The Impact of Digital Transformation on Customer Experience

Equifax asked recent webinar guest speaker, Maxie Schmidt-Subramanian, PhD, principal analyst serving customer experience professionals at Forrester Research, to answer our questions about the impact of digital transformation on customer experience (CX).

Question: "How do I measure CX and how do I start?"

Answer: "Customer experience is customers’ perceptions of their interactions with your organization. And CX measurement is quantifying the quality of experiences and their link to the organization’s overall metrics. You need three types of metrics in your CX measurement framework:

• Interaction metrics measure what happens during customer interactions (e.g. wait time, number of transfers)
• Perception metrics measure how customers feel about their interactions (e.g. customer satisfaction)
• Outcome metrics help you understand what customers do because of their perceptions (e.g. NPS or actual churn)

To establish your CX measurement program, be focused and pragmatic.

First, start by selecting an important customer segment. Then pick a few interactions within that segment that likely drive desired customer behaviors. Next, define and track metrics for the experience at the relationship level (i.e. how do customers feel about their relationship with your firm overall) and metrics for the CX quality of the key interactions you picked (e.g. customer service call, opening account). Once the feedback tracking is in place, plan to roll out tools and processes for sharing measurement insights."

Delivering an integrated and frictionless digital experience can help not only drive business growth, but ultimately improve loyalty. But where do you begin?

In a recent webinar entitled, The Impact of Digital Transformation on Customer Experience, Hrishi Talwar, VP of Digital Identity and Mobile Products at Equifax, explains, “We really have to sit down and look at what the consumer is looking for, and reframe how we interact with the consumer with the consumer’s lens on it, and that essentially means that we have to redefine some of the processes that we have in place.”

Consumers expect more from each touchpoint as businesses continue to transform their technology and offerings to accommodate this fast-paced, high-interaction reality.

InstaTouch® Suite provides simplified digital consumer interactions with one touch authentication, easier payments, and better offers. You might also find these resources helpful – InstaTouch Suite.

For more on how to deliver a more frictionless digital experience, we invite you to view the expanded version of our  Equifax Q&A with Forrester executive summary.