Customer Experience Management (CXM) is the collection of processes an enterprise uses to manage and design the experience that customers have with all touchpoints across the organization. This practice is designed to exceed customer expectations when interacting with the company. In order to optimize this type of management, the enterprise needs to have a holistic perspective of their customers to deliver more personalized experiences that foster loyalty and advocacy.
CXM creates a customer-centric strategy that is enabled by collecting customer data from online (apps, websites, searches) or person interactions (video, call, image analytics), as well as information from partners. Through a clear analysis of risks, ethics, benefits and costs of gathering and analyzing customer information, the company will have a 360-degree view of customers to successfully execute a business strategy. This customer experience management strategy must first understand the target audience, create a customer vision, develop the emotional connection, and then capture feedback to adjust the system.
New technologies are being leveraged to support better customer experiences such as predictive analytics, digital transaction management, digital business platform, IoT, digital advisors, virtual and augmented reality and, even, gaming. These advancements have further boosted customer loyalty and lower costs.
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This research note explores the changing customer expectations and illustrates a stepped evolution toward AI-enabled context-driven customer engagement.