|| 7 minute read || In recent years, customer experience (CX) has emerged as a major differentiator for large companies. In a McKinsey survey of senior executives, 90 percent of respondents confirmed that CX is one of the CEO’s top three priorities.
It’s a priority because the stakes are so high. For financial institutions, for example, rising customer expectations are pressing organisations to come up with more functional improvements even as alternatives to traditional financial services are emerging. In this dynamic environment, financial institutions face a stiff challenge to differentiate their offerings while reducing cost and complexity for customers—and to do it at a profit. This also rings true for the Care Sector.
Overcoming these challenges is critical not just to meet rising customer expectations and to compete with new digital attackers but also to generate significant business impact. Research indicates that for every 10-percentage-point uptick in customer satisfaction, a company can increase revenues 2 percent to 3 percent.
Reaching the top quartile of CX performers is no easy task. Cost, design, and value are emerging as key differentiators for customers, yet companies often lack guiding principles to shape those efforts. By analysing and ranking correlations between customer satisfaction and operational factors (such as the reasons a customer chooses one company over others, cycle times, features offered, and the use of digital channels) in McKinsey’s survey, four pillars of great customer-experience performance stood out:
- Focus on the few factors that move the needle for customers
- Ease and simplicity: The payoff trade-off
- Master the digital-first journey, but don’t stop there
- Brands and perceptions matter
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