News

• CX strategy – if CX is an effect we create, then the first question must be, “what effect do we want to have, and on which client types?” Your answer will give you your objective. Every firm at the leading edge has defined its strategy for meeting its objective in relation to CX. A good strategy will start with the objective and why it matters, explain how the objective is going to be achieved, and assess the resources and capabilities needed. Check out our research into effective CX strategies and contact us if you would like more help as we have a CX strategy definition service for our clients.

• Client journey – “at what point do you want to have a certain effect?” Good CX has a client journey that connects your end-to-end client touchpoints into a coherent experience and is relevant, explainable, and memorable. A superior client journey will ensure that, where appropriate, different touchpoints meet the different needs of your client segments.

• CX governance – “how will you measure your effect on your clients?” This brings in governance and oversight, for which you will need a framework of accountabilities and processes that monitors the effect your firm has had on its clients and why. Effective CX governance will make sense of the experience you have given your clients by measuring actual observable effects (key experience indicators) and comparing them the causes (key performance indicators). This is a new way doing things we developed after we discovered that how and why 75% of asset managers gain no benefit from their current measurement activities. 

• CX culture – “how will your colleagues and you create your desired effect?” This refers to the cultural recognition your organisation places on the primacy of listening to clients and serving their changing needs. A client-centric culture has clear responsibility for CX, solves client queries collaboratively, empowers employees to involve and interact with clients, and includes CX in annual objectives and incentive programmes.

• CX data and analytics – lastly, “what data and insights will you need?” Data is the essential raw material for maintaining up-to-date 360° view of clients’ needs as they change over time. A ‘good’ data capability will exploit consolidated data to identify meaningful differences in clients’ needs, analyse them on an ongoing basis, and predict changing needs across segments of clients.

Another great thing about these building blocks is that they are incremental and, with the help of the CX Maturity Benchmark, you can sequence improvements across each one on a deliberate path to client centricity.

If you want to know where to start, after you have benchmarked your CX maturity, unless your report recommends a specific sequencing, the order we have listed the building blocks may be helpful to get you started: having a clear strategy is always a good first move.

In our CX training courses , we help asset management staff understand the details of these building blocks, learn how to apply them, and give guidance on connecting and embedding them into BAU.

Be memorable

Take an ‘engineering’ approach to designing your client journey(s), but not all touchpoints are equal, and clients are not machines. Unless we engage them on an emotional level at specific points, our efforts will likely be forgotten.