Being an Advocate of the New Era of Customer Experience
Nikhil Godbole, Group Customer Service Head, Jupiter, 0
The fintech industry in India is cementing the trust factor among its customers, democratizing banking and credit facilities. As competition gets denser, the difference between fintech organizations often comes down to the customer experience. CEO Insights recently interviewed Nikhil Godbole, Group Customer Service Head, Jupiter, to explore more about the challenges and opportunities in the customer experience leadership landscape, especially in India. Below is an excerpt from the interview.
From your experience, how pivotal is the role of CX leaders in shaping an organization’s success in the modern-day environment?
CX Leaders' role has become more critical in today’s world due to ever-increasing customer demands, multiple digital touch points and uncertainty about loyalty. Leaders must align customer experience strategy with overall business objectives, ensuring that every decision is made with the customer in mind.
They have the deemed responsibility to foster a customer-centric culture throughout the organization, ensuring that every employee understands their role in delivering exceptional experiences.
What are the efforts that CX leaders must prioritize when it comes to delivering exceptional experience at every touchpoint?
To get maximum output, one must develop robust metrics and KPIs to accurately assess customer satisfaction and loyalty is essential. Build a culture of customer empathy. Cultivating a deep understanding of customer needs and emotions is crucial for creating meaningful connections. CX leaders are instrumental in driving business growth and success. By placing the customer at the heart of every decision and fostering a culture of customer obsession, they create lasting value for both customers and the organization.
How do CX leaders navigate conflicting goals across business areas, reach a consensus on setting priorities, and build trust in analytics-driven models?
As much as the CX leaders should take the analytical route to prioritize goals, they should also consider the customer's point of view. Product features which come out as "Must to Have" from the product team's perspective may be a "Good to Have" feature from a customer’s point of view.
There has to be intact dialogues between the customer and CX leaders frequently to get a sense of what the customer needs and what we are trying to build.
At times, we end up building a state-of-the-art product from a product perspective, but most of the features are
just not in line with customer needs or at least the cohort of customers the brand is attracting.
Issue reduction is where CX leaders must involve high-level of analytics, as it gives a good perspective from a Pareto angle, which can help address concerns in the current system strategically.
What are the roles played by the latest technological interventions in deciding organizations’ CX strategies?
CX leaders must not shy away from technological changes in a set system as there is always someone in the market who is going to help you deliver better experience than your current system. However, it doesn’t necessarily mean that we have to keep changing systems. But, it actually gives a perspective to the leader to leverage the current system to deliver better outcome.
With the onset of AI, CX leaders must be even more careful in deciding what will help in automation and what will not. Every AI platform comes with its share of challenges and opportunities, and it is the maturity of the CX leader to encompass the ability to arrive at certain use cases to test the AI wherein maximum output can be delivered.
CX leaders are also entrusted to say No to the adoption of new technologies if they are not right for the organization even if they may have worked for brands of similar nature. Every organization’s structure and culture are different and one should adopt new things only when the Org is ready to change and live the change.
What methodologies do the CX leaders implement to estimate the cost of CX ideas and forecast their expected value?
There are multiple methodologies that one can implement. However, the ones that we usually prefer in deciding what will work and at what cost are arrived at based on detailed project breakdown, cost-benefit analysis (CBA), Benchmarking and Pilot testing.
It is very important to segregate the costs based on Customer Cohorts, as one size doesn’t fit all. ROI (Return on investment) is a very important parameter in deciding whether or not the CX idea can be brought into production. Many times, the "Great to Have" features show early positive signals but may be revenue bleeders in the long run.
Additionally, CX leaders also need to be cognizant about the fact that there are always risks involved with new ideas and analysis of the same needs to be covered as part of the detailed project plan.
By combining these methodologies, CX leaders can create a robust framework for evaluating CX initiatives and securing the necessary investment. It's essential to remember that while quantitative data is crucial, qualitative insights should also be considered for a comprehensive assessment.
Issue reduction is where CX leaders must involve high-level of analytics, as it gives a good perspective from a Pareto angle, which can help address concerns in the current system strategically.
What are the roles played by the latest technological interventions in deciding organizations’ CX strategies?
CX leaders must not shy away from technological changes in a set system as there is always someone in the market who is going to help you deliver better experience than your current system. However, it doesn’t necessarily mean that we have to keep changing systems. But, it actually gives a perspective to the leader to leverage the current system to deliver better outcome.
CX leaders also need to be cognizant about the fact that there are always risks involved with new ideas and analysis of the same needs to be covered as part of the detailed project plan.
With the onset of AI, CX leaders must be even more careful in deciding what will help in automation and what will not. Every AI platform comes with its share of challenges and opportunities, and it is the maturity of the CX leader to encompass the ability to arrive at certain use cases to test the AI wherein maximum output can be delivered.
CX leaders are also entrusted to say No to the adoption of new technologies if they are not right for the organization even if they may have worked for brands of similar nature. Every organization’s structure and culture are different and one should adopt new things only when the Org is ready to change and live the change.
What methodologies do the CX leaders implement to estimate the cost of CX ideas and forecast their expected value?
There are multiple methodologies that one can implement. However, the ones that we usually prefer in deciding what will work and at what cost are arrived at based on detailed project breakdown, cost-benefit analysis (CBA), Benchmarking and Pilot testing.
It is very important to segregate the costs based on Customer Cohorts, as one size doesn’t fit all. ROI (Return on investment) is a very important parameter in deciding whether or not the CX idea can be brought into production. Many times, the "Great to Have" features show early positive signals but may be revenue bleeders in the long run.
Additionally, CX leaders also need to be cognizant about the fact that there are always risks involved with new ideas and analysis of the same needs to be covered as part of the detailed project plan.
By combining these methodologies, CX leaders can create a robust framework for evaluating CX initiatives and securing the necessary investment. It's essential to remember that while quantitative data is crucial, qualitative insights should also be considered for a comprehensive assessment.