Customer Experience Management in Financial Services Assignment 2 | University College Dublin Ireland

Customer Experience Assignment #2

Create a document to present a rationale to a board or senior management team to get support for implementing Customer Experience Management. In this document you need to address the following:

1. Provide an overview and critique of Customer Experience (CX) within your organisation (or a financial services organisation of your choice).

⇒ Discuss the importance of customer experience (CX) to your organisation and, ⇒ How CX impacts on business KPIs (customer base, churn, retention, revenue, profit, sales, service)

⇒ Identify gaps and/or opportunity for improvement in how the organisation manages CX with explicit reference to employing digital capabilities to improve business KPIs.

(30 marks).

2. Document how you would implement or improve managing Customer Experience in the modern digital environment using appropriate Governance, Measurement, Training, and Awareness applied appropriately to the organisation.

⇒ Prepare a summary change plan with key initiatives, key resources, and involvement of key personnel/departments showing a timeline.

(70marks).

Tips and Guidelines:

Using your learning’s from the modules, assigned readings and additional academic readings to support your assignment. It is recommended that you complete the assignment based on your own organisation or if you wish you may use a fictional Financial Services organisation or disguise the identity of an organisation. Word Length Guide: 3500 words, excluding diagrams, cover page, references and any appendices. The assignment should be typed using 12 font size, a professional font (e.g. Times New Roman) and 1.5 line spacing, Harvard Referencing. Answer each of the assignment questions in sequence, clearly number each of your answers and include concise headings and subheadings in each section. The completed assignment should flow as one succinct document covering all three questions. See suggested format and considerations for each question below.

ASSIGNMENT – STRUCTURE

Both parts should be included in the one report in a clear format:

Part 1

Provide an overview of Customer Experience (CX) in an organisation

Provide a clear description of CX in the organisation with a critical examination of its current/future suitability.

Outline the benefits to the business, and why the organisation needs to focus on CX or improve it if already a focus. Show how CX does or could improve Key Performance Indicators for the business.

Describe key gaps or opportunities for improvement (3 to 5) that will positively impact on business KPIs, with specific focus on digital capabilities.

Part 2

Document how you would embed and/or improve, and manage Customer Experience

Outline your approach to the following:

Governance – How will you create accountability, responsibility and participation amongst all stakeholders? What roles need to be put in place? Who needs to be involved? Who are your key influencers within the organisation?

Measurement  – How will you measure success? What internal and external metrics will you use to benchmark, track and improve the customer experience? Do you have a Voice of the Customer Programme in place? How do you ensure your VOC programme is it fit for purpose, that it supports and drives continuous improvements to the customer experience?

Training  – How will you ensure staff are equipped to deliver an excellent customer experience? What are the key skills needed and do you have the skills within the organisation to deliver CX excellence? If there a training or skills gap that needs to be filled do you have the expertise and resources internally?

Awareness – How will you create appropriate awareness of customer experience right throughout the organisation? What methods and mediums do you have to communicate internally? How do you build awareness that engages and motivates staff to deliver CX Excellence?

Summary Change Plan

Prepare a summary change plan to show the key prioritised initiatives you would implement over a time frame. Define the expected resources and involvement in the plan. (A table or diagram showing the required information clearly is suitable).