Transforming Financial Services with a Holistic CX & EX Approach: Empower Your Teams and Delight Your Clients

Imagine that you are providing financial advice to a client, and you also have an assistant helping you serve that client. To make sure everyone is happy, you need to understand two things: A- what your clients want (so they get the best financial advice), and B- what your assistant needs (so they can help you effectively).

This is where two ideas come into play: 1- Jobs to Be Done (JTBD) and 2- Outcome-Driven Innovation (ODI). Together, they can make things a lot better for both clients and employees, which is what financial services should be aiming for.

A company’s CX strategy should be designed around how they want clients to feel. If you want your clients to feel secure, informed, and valued, your employees need the right tools, skills, and knowledge to make that happen.

When employees are given what they need to succeed, they are more capable of delivering the level of experience that the business wants clients to have. This alignment ensures that the intended client experience is actually achieved.

What Is Jobs to Be Done (JTBD)?

Think of JTBD like this: it’s what someone really wants to do with a product or service. Let’s say a client wants to achieve financial security. They don’t necessarily want complex financial products; they just want peace of mind knowing their money is managed well.

That's the job to be done. A Customer Experience (CX) expert uses JTBD to find out what clients really want to achieve and makes sure that the company is helping clients do that job in the simplest way possible.

The same idea applies to your employee, who is helping serve the client. What do they want? Maybe their job is to provide support easily without having to search for the right information or face too many obstacles. This is called the employee's job to be done.

What Is Outcome-Driven Innovation (ODI)?

Once you know the job to be done, you need to make sure it’s done well. That’s where ODI comes in. ODI is like setting goals that tell us whether we're making clients and employees happy.

For example, if the client wants financial security, ODI helps us measure whether they can achieve that quickly and with confidence. For your employee who’s helping you, ODI might be about how fast they can find the information they need, and if it’s making their job easier.

Now that you have gathered insight about the What, How and most importantly the WHY! the next stage is to take and deliver it. To do this you take the Holistic Framework Approach.

Holistic CX & EX Framework

Now imagine you look at the end-to-end journey experience and put the client and the employee together. You want the client to have a good experience receiving financial advice, and you want your employees to enjoy helping them. This is called a holistic approach because it looks at everyone involved.

Incorporating all elements of Voice of the customer (V.O.C), Voice of the process (V.O.P) & Voice of the Employee (V.O.E).

Step 1: Understand the Job to Be Done for Both Clients and Employees

• For the client, the JTBD is to receive sound financial advice that is easy to understand.
• For the employee, the JTBD is to assist the financial advisor and the client quickly without any problems.

Step 2: Define the Outcomes (ODI)

• For the client, an important outcome might be, “It should be easy to understand the financial plan and feel confident about it.”
• For the employee, an outcome might be, “It should be easy to access all the relevant information and help the client without confusion.”

Step 3: Design Better Experiences

• For the client, you make the financial plan easy to understand, using simple language and clear visuals.
• For the employee, you give them access to a well-organised system that shows all client details, so they can assist quickly and efficiently.

Step 4: Empower Employees to Deliver Expected Experiences

A company’s CX strategy should be designed around how they want clients to feel. If you want your clients to feel secure, informed, and valued, your employees need the right tools, skills, and knowledge to make that happen. This means:

• Training: Providing employees with training on financial products, communication, and empathy to understand clients' needs better.
• Tools: Equipping employees with easy-to-use technology and resources that enable them to quickly find client information and offer effective support.
• Support: Creating an environment where employees feel supported, so they can pass that positive experience on to clients.

When employees are given what they need to succeed, they are more capable of delivering the level of experience that the business wants clients to have. This alignment ensures that the intended client experience is actually achieved.

Step 5: Measure, Improve, and Make Everyone Happy

• For the client, you can measure how easy it was for them to understand the financial advice and if they feel more confident in their financial future.
• For the employee, you ask them how easy it was to help the client and see if they have ideas for making it better.

The Benefits of This Approach

When you understand what people really want (JTBD) and what makes them happy (ODI), everyone wins. Clients are happy because they get what they want easily, and employees are happy because their jobs are simpler. And when both clients and employees are happy, the company does better overall—more clients feel confident about their finances, and your assistant enjoys their role.

In the end, combining these ideas helps financial service businesses create better experiences for everyone—whether they’re receiving advice, providing support, or working together to achieve financial success.

Summary

Related Statistics and Industry Examples

1. According to McKinsey, companies that prioritise both customer and employee satisfaction can see up to a 25% increase in productivity and a 20% boost in profitability (McKinsey).
2. A survey by Deloitte found that when companies focus on understanding the real needs of their clients, 75% of customers are more likely to stay loyal to that brand (Deloitte).
3. A recent study by PwC shows that employees who feel equipped to do their jobs effectively are 50% more likely to stay engaged and motivated (PwC).
4. According to Gartner, when employees have efficient tools at their disposal, there is a 30% reduction in the time required to complete client-related tasks, leading to better service outcomes (Gartner).
5. Accenture reports that financial firms that take a holistic approach to both customer and employee experience see up to a 15% increase in customer satisfaction scores (Accenture).
6. Studies by Forrester indicate that understanding both client and employee needs reduces service complaints by 20%, resulting in smoother overall experiences (Forrester).
7. A report by Bain & Company suggests that when employees have quick access to relevant information, efficiency improves by 25%, leading to faster and more accurate customer support (Bain & Company).
8. Research from the Boston Consulting Group found that providing well-organised systems can improve employee productivity by up to 40%, significantly enhancing the client experience (BCG).
9. According to the Society for Human Resource Management (SHRM), investing in employee training and support can increase customer satisfaction by up to 60%, as employees feel more competent in their roles (SHRM).
10. IBM research has shown that using data-driven feedback to improve both employee and client satisfaction can lead to a 10-15% increase in service quality (IBM).

A great customer experience starts with empowered employees. By understanding what clients and employees really need and designing outcomes around those needs, we create an environment where everyone wins. Clients feel secure and confident, employees feel supported and capable, and the company thrives.

Let’s take the next step towards transforming your customer and employee experience! Empower your teams, focus on what really matters, and watch your business grow.

#CustomerExperience #EmployeeEmpowerment #FinancialServices #CXStrategy #EXStrategy #JTBD #ODI #CustomerSuccess #EmployeeEngagement RU-CX #EmotionalEngagement #BehaviuralScience #EmotionalIntelligence #VOC #VOE #VOP