Perhaps sector cross-pollination of ideas is back in fashion? Could this be needed as firms refocus their strategies for growth? Other sectors learning from FS is surely an encouragement to those of you who are customer leaders within FS firms. Keep working hard to de-toxify your brands and build a new perception.
Caroline McKinley from RBS has published an infographic, summarising their approach to Customer Experience (CX) which you might find interesting:
Having talked to others within RBS, there’s no doubt that this change of focus to have a customer-centric strategy is more than rhetoric. It’s akin to the transformation at Lloyds Banking Group. RBS has woken up and smelt the coffee, with regards to necessity and opportunity to deliver consistently good customer experiences. Avoiding further regulatory penalties and rebuilding trust in the industry are high up the agenda. Those have become drivers for a level of investment that no doubt is of interest to other sectors too.
So, what’s the relevance to you as a Customer Insight Leader? Well each stage of this process requires insight. Identifying the highest priority services, or most broken, requires converging behavioural analytics and research evidence. Likewise understanding the perceived value of different ‘moments of truth‘ for your customers requires research, as well as validating via behavioural actions. Accurate service costing requires analytics, as much as marketing measurement. Leading organisations are also turning the spotlight inwards by converging colleague research & behavioural data within business to help with ‘business insights’ stage.
It’s clear that stage 3 requires both benchmarking studies & analytics as well as that all important ‘synthesis‘ or converging evidence from the 4 sources of insight. Then stage 4 is where the discipline of database marketing can help inform robust experimental design and measurement for the customer experience changes to be tested. So, it seems Customer Insight is an essential component for this approach. Most best practice models for Customer Experience Management show the same, including the excellent SCHEMA framework used for diagnosis & benchmarking by ThinkCX:
WCL Customer Management has adopted a world-class B2C capability assessment & improvement tool architected by The Customer Framework to innovate and deliver more value and efficiency across the business system of customer management.
Given this symbiotic relationship, it’s disappointing to see so many businesses have Customer Experience in a different business function to Customer Insight. Greater joined-up working can benefit both.
Back to the first point about the sharing of this RBS model with Pharma companies, that happened at this even:
Claire Knapp Senior Planner, Havas Lynx
As you can see the voices sharing expertise from the FS sector are far wider than RBS. Axa, PruHealth & LV= are all represented. The latter does not surprise me either, having seen the effective partnership of Iqbal Adjali (analytics) and Geoff Bates (marketing) present at #CAI2015, they have learned how to deliver in partnership, which is a worthwhile lesson to share with CX leaders in any sector.