EX + CX = TX

Solve customer experience problems in Financial Services

When it comes to getting ahead in the Financial Services industry today, organizations must understand that customer experience is key. It’s also important to recognize that improving the customer experience requires improving the employee experience.

Banking and insurance industries are undergoing a generational change as customers migrate to the digital world. Many Financial Services institutions (FSIs) struggle to effectively respond to their customers’ preferences, due in large part to the inadequate information systems that are the backbone of providing high-quality customer service.

Solving this problem requires two things. First, FSIs need to provide employees with effective internal systems so they can quickly and easily locate and manage customer data. Second, FSIs need to use this data to fuel exceptional and seamless experiences across all delivery channels, complete with self-service options wherever possible. In other words, they must improve the employee experience (EX) in order to improve the customer experience (CX), a combination known as the total experience (TX).  When total experience is achieved, according to Accenture, the result is ROI.

decorative image that reads ex + cx = tx (roi)

Most companies today deliver disconnected customer experiences because they operate in silos — their data, systems, departments, applications, workplaces and processes are all disparate. Not only does this lead to disgruntled customers who wait too long on hold or for unresponsive web pages, but it also frustrates employees who must struggle with basic operational tasks that take their focus away from customers. Put simply, unhappy employees = unhappy customers. 

This is where total experience comes in.

OpenText Total Experience for Financial Services

With this solution, FSIs can connectemployee experience and customer experience into a total experience to deliver the right information in context across all delivery  channels, business systems, processes and partners, creating a competitive advantage.

For example, loan-application processing takes time when done manually and is subject to human error. Total Experience for Financial Services captures applications electronically to eliminate expensive, error-prone manual processing. It offers the scalability and control to manage large volumes of applications, personalizes documents so they are easily associated and relevant to the applicant, and ensures all loan documentation is correctly stored and adherent to corporate records management policies.

A composable platform

Total Experience for Financial Services offers a simplified, composable platform that can be adopted as a complete solution or in components that deliver needed capabilities. The products within the solution include:

OpenText™ Experience Platform for Customer Experience Management  Take a holistic approach to personalized communications and digital experiences across the customer journey.

OpenText™ Exstream™  Personalize customer communications across customer journeys transform into exceptional experiences.

OpenText™ TeamSite™ Extend digital experiences across all customer and employee channels with one platform.

OpenText™ Media Management Introduce immersive, rich media experiences that drives better customer engagement with powerful yet easy-to-use access to digital assets.

OpenText™ Extended ECM Platform Bridge information silos, improve processes and strengthen governance

OpenText™ Intelligent Capture Transform documents into actionable business insights

OpenText™ AppWorks™ Automate and optimize business processes with a low-code app

Learn more about how Total Experience for Financial Services can help your organization exceed customer expectations. And explore more resources about Total Experience from OpenText.

Monica Hovsepian

Monica Hovsepian is the Global Industry Strategist for Financial Services at OpenText. With more than two decades of financial industry experience, Monica has become a trusted subject matter expert in the Financial Services Industry, having worked with numerous large and international banks in North America, Europe and Asia.

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