Total Experience Transformation in Banking
Shiv Kumar Bhasin
CXO/COO/CIO/CTO | India's Top Transformer/Impactor - Platform Business Executive | Solving the problem of Scale/Masses/Most Populous Countries
Total experience (TX) interlinks customer experience (CX), employee experience (EX), user experience (UX) and multiexperience (MX) to create a shared superior experience. We designed the graphic for the TX business strategy to be simple, putting the focus and emphasis on the human experience with the technologies supporting them.
A TX strategy requires leaders focused on customer and employee experience to collaborate to achieve a holistic solution that drives business outcomes. Enterprise architecture and technology innovation leaders should use business architecture to help fusion teams make TX investment decisions.
The delivery of exceptional digital customer experiences has turned into a pivotal differentiator. The bar has been raised and FSIs’ capacity to provide exceptional digital customer experiences hinges on their understanding of customers. However, legacy systems, outdated processes and resource constraints make innovation extremely difficult. Customer data and unstructured information are often stored in silos and scattered across various systems hindering a 360-degree view of the customer across the enterprise. As a result, disjointed interactions, errors and service lag, can result in dissatisfaction at a time when customers are reluctant to give second chances if expectations aren’t met.
By considering total experience, FSIs can remediate these issues by bringing information into a single customer view to elevate engagement and services across all delivery channels.
Empowering Employees
The transition to digital has exposed the inadequacy of existing legacy information systems, with many banks interacting with multiple systems at once to interact with customers and their data. The risk of utilizing different systems to store and access customer information increases the chance of human error, putting increased pressure on employees.
Before FSIs can move forward with customer experience excellence, they must first equip employees with the right tools—such as a more holistic internal system—to enable them to locate and manage customer data swiftly and efficiently, while also offering self-service options where possible. Tapping into total experience here drives transformation and delivers results, such as customer satisfaction and loyalty, brand advocacy and potentially more revenue. Deploying an internal system that facilitate direct access to and management of customer data also bolsters the employee experience and drives a more engaged and empowered workforce.
In short: There is simply no customer experience excellence without a healthy employee experience achieved first.
Enhancing Operational Efficiency
By amalgamating digital transformation endeavors with customer and employee experience, FSIs can achieve total experience, which in turns leads to heightened operational efficiencies and return on investment (ROI).
Both banks and insurance firms are striving to amplify operational efficiency and extract more value from customer data. For example, research surveys assert that the primary drivers of insurance digitalization initiatives are enhancing customer experience and operational excellence. Such activities now take priority in the boardroom above more strategic focuses, such as growing the bottom line or launching new services as “the economic stressors of the coming year are making companies refocus and shift directions to fill gaps which have existed for many years.”
Automation of processes, dismantling information silos and delivering digital self-service alternatives for customers liberate employee time for more intricate or advisory tasks. As discussed, this stimulates satisfied employees who can allocate less time to manual tasks, alongside contented customers who can seamlessly navigate digital self-service options and interact with employees for more complex requirements. For many of these digitization initiatives, the total cost of ownership (TCO) is low in comparison to the potential ROI.
Total Experience And The Future
The industry financial services industry is already immersed in digitization endeavors with, 69% of business leaders acknowledging that digitalization initiatives are accelerating, with the anticipation that digital technologies will profoundly reshape their sector by 2026.
Offering cohesive and integrated solutions for both employee and customer experiences is important to consider when crafting a comprehensive, 360-degree view of the customer. Linking employee and customer experiences to establish a total experience framework can assist FSIs in disseminating pertinent information coherently through all distribution channels. This foundation underpins employee productivity and customer contentment and loyalty within the sector.
Total experience will be an important consideration for businesses as they plan digitization efforts. Not only could it give them a potential edge, it could become a new norm.
Area Vice President & Country Manager - DataStax | Sales Evangelist | Mentor to Women in Sales | 9 Times President's Club Winner
3 个月A good number of FSI customers I interact with no longer separate CX and EX. They are not solely driven by the ‘Customer is King’ policy but by the belief that ‘People are Kings and Queens.’ Every individual—from customers to employees and even those simply exploring platforms—is provided with an optimal experience. FSI institutions understand their needs regarding digital infrastructure and are driven by a desire to make everyone a part of the TX journey. Thank you for sharing this Shiv Kumar Bhasin.
Thanks sir for sharing the insights and introducing lot of us to TX. While FSI has taken giant steps in last decade to improve TX exponentially, one area that continues to degrade is "customer privacy". We all get calls saying based on this account with bank x, you are entitled to scheme y. While most of these calls come from DSA's its now common to even get calls from employees of large financial organizations and efforts must be made to control this - its irritating to get 5 calls in a day offering car loan / personal loan / some investment plan etc. The fact that most calls come from DSA's makes it very complex to control this challenge but the big question is how do DSA's get data with specific information of your bank account with XYZ bank? Unfortunately DND has been a failure so we need some innovative way to overcome this challenge - is it an opportunity for thought leaders ?
More than 12 Yrs Experience in Infrastructure Management in End User Computing (8 Yrs in Banking Sector)
3 个月Sir. Thanks for sharing the thoughts. May would like to add one more point in MX that's finance too