New CX Maturity Scale finds companies using service and support best practices drive dramatically better success and agility in the midst of the COVID-19 pandemic
MELBOURNE, Australia, Oct. 28, 2020 /PRNewswire/ — Zendesk, Inc. (NYSE: ZEN) today released new research in partnership with Enterprise Strategy Group (ESG) that shows how companies in Asia Pacific investing in customer experience (CX) are reaping the benefits. The study found a clear link between organisations with more mature customer experience capabilities, and improved business success in areas such as market share, increased customer spend, and pivoting processes over the last six months.
The new report, CX Champions: How CX Leaders who raise their game are driving business success, surveyed more than 1,000 CX managers and leaders globally – of which 250 were from Australia (N=64), India (N=69), Japan (N=57) and Singapore (N=60) – to better understand their investments in CX. From the research, ESG developed a CX Maturity Scale that segments organisations into three tiers of customer service maturity, based on seven key characteristics that cover how organisations use their support teams, technology and data to drive better performance. The three maturity categories are: Starters, which exhibit zero to three of the seven characteristics; Risers, which have four to five of the characteristics; and Champions, which have at least six of the characteristics in place.
Key findings from the report show that companies in Asia Pacific (APAC) that invest in CX yield significant benefits, including:
- Faster growth: Even during the pandemic, APAC Champions were found to be 10.8 times more likely than Starters to have significantly grown customer spend – the highest amongst Champions globally including North America (8.7 times), Europe (7.3 times) and Latin America (6.5 times).
- Increased market share: The region’s Champions were 4.4 times more likely than Starters to have grown their customer base over the past six months, compared to Champions in North America (3.9 times), Europe (3.6 times) and Latin America (2.3 times).
- Senior-level support: Champions also secured greater investment and support from senior leadership within their organisation. For example, senior leaders at CX Champion organisations were 4.2 times more likely to see customer service as a differentiator than Starters.
"The pandemic has been a catalyst for organisations to transform in order to sustain and grow their business. Our new research with ESG confirms the clear link between a focus on customer experience and business success. In fact, the business impact of investing in CX is even more pronounced in APAC than in any other regions," said Wendy Johnstone, Chief Operating Officer, APAC, Zendesk. "The accelerated shift to digital means customer expectations have never been higher, and the pressure is on for organisations to respond. The new reality is that delivering exceptional customer experience has become a business imperative for any organisations looking to future-proof their operations."
Adam DeMattia, Director of Custom Research at ESG, said, "Our research identified a clear connection between CX excellence and business growth. Companies that are at the Champion stage of the scale not only see better outcomes in traditional service metrics, such as resolution time and CSAT, but they’re also experiencing positive business outcomes in customer spend, retention, and board-level support of CX as a business priority."
Less than a quarter of companies in APAC are at the top of their game
The research found that companies in APAC were at varying stages of CX maturity. While most organisations are identified as Starters (48%) or Risers (30%), with significant room for improvement in their customer experience, 22% of businesses in APAC identified as Champions, offering shorter response times, positive customer experiences and greater agility to respond to customers’ needs.
Among APAC countries represented in the research, Indian organisations lead in maturity with 43% of respondents’ organisations being categorised as Champions (relative to 25% of those in Australia, 13% in Singapore, and 0% in Japan).
Performing under pressure (and in a pandemic)
Reflecting on the first half of 2020, when companies globally had to rapidly transition to remote working, Champions were able to easily pivot to enable customer service and support agents to work from home. In fact, Champions in APAC were 14 times more successful than Starters at pivoting to remote work. Over half (56%) of Champions reported the shift to remote working as smooth, while over half of Starters (52%) say the transition could have been better or has been tough.
"Our results show that CX Champions were not only better positioned to manage the transition to remote work, but they also continued to drive positive customer experiences throughout the pandemic. Champions are four times more likely than Starters to report exceeding customer satisfaction (CSAT) targets," added Johnstone. "While the future remains uncertain and unpredictable, it’s clear what organisations need to do to stay ahead – increase their ability to be more agile, invest in CX, and always be ready for constant change."
To prepare for the future and adapt to unforeseeable economic and societal disruptions, CX teams in APAC are putting the processes in place now and those leading the pack are feeling significantly more prepared for ‘what’s next’. Champions are 17.5 times more likely than Starters to be very confident in their organisation’s ability to handle future disruptions.
Five lessons from Customer Champions
For businesses aspiring to move to the next stage of the CX Maturity Scale, the research calls out five trends that are consistent among Champions:
- Building a culture focused on CX, driven from the top down: Champions agreed more strongly that CX is a critical business priority. They also have greater involvement from senior business leaders with over a third of Champions in APAC reviewing CX Metrics with C-Suite executives on a daily basis – 7.8 times more likely than Starters.
- Don’t forget your people: Service and support continue to be an area of focus among leaders, with agents at Champion organisations in APAC receiving an average of about a day of additional days of training per year than Starters.
- Data-centric support delivers: Champions place a focus on KPIs and metrics to guide their support decisions. In the APAC region, 74% of Champions state their KPIs can be reported in real-time.
- Automation and AI is making an impact: Responding to the increased volume of data and rising customer expectations, 43% of Champions in APAC make use of automated methods of building and updating cross-channel customer profiles. AI tools, such as automated chatbots, are also making an impact on support performance.
- Investing in CX success: When asked about plans for the next 12 months, nearly three-fifths (59%) of Champions in APAC expect their organisation’s spend on CX tools and technology to increase significantly, versus just 7% of Starters.
"As we see the trend that Champions are taking the steps to invest more in their tools, team and processes for CX success, Starters not only have the challenge of catching up to their competition in customer service, but also ensuring the gap doesn’t widen," added DeMattia. "To make these gains, it will be critical for leaders at lagging organisations to make the most of their budgets by learning from their more mature peers and investing in the areas that can drive the greatest impact on their CX maturity."
- For more information, download the global report, CX Champions: How CX Leaders who raise their game are driving business success, here
- Check out the virtual event, "Go From CX Starter to CX Champion" here
- Read the blog content series on how businesses can achieve CX maturity here
- Find out if your organisation is a Starter, Riser or Champion by taking the quiz here
To gather data for this report, ESG conducted a comprehensive survey of business decision makers responsible for ensuring and enhancing customer service and support at their organisations. Organisations represented spanned the globe, including North America (N=256), Europe (N=250), Asia (N=250), and Latin America (N=256). Organisations represented were split between SMBs (those with <100 employees, N=500), midmarket organisations (those with 100-999 employees, N=255), and enterprises (those with 1,000 or more employees, N=257). The survey was fielded between July 14, 2020 and August 8, 2020.
Zendesk is a service-first CRM company that builds support, sales, and customer engagement software designed to foster better customer relationships. From large enterprises to startups, we believe that powerful, innovative customer experiences should be within reach for every company, no matter the size, industry or ambition. Zendesk serves more than 160,000 customers across a multitude of industries in over 30 languages. Zendesk is headquartered in San Francisco, and operates offices worldwide. Learn more at www.zendesk.com.
Enterprise Strategy Group is an IT analyst, research, validation, and strategy firm that provides market intelligence and actionable insight to the global IT community. Learn more at www.esg-global.com
TORA's OEMS Integrates with Liquidnet's IA Trader to Offer Real Time Actionable Decision Making Tools
LONDON, Dec. 1, 2020 /PRNewswire-PRWeb/ — TORA, the provider of industry leading trading technology, has today announced that it has integrated its order & execution management system (OEMS) with global institutional investment network, Liquidnet's IA Trader. The integration offers access to advanced artificial intelligence, data analytics tools and a broad range of Liquidnet trading algorithms.
Integrating IA Trader directly in the TORA OEMS helps equity traders enhance their decision making process at the point of trade. The system delivers actionable signals, alerts, compact stamp summaries and data visualisation capabilities that are designed to provide clients greater day-to-day efficiency and enhanced operational workflow in one holistic system.
Liquidnet's IA Trader provides pre, post and intra trade execution analytics driven by exception alerting across equity and related market data. Time-stamps, alerts and analytic tools are designed to helps traders to uncover potential hidden risks and opportunities in their blotters, portfolio or watchlists.
TORA's OEMS offers the most comprehensive front-to-back end trading solution for hedge funds and asset managers. The functionality is fully auditable, MIFID II compliant and automatically details in depth order records, price information and creates best execution reports. TORA's platform also delivers advanced pre trade and post trade TCA to improve execution quality and ensure best execution.
Chris Jenkins, Managing Director at TORA, stated, “We are very pleased to have IA Trader available in the TORA OEMS platform. Data analytics play an ever more important role in the trading process and to have IA Trader as an added data point is very exciting for our clients. The embedded integration allows for a seamless workflow for all users.”
TORA's leading OEMS platform will give users access to advanced functions for portfolio rebalancing, TCA, strong post-trade allocations and commission management tools. The integrated software package already connects with custodians, prime brokerage and trade matching providers across the globe.
TORA is the leading global provider of advanced investment management technologies supporting the full trading lifecycle. With a full suite of cloud-based SaaS-delivered execution, analytics and compliance tools, as well as order, portfolio and risk management capabilities and a global FIX network, TORA's products are utilized by hundreds of the industry's leading hedge funds, asset managers, proprietary trading firms and sell-side trading desks globally. With headquarters in San Francisco, TORA has over 250 employees across offices in Hong Kong, Jersey, New York, Romania, Singapore, Sydney and Tokyo. More information is available at http://www.tora.com
Liquidnet is a technology-driven, global institutional investment network that intelligently connects the world's investors to the world's investments. Since our founding in 1999, our network has grown to include more than 1,000 institutional investors that collectively manage $33 trillion in equity and fixed income assets. Our network spans 45 markets across six continents and seamlessly connects institutional brokers, investment banks, exchanges, alternative trading venues, and a growing list of data and research providers. We built Liquidnet to make global capital markets more efficient, and continue to do so by adding additional participants, enabling trusted access to trading and investment opportunities, and delivering the actionable intelligence and insight that our customers need. For more information, visit http://www.liquidnet.com and follow us on Twitter @Liquidnet.
Viali Munteanu, Cognito, +44 7547819438, [email protected]
Life Settlement Pioneer Launches PolicyAppraisal.com for Financial Advisors
ATLANTA, Dec. 1, 2020 /PRNewswire/ — Life insurance settlement industry pioneer Wm. Scott Page recently announced the launch of PolicyAppraisal.com, a website that uses custom algorithms to enable financial advisors and life insurance agents to determine the existing value of life insurance policies. Using its proprietary software know as Value Finder™, PolicyAppraisal.com's team uses analytics to quickly identify if a policy can be sold on the secondary market. Value Finder streamlined the appraisal process to provide a quick “yes” or “no” answer regarding the viability of a life settlement. Today, many financial advisors are bogged down when trying to get simple answers from many life settlement brokers.
Each member of the executive team at PolicyAppraisal.com has more than 25 years of experience working within the life insurance settlement industry. Page, the organization's founder, is a pioneer of the life settlement industry and has unmatched experience, knowledge, and funding relationships within the secondary market.
“We have dramatically overhauled the process of determining the value of a life insurance policy,” said Page. “Using new technology, industry experience with underwriting medical impairments, and knowledge of institutional buying patterns and return targets, we have created a system that accurately evaluates key data points and quickly creates a realistic appraisal.”
The team at PolicyAppraisal.com educates financial advisors about the value of life insurance as an asset that is worth more than its cash value – and more than its intangible value as a financial safety net.
“In a timely manner, we can provide an appraisal that will help agents and advisers offer reliable options to their clients,” said Page. “We offer this without an agent having to contact a broker.”
Life insurance is an integral part of any financial plan, however, most industry professionals are kept in the dark regarding the real value of an existing life insurance policy. Restrictive carrier contracts and a convoluted broker market inhibit life settlement transactions. Over the past 25 years, executives from PolicyAppraisal.com have assisted in thousands of transactions and put millions of dollars in the hands of insurance owners from policies that would have otherwise lapsed. Life insurance policy appraisals are invaluable tools for anyone advising seniors about their long-term financial plans.
The company recently launched its website, including a text messaging option to help agents get questions answered very quickly.
“Agents who are concerned about privacy or asking questions through their broker-dealer can learn about policy appraisals by sending an anonymous text message to us, which will go directly to the mobile phone of one of our experts,” said Page. “Texts can be sent at any time (day or night), and we will respond quickly with a thorough answer.”
About Policy Appraisal
More information is available by visiting www.PolicyAppraisal.com, calling (800) 286-3738, or sending a text through the website.
Stephen E. Terrell
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SOURCE Policy Appraisal
BMO Financial Group Declares Dividends
TORONTO, Dec. 1, 2020 /PRNewswire/ — Bank of Montreal (TSX: BMO) (NYSE: BMO) today announced that its Board of Directors declared a quarterly dividend of $1.06 per share on paid-up common shares of Bank of Montreal for the first quarter of fiscal year 2021 (“Q1 2021 Dividend”), unchanged from the previous quarter and the prior year.
The Board of Directors also declared dividends of:
- $0.112813 per share on paid-up Class B Preferred Shares Series 25;
- $0.078011 per share on paid-up Class B Preferred Shares Series 26;
- $0.24075 per share on paid-up Class B Preferred Shares Series 27;
- $0.2265 per share on paid-up Class B Preferred Shares Series 29;
- $0.240688 per share on paid-up Class B Preferred Shares Series 31;
- $0.190875 per share on paid-up Class B Preferred Shares Series 33;
- $0.303125 per share on paid-up Class B Preferred Shares Series 38;
- $0.28125 per share on paid-up Class B Preferred Shares Series 40;
- $0.275 per share on paid-up Class B Preferred Shares Series 42;
- $0.303125 per share on paid-up Class B Preferred Shares Series 44; and
- $0.31875 per share on paid-up Class B Preferred Shares Series 46.
The dividend on the common shares is payable on February 26, 2021, to shareholders of record on February 1, 2021. The dividends on the preferred shares are payable on February 25, 2021, to shareholders of record on February 1, 2021.
The above-mentioned dividends on the common and preferred shares are designated as “eligible” dividends for the purposes of the Income Tax Act (Canada) and any similar provincial and territorial legislation.
Common shareholders may elect to have their cash dividends reinvested in common shares of the Bank in accordance with the Bank's Shareholder Dividend Reinvestment and Share Purchase Plan (the “Plan”). For the Q1 2021 Dividend declared today and subsequently until further notice, such additional common shares will be purchased on the open market.
For registered shareholders who wish to participate in the Plan, Enrolment Forms must be received by the Bank's transfer agent, Computershare Trust Company of Canada, by the close of business on February 3, 2021. Beneficial or non-registered holders must contact their financial institution or broker well in advance of the above date for instructions on how to participate.
More information about the Plan and how to enroll can be found at:
For News Media Enquiries: Paul Gammal, Toronto, [email protected], (416) 867-3996; For Investor Relations Enquiries: Bill Anderson, Toronto, [email protected], (416) 867-7834; Internet: www.bmo.com, Twitter: @BMOmedia
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