enable firms to distinguish causes from effects and, therefore, to make sense of their CX
CX governance and KPIs: current state
In response to early findings from the CX Maturity Benchmark, this detailed survey defined the nature of one of the industry’s most fundamental CX issues: the need to be able to measure CX.
The report depicts the industry status quo: how and why firms are defining CX, allocating accountability, and measuring CX, as well as how well they feel it is going and why.
This survey was part of the CX Forum’s broader research project that will identify the most valuable CX KPIs and best practice CX governance arrangements for B2B asset managers.
- How firms are defining CX and allocating accountability
- How and why they are measuring CX
- How well they feel it is going and why
