CX is at an Inflection Point

Financial institutions (FIs) continue to struggle to understand customer needs and meet their expectations. To date, the investment in and adoption of customer-centric solutions by FIs is driven by specific business units, which have fragmented the CX across the enterprise, created misaligned offerings, and further strained supporting ecosystems.

Due to COVID-19, the last six months have been historic. FIs are being forced to adapt large parts of their traditional customer-facing businesses to remote operations. This resulting adaptation has exposed surface-level CX investments and fragile business and operating models, specifically for non-universal banks (e.g., wealth management firms and insurance carriers) who rely heavily on asset-based revenue, commissions, and premium growth.

FIs are now at a strategic inflection point and must prioritize investment in a re-invented CX to transition to the ‘New Norm.’ We firmly believe that the opportunity to re-invent is now. From defining your vision for the ‘New Norm’ to executing and implementing your new overarching vision, Capco’s customer experience solutions will take you on a journey to re-conceptualize your CX.

Key Considerations for Re-inventing Your CX

Situation Analysis: Understanding the Past, Present, and Future

Increasingly, customers are demanding holistic digital experiences. FIs must accelerate their digital agenda to be responsive and adjust to ‘New Norm’ market conditions. The first step towards creating a strategy is a situational analysis – where were we headed (pre-COVID), where are we now (COVID), and where are we going (post-COVID)?

Customer Experience (CX) Pre-Covid - Today - Post-Covid

Defining and Preparing for the New Norm

The ‘New Norm’ will challenge existing advice models and push FIs to integrate channels and customer segments going forward. Success in the ‘New Norm’ is not doing what you have always done. It requires boldness and guts to challenge industry and institutional practices. We have identified the key areas of change – critical functions, workforce strategy, infrastructure, cybersecurity, and communications – that will affect CX strategies going forward and the key differences between traditional digital builds and the new CX vision.

Acknowledging the Complexities of OMNI and Re-invent your CX Strategy

All FIs want to redefine and execute their journey to deliver a holistic CX. The future of FI’s success in the ‘New Norm’ is grounded in customer-centric principles with a focus on OMNI enablement. We can help you define your target CX using our five principles – defining your change journey, focusing on customer needs, utilizing your data effectively, optimizing intelligent advice tools, and streamlining front and back-office capabilities – helping you gain a significant competitive advantage in these uncertain times.

Customer Experience (CX) Principles

Applying Discipline to your Re-invention Journey 

To ensure your customer experience journey is on the path of success, we will share a four-step approach on how you can embark on this transformation journey. Our approach focuses on:

1. Vision and prepare
2. Build foundation
3. Deploy and grow
4. Optimize and evolve

We will start by aligning your organization’s priorities to create the new CX vision, build a foundation in which the new technology capabilities will be layered on, deploy and evolve new capabilities and products, and continue to optimize the new CX through continuous improvement.

Customer Experience (CX) Vision & Prepare to Optimize and Evolve.

Visualizing the E2E Experience

What exactly does a target CX solution entail? We look at the end-to-end CX and provide technical visualizations to serve customers immediately and anticipate what is required to meet evolving/new customer expectations.

Customer Experience (CX) Systems Platforms Interactions Channels

Analyzing successful FIs that are embracing a re-invented CX

Many FIs are beginning to embark on and undergo a CX transformation of their own. We will share several examples of CX transformation journeys of FIs that are making waves in the market. The case studies will illustrate the steps taken to create sustainable, long-term competitive advantages and provide insights into the approach, impact, and outcomes from successful CX transformations.

For more information on how you can begin or continue your CX transformation journey, please contact us at