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?

Apple was in a close to failing state when Steve Jobs came back to the job. Nobody better than him could understand what Apple was, the soul of the company and their customers.

In this rare public address, Steve makes a remarkable mention of CX:

You’ve got to start with the customer experience and work backwards to technology.

At DialDesk we are consistently innovating to deeply understand the CX gaps in our customer’s businesses and build innovative solutions that create world class CX for our customers and their customers.

We invite you to host the CX/REFRESH Workshop with your leadership team at your office. Call DialDesk today:

One of the most profound ways that technology has impacted the humankind is that decision making has become incredibly easier and complex at the same time.

We are flooded with choices of all kinds for absolutely everything that we need to live a better life. At the same time the overload of information makes our decision making more complex.

Businesses that are designing meaningful CX are seeing positive growth in the following ways:

Businesses that are designing more meaningful CX for their customers ultimately are seeing

1. Higher engagement
2. Higher retention rates
3. Increased customer loyalty

So is CX about the customer or the experience?

CX is not an end goal. It is a journey that begins by understanding what is ‘most meaningful’ for the customer? The keyword here is ‘meaningful’. Only when you find what is most meaningful for your customer, do you create a CX solution that makes your customer’s life easier and better.

CX is about neither of the above. CX is about using technology, data and human intervention to make your customer’s life better and easier.

What is the ideal way to begin the journey to design CX that your customers will love?

1. Involve all CXO’s and customer facing decision makers to discuss the gaps in CX
2. Analyse these gaps and assess the existing data and insights that exist in the company
3. Instead of solving everything at once, design a solution that impacts a major part of the CX gap
4. Take feedback from the customer – see if the customer actually likes the new experience
5. Institutionalise the new CX process and scale
6. Involve your marketing team to communicate about it and engage your customers in the new 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.