Consumer experience in credit

The consumer experience, also known as Customer Experience (CX) is the new standard to follow to grow your business. Leading consumer experience implementation companies have 65% or more growth in revenue, profitability, and employee retention; while the average or lower performing businesses report approximately 40%, according to the Qualtrics XM Institute Insight Report 2020.

Your business can also benefit from these best practices. It is about putting your client as the central axis. You don't obligate to own a large company to implement better experiences for your consumer. You only have to take your client into consideration in business decisions and processes.

What is the consumer involvement?

"People will forget what you thought, they will forget what you did, but they will never forget how you made them feel."

- Maya Angelou

The Customer Experience (CX) or consumer experience is the practice of designing and aligning processes, business decisions and services that respond to the needs and expectations of the consumer. The goal is not solitary to meet but to exceed customer prospects. Corporations like the Walt Disney Company, Starbucks, Amazon, Apple, Uber, and Netflix are leaders in creating consumer experiences that have transformed their industries and their customers. Now consumers expect those same experiences in other categories of products and services.

Here are the three most important terms in the consumer experience :

•  Touchpoint : Every interaction that the customer has with your business or organization is known as a touchpoint . Every time a client communicates, visits or receives something from your business, they are a point of contact. For example, your communication (letters, email, invoices, receipts), customer service, facilities, website, application, social networks, seller, installer, receptionist, cashier and many more. By measuring the consumer experience at each touch point, opportunities to increase customer loyalty can be identified.

• Customer Journey : All interactions that the customer has with your business are known as a customer journey . It consists of a flow chart of the steps that your client goes through to obtain products and services, including before and after the purchase. The customer journey mapvisually summarizes the path the customer travels through the touchpoints. In each one he summarizes how the customer feels, his action, his expectation and how the business exceeds or fails to meet them. This map helps the business identify opportunities and design better experiences by point of contact.

 • Pain Point : The pain point is the consumer's frustration and dissatisfaction when their expectations are not met. For example, the waiting time is longer than expected or making a mistake in the customer's order. Identifying pain points at each touch point in your business can help you bridge the gap between expectation and your customer's pain point.

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