CX Innovation for B2B2C Financial Services

This client, a global stock transfer agent, always had terrible customer experience for their end customers. The CEO was hearing about this customer service complaints all over social media, LinkedIn, and through his direct email; he wanted to address this ASAP and see measurable improvements to CX. I was engaged to identify no- to low-tech ways to improve their CX that could be immediately implemented for rapid return on investment.

Service Blueprinting
For this B2B2C organization, it was important for us to first understand the experience of the end customer (the shareholder) to identify the pain points and what the causes for poor customer service were. This involved process mapping and service blueprinting with business ops SMEs. Because the CEO was looking for changes that could be made immediately with results that could be felt within 3-6 months, this narrowed in the scope of work to a small policy change that would allow shareholders to be able submit legal documents more easily. While this policy change was likely to have an impact on the end customer experience, the process of illustrating the service blueprint uncovered a number of opportunities to affect operational efficiency and employee and customer experience.

Prioritizing and Roadmapping
In order to determine which opportunities were the best use of limited resources and were likely to drive a rapid return on investment, we prioritized the opportunities by the effort required to implement and the potential impact on customer experience. The opportunities were refined into initiatives, identifying the ones that were enablers to future initiatives, and defining the potential dependencies, capabilities required, and other considerations for implementation.

Program Mobilization
As we were identifying opportunities for immediate improvement to CX, the need for a CX capability and customer-centric culture emerged. In order to see a meaningful difference in how shareholders interact with the company, there needed to be changes not just to policies and processes but also how operations viewed customer experience as a whole. Beyond process improvements, there was a need for a customer insights capability and an employee engagement program; this is to ensure that the employees who deliver the end customer service are properly incentivized to change their behaviors and that there was a continuous feedback loop from the voice of the customer to inform further improvements.