Unlocking Insights: The Robo Report, CX Trends 2023, and AI Opportunity!
This week, we introduce a trio of insightful reports. Explore these reports to stay ahead of the curve in the evolving worlds of finance and customer experience.
In the latest Robo Report, Charles Schwab's Intelligent Portfolios secured the title of "Best Overall Robo Advisor", marking a significant achievement considering its past regulatory challenges. Despite a $187 million SEC fine in 2022, Schwab has successfully recalibrated its robo advisory platform. Schwab's portfolio strategy, featuring tax-loss harvesting and a "retirement paycheck" option without a management fee, differentiates it from competitors. Notably, its prudent cash allocation of over 10% during market volatility seems to have been a successful risk mitigator. Schwab's resurgence showcases effective crisis management and ethical realignment.
In contrast to larger players experiencing AUM contractions in 2022, smaller, independent robo-advisors like SoFi, Stash, and Betterment witnessed AUM growth. However, the robo-advisory sector remains heavily concentrated, with Vanguard, Financial Engines, and Schwab holding nearly two-thirds of AUM. Established names still seem to dominate investor preferences despite an array of options. Read more here.
Over the past three years, businesses in any industry have experienced a transformative period, accelerated by the pandemic. The nature of customer service, in particular, has significantly changed due to shifting customer expectations. Customers nowadays demand immersive experiences, characterized by natural and fluid interactions with companies. They want to be seen and heard as valued customers, instead of mere transactions. Businesses having invested in meeting these new expectations have seen higher customer satisfaction scores and tangible returns on investment - i.e. Zendesk's research indicates that 77% of business leaders have witnessed the payoff from such investments. Therefore, it is no wonder that business leaders in almost every industry increasingly prioritize customer experience and support - with 81% giving it increased priority in the coming year. While over 80% of leaders plan to increase customer service budgets, 71% intend to revamp the customer journey.
Overall, Zendesk has discovered five trends driving the move toward immersive CX:
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Preparing for immersive CX is essential. Zendesk's interactive report explores each trend and offers real-world recommendations and insights to meet evolving customer expectations. Explore it here.
AltFi Research, in collaboration with Zendesk, presents an insightful report that delves into the immense potential of artificial intelligence (AI) within financial services and the strategies to leverage it effectively. This comprehensive report navigates the choices facing FinTech companies in the realm of AI and covers crucial topics such as:
This report provides invaluable insights for decision-makers, offering a roadmap to harness the transformative power of AI in the financial industry. Download it here.
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