The Client Experience (CX) Maturity Benchmark is live
The birth of a CX Forum
Last week, 17 institutional asset managers came together for the first time as the European Asset Management Client Experience (CX) Forum. On the agenda were the results of the Client Experience (CX) Benchmark. The outcome was a holistic review of the state of CX in the industry and a discussion of how to respond to the issues.
CX is both an opportunity and a commercial imperative
These are ‘early mover’ firms. One reason they took this step is the emerging pattern of research that indicates that for most asset managers CX has become THE differentiator and that it could be going better. We also recommend Casey Quirk’s research.
In a survival-of-the-fittest-market, this makes CX both an opportunity and a commercial imperative.
As a result, we are celebrating the birth of the CX Forum, because its existence recognises the overlap between giving clients the experience they need and the competitive advantage a firm gains from doing so.
The Client Experience (CX) Benchmark allows us to measure CX maturity
To make this discussion possible, the firms participated in the Accomplish CX Maturity Benchmark and we now have a valid and consistent dataset. We are using this to derive actionable insights at both the firm and industry level.
The detailed findings and response plans are for the member firms but, in line with other research findings, it is fair to say that on average the foundations of CX are not in place.
There is work to be done on each of the building blocks of CX, with data-related weaknesses needing particular attention. This is because they risk undermining efforts in other areas by creating the possibility that reality differs from policy.
Interestingly, the Client Experience (CX) Benchmark demonstrates that laying the foundations of a favourable CX (and more) is perfectly possible.
To help firms progress their plans to seize this opportunity, the CX Maturity Initiative is now ‘full steam ahead’.
We are talking with additional firms who would like to join the next round of benchmarking. This will deepen the dataset and the richness of its findings.
But how will we solve the problems it highlights? Our view is that an industry-level problem requires an industry-level solution, which is why we have established the CX Maturity Initiative.
Crucially, though, if on average we are not good at something, just learning from each other will not be enough. To extend the leading edge of CX in the industry we must develop new capabilities and tools, and learn the art of the possible from other industries. This means we need R&D.
Now that we have command of the latest data, we have developed a purpose-built plan of R&D that will deliver new capabilities and tools. Member firms will track their progress through regular refreshes of the benchmark.
Looking further ahead, participants are already expressing interest in applying the ground-breaking benchmark to other regions and sectors. This makes absolute sense to us.