Customer Experience is a business critical conversation that no business can afford to miss. This was clear at the ‘customer strategies summit 2018’ by CRM Academy Of Asia.

At the onset we thank the team at CRM Academy Of Asia to invite the team from CXREFRESH. Feel free to check tweets from the event with #CSS18 and follow @crm_asia

The conversation that ruled at #CSS18

The event brought together industry leaders that are championing CX at their organisations with technology, content, storytelling and deeply understanding the overall customer journey. The most riveting conversation was around the use of new age technology and digital tools to “listen to the customer faster” and create interventions that create a powerful and more engaging customer experience.

A strong emphasis was on how businesses of all nature are being impacted by the sheer pace of digital transformation. The speakers shared their insights on how they are using a mix of technology and human intervention to create world class customer experience for their customers.

“We listen to our customers on social media and have put in place technology that touches them across all experience points when they check-in to our hotels and otherwise”

 – Soumonath Chatterjee, Director of Loyalty, Customer Experience and Distribution, India and South Asia, Accor Hotels

“Make your customers your cheerleaders by creating a customer driven brand”

 – Krishnan Chaterjee, SAP

“You must make efforts to create deep and meaningful relationships with your customers. There will always be gaps, but a great relationship will always lead to a great experience”

 – Rajiv Gupta, Founder and CEO, Next Inc.

The Customer Strategies Summit 2018 established strongly the ever changing world around us. Customers have ever increasing access to more information and their expectations are evolving.

We absolutely enjoyed our participation at the #CSS18 and we will take our relationship with CRM Academy Of Asia to new levels to bring CXREFRESH Leadership Workshops to the world.

FinTechs have made incremental gains and are reaching and engaging a critical mass of bank-first customers. FinTechs are setting new standards for innovation and customer experience. Around the world banks are reviewing their branch expansion plans. This has far and deep reaching impact on hiring, investing in technology and more.

The banking industry has been slow to evolve. FinTech industry’s stellar growth proves the fact that the customers were ready for a better experience. They hence became FinTech customers first.

FinTech’s provide superior experience

FinTech’s are tech-first companies. While they build over the backbone of the banking industry, they are able to win customers a lot faster. Because they focus on the customer first. Their core focus is on building a phenomenal end customer experience to be more valuable over the banking layer.

What has been disrupted : payments and lending

There are examples around the world. PayPal, PayU, Stripe, PayTM, Apple Pay, Samsung Pay and so many other FinTech companies that started as pure play payments companies. Many of them have now diversified to be FinTechs that have built solutions for lending and other banking transactions.

The volumes of transactions happening via the FinTech applications have risen sharply especially in emerging countries. While there has been a considerable traction in the US, in China and India these numbers quadrupled in terms of new customer adoption growth rate.

What is driving this fundamental shift which cannot be ignored anymore?

Customer experience (CX). The asset that FinTech’s are investing in is CX. They are using data modelling, front-end technology, AI, ML and the old-school customer interactions to understand customer behaviour and choices. 

This investment in CX is creating billions of dollars in value.

DialDesk research insight

We strongly believe that CX is the fundamental foundation for absolutely every business to remain relevant in the future. The future that we are discussing is not the next decade. Infact this future in many ways has arrived already.

Great customer experience in banking can be worth millions – Forrester

At DialDesk we are advising businesses to create innovative CX solutions and win customer loyalty, trust and increase retention and referral.

The DialDesk research is responsible to keep looking out for trends that successful businesses are adopting globally to stay relevant, competitive and win customer love and loyalty.

The trend that we see staying relevant till at least 2020 is : meaningfulness and empathy

The important fundamental that led us to meaningfulness and empathy is the growing inclusion of social media in our lives. Also we studied how it impacts the social fabric of the society and the human nature. Humans are proven to have the shortest attention span. This is not going to change unless a fundamental shift appears in the way humans engage with technology.

We see a shift happening already

A conversation that is picking up steam around the world is how social media fails to emulate the social fabric of humanity. We see successful businesses already communicating empathy and meaningfulness to their customers and the world around at large.

Example in case : Microsoft

Microsoft’s CEO, Satya Nadella’s videos with the employees showcasing various innovations is an incredible example.

How are you getting your business ready to deliver world class CX for your customers?

This post is inspired by the Innovation Leader Impact Conference 2018. At DialDesk we follow incredible thinkers and leaders globally to build world class CX solutions for our customers.

One of the key speakers at the conference was Jon McNeill, the current COO at Lyft. Jon has been a successful entrepreneur, innovator and has worked with Elon Musk at Tesla.

In an interview given to the Forbes magazine, Jon made a remark that caught our attention.

He shared two remarkable examples. We shared them at the last few CX/REFRESH Workshops that we have done for our customers. These are such powerful examples that we are compelled to write about them here.

#1: Elon Musk and Jon watched people take delivery of their Tesla cars and they saw that the first 20 minutes of the delivery was pure joy and the next half an hour was paperwork. They asked how can we eliminate the tedious paperwork? Could they introduce a one click lease.

They had to of-course face several tough challenges of regulations and the usual stiffness of how things have been since ages in the auto industry. But finally they went ahead and made change happen.

Their grit, love for the customer, use of technology and deep understanding of processes made change possible.

#2: They wanted people to sign up for test drives online. The challenge they faced was to assess where Tesla cars were and what were they being used for at any given moment?

The Digital head at Tesla wrote an API that interacted with their scheduling software and the asset management system to identify where all the cars were. During a select roll-out of the service, they received 400 test-drives booked.

CX is about the love for the customer, technology and processes

The above 3 pillars are what we use to build powerful and innovative CX solutions for our customers. 

About CX/REFRESH:

We believe that only those businesses that invest in world class CX today will sustain and thrive in the future. DialDesk has incubated CX/REFRESH for over 2 years. Today we help customers through the journey of assessing the CX Gaps and using technology and processes to build world class CX.

Ask DialDesk for the CX/REFRESH Workshop with your CXO’s at your organisation.

Almost everybody reading this post would know Warby Parker. Wikipedia introduces the company as: an American online retailer of prescription glasses and sunglasses, based in New York City.^[1] Warby Parker primarily sells products through their website, but also feature retail locations in the U.S. and Canada.

At DialDesk we keep exploring innovations that we can classify as innovations in CX (customer experience). The prescription check app by Warby Parker is one prime example. Imagine tele-health to a level where a eye doctor could see how you see through your glasses and update your prescription. You get charged if you get an updated prescription.

Why do we feel this is great CX?

A powerful customer experience is what creates fundamental value for the customer that it is intended for. In Warby Parker’s case, with this app, a customer could potentially save time in going to a doctor (unless of-course if its needed). Basis the updated prescription Warby Parker could send new pair of prescription glasses to the customer. 

For the customer hence this creates powerful fundamental value.

What went into creating this fundamental value in CX?

• Clear vision to create value for the customer
• Deep understanding of the customer’s pains
• Technology + Design
• Genuine intent to build a world class CX

About CX/REFRESH:

We believe that only those businesses that invest in world class CX today will sustain and thrive in the future. DialDesk has incubated CX/REFRESH for over 2 years. Today we help customers through the journey of assessing the CX Gaps and using technology and processes to build world class CX.

Ask DialDesk for the CX/REFRESH Workshop with your CXO’s at your organisation.