Extending the leading edge of CX
Increased benchmark participation
Notwithstanding all that is going on in the world, at Accomplish, we are celebrating extending the leading edge of CX in Q1 2020.
We are proud to have increased participation in the Accomplish CX Maturity Benchmark, which is now giving members of the European Asset Management CX Forum increasingly deep insights into the full range of client experience (CX) capabilities across the asset management industry.
Encouraging feedback on “ground-breaking” research
In terms of extending the leading edge of CX through critically-needed research, we are pleased to have played our part in turning the data our member firms contributed on how they measure CX today into what one of our clients has called the “ground-breaking” concept of Key Experience Indicators (KXIs).
To explain, the experience any supplier gives to its clients is an ‘effect’ that the supplier ‘causes’. Therefore, an asset manager wishing to make sense of its CX should measure actual observable ‘effects’ in client behaviour (via KXIs) and distinguish them from ‘cause’ data about its own actions (KPIs). Having proposed this concept along with a generic set of asset management KXIs at the latest CX Forum on 26 March, we feel privileged to already be helping firms adopt this new way of working.
Extending the leading edge of CX benchmarking
We are also in discussions with firms about a new global benchmark that will enable asset managers to validate their alignment with their clients ‘wants’. This is essential because alignment with what your clients want drives their impression of your value.
Within Accomplish, we refer to this new benchmark as the ‘flip side of the coin’. This is because our research into effective CX strategies identified the power of combining the existing gauge of internal CX capability (the CX Maturity Benchmark) with a measure of external alignment that we are calling the CX Touchpoint Benchmark. They will both be pure CX benchmarks, will both use the common language of CX adopted by the CX Forum, and will both measure firms on an absolute and relative basis. More to follow in the coming months.
Purpose-built CX training to help asset managers create internal alignment
Additionally, we are pleased to be helping member firms create internal alignment around the importance of CX via purpose-built training packages. We have developed this training capability because to gain a competitive advantage from CX an asset manager must first be able to define, measure and explain it.
Historically, the industry has not been aligned on these points, so we are helping our members solve this problem with a training package called ‘CX Fundamentals’. This initial package will address topics like what is CX, how does CX work, is B2B CX really so complicated, what does good CX look like, and … what’s changed, why is ignoring CX no longer an option?
The home of the asset management CX community
Lastly, we are pleased that over 30 users have joined the Members Area in its first six weeks. This sub-site is the online home of the asset management CX community and we would like to draw particular attention to one way firms are gaining value from it: their ability to share peer-group insights. This functionality contributed essential data to the KXI project, and we will use it next to perform a ‘hot debrief’ across the CX community on CX in the new work-from-home era.
It remains Accomplish’s privilege to serve the leading lights in the asset management CX community. Follow us on LinkedIn where we will keep you up to date with what we are doing to improve CX.