Key Experience Indicators (KXIs) – the missing piece of the puzzle
Asset managers are in a survival-of-the-fittest market
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. Key experience indicators (KXIs) are the missing piece of the puzzle.
Using CX for your commercial advantage
To use CX for your commercial advantage, you must first be able to define, measure and explain it. The asset management industry has not been aligned on these points.
We are pleased to publish research that solves this problem by:
- Defining CX for B2B asset managers.
- Explaining the science behind how CX is an effect that firms cause and how firms can use this knowledge to their commercial advantage.
- Proposing the concept of asset management Key Experience Indicators (KXIs) as the missing piece of the puzzle that will enable firms to distinguish ‘cause’ from ‘effect’ and, therefore, to make sense of their CX.
Click here for a summary of our proposal that asset management KXIs are the missing piece of the puzzle to measuring CX.
Why we conducted this project into key experience indicators (KXIs)
In November 2019, the members of the European Asset Management CX Forum agreed the CX Maturity Benchmark data highlighted the industry’s biggest CX-related issue as firms’ abilities to measure CX. Indeed, subsequent research as part of this project found that when measuring CX, asset managers are not distinguishing ‘cause’ from ‘effect’ and are mostly tracking ‘cause’ data about their own actions. 75% gained no benefit from this.