Customer Experience Management Case Study

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1. Customer Experience Management and Benefits In order to discuss the role of Customer Experience Management in financial services, it is important to define and make a distinction between Customer Experience & Customer Experience Management first. i. Customer Experience According to SAS, Customer Experience (CX) is defined as “your customers’ perceptions – both conscious and subconscious – of their relationship with your brand resulting from all their interactions with your brand during the customer life cycle.”(2017). CX is how customers feel about all the interactions they have with an organisation. This focuses on the emotional aspect of how a customer feels about the establishment as opposed to the functional delivery of customer…show more content…
Gartner states that by 2020, 90% of businesses will compete on CX, rather than customer service. In the financial market, where regulations are strict and generally similar products are similar prices, Gartner would suggest that CX is beneficial to businesses. Some of the obvious benefits of good customer experience management are; • Increased customer retention. • Increased customer satisfaction. • Increased opportunity to upsell or cross sell products. • Increased reputation to the business, which could in turn lead to increased staff retention as the staff would be proud to work for a publically popular company. • Customers tend to become loyal advocates and advertise the product for the company freely. iv. Utilising your Assets. Ravin Gandhi, co-founder and CEO of GMM Nonstick Coatings believes, “Our people are our most valuable resource” and that, what make his company great are its employees. (Minda, Z.,…show more content…
Even when employees follow procedures, if they are not happy, customers will hear it through the phone and see it in their body language. As emphatic beings, humans can sense body language, tone of voice and general attitude, he notes. “Unhappy staff leads to disengagement, which leads to poor productivity and sales” (et al, 2016). v. Measuring Success The CX model’s success is measured against determined expectations, e.g. Key Performance Indicators such as surveys and complaints; it would be beneficial to measure employee satisfaction as well as customer satisfaction to get a clear granular view of any trends or analysis. vi. Bank of Ireland Overview The financial institution I have chosen is The Bank of Ireland Group, Ireland’s largest financial institution. The Group is a diversified Financial Services Group. Bank of Ireland, now a subsidiary of Bank of Ireland Group plc, was established in 1783 by Royal Charter. A traditional, relationship-driven retail and commercial bank with a conservative business philosophy, we have a clear and compelling strategy to Support our customers, strengthen our capital, Continue to fund our balance sheet effectively, actively manage our credit risks, rigorously manage our cost. They have branched out in the UK with the Post Office and the AA. (Bank of Ireland Group Website,

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