Building Trust Through Customer Experience and Operational Resilience

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.

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.

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

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.

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:

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

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.