AXA Wealth has been forced to learn new skills and to deliver different customer experiences as a result of the fundamental changes to the wealth management market caused by legislation and technology.
The wealth management market in which AXA Wealth operates is changing very rapidly and beyond recognition . Legislative changes (such as RDR) are placing aggressive downward pressure on costs across the supply chain. As a result of the change use of technology by IFAs AXA Wealth also redefined itself from a Life company to an investment platform provider (a web application that allows IFAs and Consumers to manage investments through a single web application).
To help it meet these challenges AXA Wealth committed to restructure its marketing department and to improve its Customer Journey and digital capabilities. In May 2012 it retained Customer Journey Consultancy to help achieve these goals.
Customer Journey Consultancy helped us restructure and reinvigorate our Customer Experience capability. With CJC’s help and leadership we have developed a clear and powerful understanding of how we can transform customer interactions to drive sustainable, profitable, competitive advantage. I can happily recommend Customer Journey Consultancy.
Tom Wilkinson, Marketing Director, AXA Wealth
Key drivers for AXA Wealth are:
- To reduce the cost to serve by increasingly moving customers on to online self-serve processes
- To create seamless customer experiences across multiple channels and multiple touch-points
- To develop new customer journey and experience capabilities to better support customers through the purchase and adoption of a new complex software interface
- To continually improve the usability of web based services.
AXA Wealth retained Customer Journey Consultancy to help them:
- To build and lead their internal Customer Experience capability
- Develop a customer journey strategy
- To reduce the cost to serve (through better adoption of digital self-serve touch-points)
- To increase customer satisfaction (helping to increase assets under management)
Customer Journey Insight
CJC used qualitative, quantitative and web usability research. Key insights were that customers had low satisfaction with AXA Wealth’s digital channels. They did not understand how to best interact with the company across multiple touch-points and channels to meet their needs with minimum effort.
Customers typically fell back on the expensive face to face and telephone channels as ‘the only way to solve a problem’.
Based on this insight CJC created a Customer Journey Strategy for AXA Wealth focusing on:
- The need to teach customers (using integrated communications) how to get the best out of AXA Wealth
- A prioritised list of changes it needed to make to its service delivery
- Quick wins to improved the intuitiveness of its investment platform and web site
Customer Journey Design
CJC has worked with the web and marketing teams to design and launch a new website http://www.axawealth.co.uk on the development and launch of a new paperless service, new online help centre and integrated service communications to replace untargeted email alerts.
Customer Journey Transformation
CJC has helped AXA Wealth recruit and train a new Customer Experience and digital function which has put customer insight at the heart of business decision making and changed the platform development roadmap. Digital output was described by the MD as 'like night and day compared to what we had before’. Moreover the business saw:
- Increases in Customer satisfaction
- 51% asset growth year on year
- 32% uplift in web site visits
- ‘Top Platform Choice for Advisers’ (Platforum Market Monitor)
- ‘Top choice for advisers looking for a platform’ (Money Marketing)