Lobue News: Feb 01, 2012

LoBue Real Spotlight - 1Q 2012: Customer Experience Optimization (CxO)

In today’s highly competitive environment, with decreasing margins and uncertain growth prospects, financial institutions must distinguish themselves through superior products, processes and customer experience to attract and retain high quality customers. Despite the heavy focus on customer service initiatives, however, organizations continue to struggle to close the gap between customer expectations and the actual experience which is delivered.

At LoBue, we find many of today’s banks lack a comprehensive and consistent strategy in managing their customer experience.  Among the key challenges:

  • No clearly defined strategic or target customer experience model
  • An inadequate understanding of the key customer touch-points
  • Lack of  a tactical plan to implement experience enhancements to key customer touch-points, or lack of buy-in from management
  • Unclear definitions and ownership responsibility for measuring and managing ongoing customer experience
  • Mistaking service expansion through technology with service enhancement

Only with the right approach for managing service can excellent customer service be consistently delivered.  A business must recognize every opportunity to provide service and build customer-driven processes to support the strategy.

LoBue's Customer Experience Optimization program (CxO) is a unique approach honed from the learning and the experience gained during more than 400 successful projects in the financial services sector.  The methodology assists with the identification, measurement and management of service levels throughout the key customer touch points in the organization. The program is designed to enhance the management process of the bank and places focus on making change for the benefit of the customer, in order to drive satisfaction, retention, and ultimately revenue.

The CxO program is a practical approach designed to optimize interactions from the customer's perspective and, as a result, foster customer loyalty.

Key process elements of the CxO are:

  • CxT (Customer Experience Touch Point Analysis) - Discipline of Identifying, Mapping, Categorizing and Scoring Critical Customer Touch Points
  • CxD (Customer Experience Definition) - Discipline of Mapping the Baseline and Establishing the Target Customer Experience
  • CxR (Customer Experience Recommendations) - Discipline of Identifying High Impact Recommendations (see Golden Quadrant)
  • CxM (Customer Experience Management) - Discipline of On-going Sustainability Management
  • CxI (Customer Experience Intelligence) - Customized Dashboard Reporting for Customer Experience Visibility

An organization’s customer experience roadmap for delivering enhancements and tools for on-going management are the critical components for a sustainable and high impact customer experience. LoBue ensures that the target model is completely customized to account for factors such as budgets, ongoing parallel initiatives and prioritized strategic imperatives.

LoBue leads the organization down a practical path of addressing their customer experience concerns. From identification of your customer touch-points all the way through implementation of high impact recommendations, our programs are focused specifically on improving the experience of your customers.