Lobue News: Nov 15, 2011

Enhance to Win: Critical Path Observations from the Front Lines of Customer Experience Optimization

Financial services firms that actively manage Customer Experience attract revenue, market share and better margins

Mr. Anthony Veltri, President of LoBue International, presented “Managing Customer Experience: A Practical Approach” to senior banking executives and European economic leaders from over 20 countries at the 24th Country and Bank Conference of the Banking Association of Central and Eastern Europe, held October 14-15th in Budapest, Hungary.

From new market entrants (both bank and non-bank) to reduction in loan growth, increasing regulation, minimal product differentiation, margin deterioration, and constantly increasing customer sophistication, factors negatively affecting growth and profit are the new reality for financial services institutions. Mr. Veltri’s presentation addressed the critical role of Customer Experience Optimization in overcoming these challenges in today’s market.

Amongst the highlights:

  • Data shows that well conceived customer service interactions can positively drive consumer behavior and plays an important role in consumer decision making
  • 40% of consumers switched to buying from a competitor because of that competitor's reputation for great customer service
  • 55% of consumers cite great customer service, not product or price, as the primary reason for recommending a company to a friend or family member
  • 66% of consumers said great customer service was their primary driver for greater spending
  • Most customer services strategies fail to adequately incorporate customer touch points, and as a result, opportunities to provide a managed and positive customer experience are being missed completely
  • Customer experience management is not a fad. Organizations that do not institutionalize the discipline will be left behind
  • Defining and managing customer experience through a deliberate process ensures you are focused on the most important interactions
  • Managed Experience = Positive Experience = Loyal Customer

Mr. Veltri also discussed relevant case studies from among his firm's consulting engagements. The LoBue Group, an international management consulting firm providing integrated business solutions and onsite project management and execution to organizations throughout the world, has a focused Customer Experience Optimization (CxO) program to assist institutions in achieving strong financial results through a successfully managed customer experience.

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If you'd like more information about this topic, or to schedule an interview with Anthony Veltri, please send your request to lobueinfo@lobue.com