Building Trust Through Customer Experience and Operational Resilience
The 3DEXPERIENCE® platform embodies a vision of reliability through seamless interactions, highly personalized services and effortless regulatory compliance.
Are You in Good Hands?
With the rapid expansion of BigTech and FinTech disruptors, the financial industry faces increasing pressure to stay competitive. Building trust has become more crucial — and far more challenging — than ever.
An excellent online experience, personalized and accessible services and friendly support are essential to earning customers’ trust. According to FT Longitude, while 53% of banks invest heavily in technologies to increase personalization, customers often perceive these services as generic and are usually skeptical of such services that could compromise data privacy and cybersecurity1. Additionally, 50% of banks admit they are unprepared for the impact of an economic downturn on customer service, potentially causing significant damage to customer trust.
To stay competitive, banks must adopt advanced technology solutions to achieve innovative customer-centric models while seamlessly navigating complex regulatory landscapes and maintaining operational resilience. This approach will help build and maintain trust for sustained customer loyalty and business growth.
Understanding the Importance of Customer Experience
Every touchpoint shapes a customer's perception of a brand, from account sign-ups to transactions, service requests surveys and chatbot interactions. Consequently, exceptional customer experience (CX) is a key differentiator in today's competitive landscape.
Enhancing CX requires a comprehensive, end-to-end approach that involves understanding behavior, preferences and journeys during every customer interaction by implementing customer experience technology.
Intelligent Customer Analytics gives companies the ability to gain valuable insights using natural language processing (NLP) powered by artificial intelligence (AI) to accurately discern customer needs and common sentiments across the globe. Machine learning (ML) uncovers value from data by identifying patterns in customer behavior, product preferences and interaction history.
Customer Experience Management (CXM) Strategies for Operational Success
Personalized Services
Rely on data-driven insights to identify patterns in customer behavior and understand brand sentiment to customize offerings that foster trust and drive loyalty.
Digitalized Operations
Implement collaborative digital solutions to streamline complex systems and interdependencies in workflows and structure and standardize data across a financial organization to drive productivity and reduce errors.
Strategic Alignment
Use predictive analytics and scenario modeling tools to align strategies across markets and jurisdictions, thus facilitating knowledge sharing and growth.
Regulatory Compliance
Incorporate compliance management and real-time monitoring capabilities to proactively identify risks, safeguard operations and adhere to regulatory standards with confidence.
Measuring CX
Implementing an effective CX strategy starts with defining clear goals and regularly analyzing, reviewing and adjusting strategies.
Beyond traditional key performance indicators (KPIs) like net promoter score (NPS), customer satisfaction score (CSAT) and churn rate, which rely on structured data, companies can leverage intelligent solutions to measure and analyze customer satisfaction directly from unstructured data. This approach adds significant value by challenging the limitations of traditional structured data analysis and providing exceptional customer experiences.
Key KPIs that gauge brand loyalty, customer satisfaction and service efficiency from unstructured data include:
- Retention rate: Measures the percentage of customers that use products or services over a specific period
- Customer participation rate: Tracks the participation levels of customers in loyalty programs
- Chatbot performance: Monitors user engagement, message click-through rate, handoff rate and user retention from digital customer services
Trust Beyond the Numbers
Discover the transformative power and real-world applications of our solutions from industry experts.
Operational Resilience and Business Continuity
Business continuity and operational resilience are essential for companies to effectively manage and recover from disruptions. Business continuity focuses on maintaining critical functions during specific disruptions through predefined scenarios. This reactive approach relies on thorough planning and preparedness.
Operational resilience, on the other hand, takes a broader and more proactive approach by embedding resilience into systems, processes and cultures for swift adaptation and recovery from a wide range of disruptions, both known and unknown. While business continuity measures identify and mitigate specific risks, operational resilience integrates risk management strategies across an organization, allowing for continuous improvement for maximum protection.
For financial institutions, integrating both concepts ensures that robust strategies are in place to manage known risks while building a flexible and adaptive organization capable of handling unforeseen challenges and environmental changes. This combined approach can significantly enhance organizational stability and reliability, providing a comprehensive framework for enduring success.
Realizing the Concept of Operational Resilience
A data-driven virtual twin enables companies to model their entire operational ecosystem using model-based systems engineering (MBSE) principles. This engineering approach, used as a standard in manufacturing and aerospace, can easily be brought to the financial services sector to strengthen operational resilience.
MBSE drives operational excellence and innovation by providing a comprehensive end-to-end view of dependencies within an organization through scenario modeling and predictive analysis. All key stakeholders of important business services – people, property, suppliers and technology, can collaborate efficiently across an organization.
Full visualization and sophisticated operational resilience capabilities enable businesses to:
Assess the impact of change
Map, connect, detect and predict system upgrades and new technology integrations
Visualize real-world scenarios
Run virtual simulations and implement changes ahead of time
Strengthen strategic decision-making
Collaborate and manage projects with real-time user-defined dashboards
Improve client experience
Leverage complete visualization of customer interactions and data-driven decisions
Enhance operational resilience capabilities
Integrate a robust operational risk, business continuity and disaster recovery framework
CATIA Magic supports standard-compliant System Modeling Language (SysML) and Unified Modeling Language (UML) to capture expert business knowledge and simplify validation and consensus for process standardization and optimization across an organization. Standardized data across an organization ultimately drives a robust operational framework for:
- Business continuity and organizational stability
- Better customer outcomes and loyalty
- Reduced cost of operational risks and disruptions
- Favorable position for new business ventures
- Effective and efficient resource allocation
Customer Experience and Operational Resilience: Frequently Asked Questions
For financial institutions, a customer experience (CX) strategy serves as the blueprint for a comprehensive, end-to-end approach to customer engagement. This strategy aims to understand customer behavior, preferences and journeys to deliver personalized and seamless experiences across various channels. A well-crafted CX strategy using Intelligent Customer Analytics solutions can be continually refined through customer feedback and data insights to shape the perception of the brand, convey values and bolster a company’s market reputation.
A great CX strategy involves employing robust technology to reveal strategic opportunities for businesses to make informed decisions that will boost customer satisfaction.
NETVIBES Proxem Studio, powered by the 3DEXPERIENCE platform, builds a multifaceted view of CX. Through semantic analysis, customer insights are aggregated and analyzed from various sources on multiple topics across different languages. Natural language processing (NLP) powered by artificial intelligence (AI) supports over 30 languages, helping companies overcome language barriers to accurately discern customer needs and identify common sentiments across the globe. Machine learning (ML) and multilingual semantic analysis uncover value from data by identifying patterns in customer behavior, product preferences and customer interaction history to better personalize services to their target customer base.
The concept of operational resilience is a robust framework that prevents and limits impacts during a business disruption, ensuring operational continuity. Operational Resilience solutions with CATIA Magic and model-based systems engineering (MBSE) employ scenario modeling to map dependencies, assess impacts and simulate disruptions, thereby creating a robust operational resilience framework.
The Dassault Systèmes Operational Resilience solution facilitates seamless customization of operational models tailored to specific business contexts, thus enhancing the precision and alignment of resilience strategies with organizational goals and operational realities.
Using virtual twin technology, companies can visualize interactions and test dependencies among internal and external people, processes, technologies, and facilities early in development. Additionally, evidence-based practices ensure that decisions are grounded in accurate data, optimizing operational performance over time. This proactive approach guarantees that essential business services operate within predefined impact tolerances, effectively minimizing costs and mitigating potential downtime.
With its collaborative capacity to model and analyze, the 3DEXPERIENCE platform leverages customer experience analytics and a robust operational framework to bolster overall business value.