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Two steps to success why financial services companies need to master the customer journey

By Siddharth Parashar, Chief Revenue Officer at Firstsource Solutions

Financial services companies are under more pressure than ever before to both defend and gain market share, and with so many businesses in the sector citing ‘customer experience’ as a key focus, or USP in order to win custom, it’s more important than ever that we know exactly what that means.

‘Customer experience’ is a massively catch-all term and it can encompass a vast variety of interactions – from applying for a mortgage to a simple balance check. This means that for many FS companies, there can be thousands, if not millions, of touch-points with customers every day, all contributing to their ‘experience’. Ensuring each and every one is successful is a herculean task. So, where to begin?

Define the customer journey

Banks should look away from this intimidatingly large umbrella term and focus on what’s more tangible. The customer journey is one of the most crucial elements of customer experience – and, getting it right is a significant challenge. A customer’s journey can be long or short, urgent or menial, profitable or loss making – but each one needs due care and attention. Something as small as a phone call to change address can become a negative experience if the customer doesn’t achieve the resolution they are after, or if it takes too long to complete.

In these days where customers extensively use apps and technology in their everyday lives, they are not only extremely well informed, but also impatient for response and…

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Holger Schaefer, Regional CEO of Euler Hermes, Asia Pacific spoke to Global Banking & Finance Review upon being awarded Best Trade Credit Insurance Company Asia Pacific 2018 in the Global Banking & Finance Awards®.

Congratulations on your award-winning success, what initiatives do you attribute to your success?

It is indeed delightful to be awarded as the “Best Trade Credit Insurance 2018” by Global Banking and Finance Review. This international-level accolade reaffirms Euler Hermes’s position as an industry leader and proves our potential to reach our goals.

Customers are the centre of everything we do, Euler Hermes’s True Customer Centricity (TCC) initiative is launched to map our customers’ needs, showcasing our commitment to deliver our promises. Also, our Zero Defect initiative where we measure our performance at all touch points that our customers offer. We think this initiative is essential as a quest for perfection in order to improve our quality of service.

How are current political and regulatory disruptions impacting the market?

The Rule # 180 in China: where factoring businesses was no longer permitted. This impacted credit insurance business as factoring sector in China was one of the main customer segments.

Proposed implementation of risk based capital solvency framework in HK: the intention is to better match capital requirements to the risk profile of the individual insurance company and therefore having a more robust capital position. Currently, the likely outcome seems to be higher capital requirements for HK insurers.

Implementation of new accounting standard IFRS17:…

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