A Centralized Team Measuring Business Metrics Is Now Necessary for Success As CX Complexity Increases

New Aite-Novarica Group report provides insights from CX stakeholder professionals at financial institutions and insurance companies

Boston, MA (June 30, 2022) – Customer experience (CX) is an area in which a company can differentiate itself, but some budgets and headcounts are stagnant, and companies risk falling behind in meeting rapidly changing expectations. In a new Impact Report, Executing a CX Strategy: Insights from the Aite-Novarica Group 2022 CX Survey, research and advisory firm Aite-Novarica Group looks at insights from a 2022 Aite-Novarica Group CX flagship survey to CX stakeholder professionals at financial institutions and insurance companies.

“CX can be a companywide responsibility, but ownership needs to be consolidated,” said Paul Legutko, Director of the Customer Experience Practice at Aite-Novarica Group. “Doing so allows firms to centralize the strategy and enables a unified and impactful plan of action. It also simplifies the execution and communication of such strategies so stakeholders are informed and involved.”

“The presence of a CX team and leadership role is not enough,” adds Reut Samra, Strategic Advisor at Aite-Novarica Group and co-author of the new report. “Investment is needed. The most important CX improvements are in digital channels, which require new technology, AI, and innovation. Organizations must increase investment in such tools for financial capabilities and hiring efforts.”

Click here to access the report.

Report Preview

The COVID-19 pandemic hit the market unexpectedly, limiting human interaction and challenging the in-person service model. Now, companies must offer the full selection of their products and services digitally. Many organizations are investing in CX, yet they risk falling behind rapidly changing expectations. Moreover, experiences are subjective, and the channels in which experiences occur are constantly changing.

Aite-Novarica Group performed a quantitative study in Q1 2022 of 210 executives at financial institutions and insurance companies with insight into CX strategy to understand CX-related priorities, capabilities, organization, and tools. Qualifying respondents represent companies with at least a moderate focus on CX issues.

This 38-page Impact Report contains 31 figures. Clients of Aite-Novarica Group’s Customer Experience service can download this report and the corresponding charts.

Click here to access the report.

About Aite-Novarica Group

Aite-Novarica Group is an advisory firm providing mission-critical insights on technology, regulations, strategy, and operations to hundreds of banks, insurers, payments providers, and investment firms—as well as the technology and service providers that support them. Comprising former senior technology, strategy, and operations executives as well as experienced researchers and consultants, our experts provide actionable advice to our client base, leveraging deep insights developed via our extensive network of clients and other industry contacts. For more information, visit aite-novarica.com.

Source: Aite-Novarica Group

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