The competition for consumer preference has multiplied with the arrival of new players such as fintech, neobanks and large technology companies. To differentiate themselvesfinancial institutions need to develop a total experience (TX) strategy, which allows them to accelerate the launch and improvement of digital products and offer distinctive experiences.
Total experience (TX), is the business strategy for creating a superior customer and employee experience. TX does not focus solely on the customer journey it also considers employees and how they support and interact with the consumer. The goal of this effort is to increase both customer and employee engagement, participation, interaction, satisfaction, loyalty and advocacy.
TX, following Gartner, creates superior shared experiences by bringing together four disciplines: the multiple experience (MX), the customer experience (CX), the employee experience (EX) and the user experience (UX). In other words, this strategy adopts a multi-experience approach to merge UX, CX and EX. The multiple experience (MX) is the overall experience that people have with the brand across different digital channels, on different devices and using different interaction modalities.
Integrated strategy
By interconnecting the four disciplines into an end-to-end business strategy organizations are more likely to move toward the business outcomes they desire, whether it’s improving customer satisfaction, creating a healthy and productive work environment, optimizing product and service quality, or increasing brand loyalty.
Total experience means more than just taking care of customers: it also means providing an excellent environment for employees and users. It is human-centered design at its best, ensuring that everyone benefits from an engagement or interaction. In this way a total experience ensures that the objectives of all stakeholders are met across all channels and interfaces, during an engagement or interaction. This shapes a more integrated approach internally and externally.
According to Gartner by 2024, organizations that deliver a total experience (TX) will outperform competitors by 25% in satisfaction metrics for both CX and EX. And by 2026, 60% of large enterprises will use total experience to transform their business models and achieve high levels of customer and employee retention.
Total experience generates advantages such as:
- More satisfied customers.
- Engaged employees.
- Greater loyalty.
- Higher revenues.
Orchestrated development
TX is a design that spans multiple touch points and devices. But above all it requires strategic orchestration.
Consumers now expect consistent, frictionless, and reliable interactions with a brand on every platform, on any topic, at any time. Employees expect the enterprise to respond to their needs, including providing training and tools to enable them to excel in their roles.
IT plays a central role in TX’s success by focusing the use of financial technology and interactions “to enhance, empower and encourage both customers and employees.” However, the total experience should not be approached as a specific product or platform, but as a business strategy that drives shared and supportive experiences between customers and employees.
Traditionally, CX, EX and UX were seen as separate instances and worked in isolation within companies. Bringing these disciplines together brings a competitive advantage: TX can better drive employee and customer trust, satisfaction, loyalty, and advocacy. It can “promote more holistic and authentic brand interactions and experiences.” And in doing so, it enables you to stand out from the competition.
In conclusion, total experience can help banks stay one step ahead of their competitors and build customer loyalty. At Baufest, we can help banking organizations orchestrate these developments with a comprehensive strategy and appropriate technological tools.