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How to develop an effective CX strategy

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The minority of firms with a CX strategy dominate

In November 2019, when we reviewed the results of our CX Maturity Benchmark, it was clear that one of the issues was the low instance of CX strategy across the asset management industry.

The firms that dominated the leader board of overall CX maturity were also the ~30% of firms that have clearly-defined asset management CX strategies. Yet, the remaining ~70% of firms have no clear CX strategy and are encountering common obstacles as a result.

This research project helps firms solve the problem

To help solve this problem, Accomplish has developed a guide for members of the CX Forum on how to develop effective asset management CX strategies.

The guide explains the characteristics of an effective CX strategy, helps firms diagnose their current situation, as well as assess the limits of what they can achieve in their first few moves from their particular starting point.

The research also identifies three common situations that firms face and outlines a generic strategy for each.

And, because “without execution, all we have is a good idea sitting on a shelf”, we finish with a short refresher on how to kick-start the execution of your CX strategy. 

We recommend firms use this guide in conjunction with our related research into how asset managers can use KXIs to measure CX. This is because once you can measure and make sense of your CX, your metrics may highlight areas you would like to improve.

Use the guide to translate this ambition into a strategy.

Next step: the CX Touchpoint Benchmark

Lastly, this project has confirmed the need for an additional benchmark that will enable asset managers to validate their alignment with their clients ‘wants’.

We look forward to kick-starting this project shortly.

asset management CX strategies
Sean Brady

Sean Brady

Strategy, implementation, COO, client experience.