Artificial Intelligence for Asset Management and Investment

Chapter 10Customer Experience Science

THERE WAS A TIME WHEN GENERATING returns was considered sufficient in investment management. Today, firms have recognized that to build a strong and sustainable business, many other areas are equally important. One of those areas is managing customer experience. Customer experience is one of the major drivers of a firm's success and is critical for existing client retention, new client acquisition, increasing growth, and enhancing a firm's reputation. In this chapter we will discuss the role of AI in favorable customer experience optimization.

CUSTOMER EXPERIENCE

At the highest level, one can view customer experience (CX) as what existing or potential customers experience when they interact with the firm. One way to accomplish that is to study all the touch points of those interactions and try to optimize experience in each one of them. For example, if you meet clients physically, your office location, interior decoration, style, reception area, restaurant selection, and other similar things may constitute the physical aspects of the meeting. In addition, how you scheduled the appointment, follow-up, professionalism, and many other such intangible factors are also involved in experience optimization. From a digital perspective, an example of customer experience can be your website or online software. However, while exploring touch points and responding to them is one way to approach customer experience optimization, strategic customer ...