Ep. 242: The Black Box Fallacy: Why Wells Fargo Doesn't Trust an AI It Can't Explain

Customer Confidential: Untold Stories of Earned Growth

Customer Confidential: Untold Stories of Earned Growth

Player FM - Internet Radio Done Right

22 subscribers

เพิ่มแล้วเมื่อ sixปีที่ผ่านมา

เนื้อหาจัดทำโดย Bain & Company, Rob Markey, Company partner, and Customer experience expert เนื้อหาพอดแคสต์ทั้งหมด รวมถึงตอน กราฟิก และคำอธิบายพอดแคสต์ได้รับการอัปโหลดและจัดหาให้โดยตรงจาก Bain & Company, Rob Markey, Company partner, and Customer experience expert หรือพันธมิตรแพลตฟอร์มพอดแคสต์ของพวกเขา หากคุณเชื่อว่ามีบุคคลอื่นใช้งานที่มีลิขสิทธิ์ของคุณโดยไม่ได้รับอนุญาต คุณสามารถปฏิบัติตามขั้นตอนที่แสดงไว้ที่นี่ https://th.player.fm/legal

Uncuffed

1
S4, E1 - Day One 7:38

5 weeksที่แล้ว7:38

ลิสต์เล่นในภายหลัง

ลิสต์

ถูกใจ

ที่ถูกใจแล้ว

7:38

Last summer, something monumental happened. One of Uncuffed's founding producers, Greg Eskridge, came home after more than 30 years in prison. In this episode we’ll bring you back to that emotional day last summer when he walked out of the San Quentin gates, free at last. Our work in prisons is supported by the California Arts Council, the California Department of Corrections and Rehabilitation, independent foundations, and donations from listeners like you. Learn more, sign up for Uncuffed news, and support the program at www.weareuncuffed.org Follow us @WeAreUncuffed on Instagram and Facebook Transcripts are available within a week of the episode coming out at www.kalw.org/podcast/uncuffed…

ประมาณหนึ่งปีที่แล้ว 37:00

MP3•หน้าโฮมของตอน

In this episode, Kunal Madhok, Head of Data, Analytics, and AI for Wells Fargo's consumer business, reveals how the bank has operationalized this philosophy to enhance customer experiences while maintaining rigorous standards for model explainability and ethical deployment.

The stakes for financial institutions are substantial. As banking becomes increasingly digitized, organizations must balance sophisticated personalization with transparency and trust. Wells Fargo's approach demonstrates that explainability isn't merely about regulatory compliance—it's a fundamental driver of business value and customer trust.

Through rigorous review processes and a commitment to "plain English" explanations of algorithmic decisions, Wells Fargo ensures its models remain logical, aligned with business objectives, and comprehensible to stakeholders at all levels. This transparency serves multiple purposes: avoiding unintended consequences, maintaining human oversight of automated systems, and ensuring data-driven decisions actually drive business value.

Discover how Wells Fargo's insistence on explainable AI is reshaping everything from product recommendations to customer service, while setting new standards for responsible innovation in financial services.

Guest: Kunal Madhok, EVP, Head of Data, Analytics and AI, Wells Fargo

Host: Rob Markey, Partner, Bain & Company

Give Us Feedback:

We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey: http://bit.ly/CCPodcastFeedback

Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob

Time-stamped List of Topics Covered:

[00:04:13] Integrating data science into business decisions and ensuring data-driven insights
[00:07:29] Kunal’s vision for personalization and delivering relevant, value-based products
[00:09:22] Wells Fargo's ability to leverage life events and transactional data to better serve customers
[00:11:05] Democratizing financial advice and offering tailored advice based on customer needs
[00:16:53] Using live experimentation and AI models to tailor product offers and marketing
[00:19:17] Strategic investment decisions for new product launches and capacity reservations using simulations
[00:22:45] Explainability, and what this looks like in action
[00:37:22] Strategies around servicing interactions and the key challenges around this work that demand solving

Time-stamped Notable Quotes:

[00:00:27] “When a customer walks into a bank, they’re expecting you to know them.”
[00:04:19] “Part of my role is to make sure we use data science in every business decision we make as an organization. And what that means is not just the quality and the fidelity of data, but also that decisions are made not based on intuition, but on real data outcomes.”
00:07:29] "Good personalization is: We'll give you the right product based on your interests and your needs, and we'll deliver it in a way that you want. Which is the right channel, the right offers.”
[00:12:17] “If we can add value to our customers, they expect it. I'm sure when you turn on [a streaming service] today, it gives you a whole bunch of movies, shows to watch, curated just for you, based on your past history. And if they do it well, you actually like that, because you know the next five things to watch. And while that's in entertainment—and financial products are a very different space—that’s the bar our customers are expecting us to meet.”
[00:22:45] “As we train our talent, we've put a high bar on explainability of the work they do.”

243 ตอน

#Business #Customer #Experience #Leadership #Loyalty #Netpromotersystem #Nps #Robmarkey #Service #Company partner #Rob Markey #Customer experience expert #MBA #Bain Companys #Promote #IT Management

Customer Confidential: Untold Stories of Earned Growth

Ep. 242: The Black Box Fallacy: Why Wells Fargo Doesn't Trust an AI It Can't Explain

Customer Confidential: Untold Stories of Earned Growth

22 subscribers

published ประมาณหนึ่งปีที่แล้ว

แบ่งปัน

MP3•หน้าโฮมของตอน

Guest: Kunal Madhok, EVP, Head of Data, Analytics and AI, Wells Fargo

Host: Rob Markey, Partner, Bain & Company

Give Us Feedback:

We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey: http://bit.ly/CCPodcastFeedback

Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob

Time-stamped List of Topics Covered:

[00:04:13] Integrating data science into business decisions and ensuring data-driven insights
[00:07:29] Kunal’s vision for personalization and delivering relevant, value-based products
[00:09:22] Wells Fargo's ability to leverage life events and transactional data to better serve customers
[00:11:05] Democratizing financial advice and offering tailored advice based on customer needs
[00:16:53] Using live experimentation and AI models to tailor product offers and marketing
[00:19:17] Strategic investment decisions for new product launches and capacity reservations using simulations
[00:22:45] Explainability, and what this looks like in action
[00:37:22] Strategies around servicing interactions and the key challenges around this work that demand solving

Time-stamped Notable Quotes:

[00:00:27] “When a customer walks into a bank, they’re expecting you to know them.”
[00:04:19] “Part of my role is to make sure we use data science in every business decision we make as an organization. And what that means is not just the quality and the fidelity of data, but also that decisions are made not based on intuition, but on real data outcomes.”
00:07:29] "Good personalization is: We'll give you the right product based on your interests and your needs, and we'll deliver it in a way that you want. Which is the right channel, the right offers.”
[00:12:17] “If we can add value to our customers, they expect it. I'm sure when you turn on [a streaming service] today, it gives you a whole bunch of movies, shows to watch, curated just for you, based on your past history. And if they do it well, you actually like that, because you know the next five things to watch. And while that's in entertainment—and financial products are a very different space—that’s the bar our customers are expecting us to meet.”
[00:22:45] “As we train our talent, we've put a high bar on explainability of the work they do.”

243 ตอน

#Business #Customer #Experience #Leadership #Loyalty #Netpromotersystem #Nps #Robmarkey #Service #Company partner #Rob Markey #Customer experience expert #MBA #Bain Companys #Promote #IT Management

ทุกตอน

Customer Confidential: Untold Stories of Earned Growth

1
Ep. 243: When an 8% Donor Base Funds a University: Unlocking Hidden Alumni Engagement Opportunities 35:17

25 วันที่แล้ว35:17

35:17

Episode 243: At Emory University, 99% of donations come from just 8% of donors. It’s a small alumni minority funding almost the majority of the university. This raises a big question: How do you cultivate loyalty among everyone else? In this episode, Emory’s Chief Experience Officer, Cutler Andrews, describes how they’re dismantling silos—by merging alumni relations, donor relations, and events—to offer a cohesive experience. They’re seeing success. Within five years, Emory’s engagement nearly doubled from 28,000 to 54,000 participating alumni. Learn how Emory’s four engagement metrics (philanthropy, attendance, communications, and volunteering) feed a carefully designed funnel, turning casual alumni into potential major donors. We also explore how tracking personal preferences and tailoring interactions drives lasting impact. It’s about balancing short-term fundraising with authentic relationships. How do you nurture entrepreneurs—those overlooked until “cash out”—and future big givers, without neglecting current donors? Learn how thoughtful engagement fosters trust, broadens participation, and reduces reliance on a few generous supporters. Guest: Cutler Andrews, Chief Experience Officer & Senior Associate Vice President, Emory University Host: Rob Markey, Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey . Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Time-stamped List of Topics Covered: - [00:02:19 - 00:03:00] Merging engagement, communications, and marketing: Cutler describes the creation of a unified team to orchestrate all donor-facing activities under one umbrella. - [00:03:39 - 00:04:26] Overcoming siloed teams: How sending separate letters, emails, and event invites—without coordination—diminishes the overall constituent experience. - [00:07:51 - 00:09:00] Engagement vs. fundraising: Cutler explains why alumni relations are often viewed as more feel-good, whereas fundraising may often be seen as purely transactional. - [00:14:36 - 00:16:00] Emory’s four engagement buckets: How Emory measures engagement via philanthropy, attendance, communications, and volunteering—and why each bucket matters. - [00:27:00 - 00:29:00] The risk of relying on a tiny donor base: Cutler points out that roughly 99% of their funding comes from around 8% of donors, underscoring the need to reach that remaining 92%. Time-stamped Notable Quotes: [00:00:27] “Ninety-nine percent of our money comes from seven or eight percent of our donors. That’s scary, because if that keeps getting smaller, it’s a ton of risk.” [00:01:03] “We have all of these KPIs and goals, and the only question people ask is, ‘How much money [have you] raised?’ That’s part of the story, but that is the output of a greater story.” [00:06:22] “Yes, large gifts help, but alumni engagement has to serve that mission, too. It can't just be, ‘Make our alumni community feel good and give them programs.’ We have to ask the questions, ‘To what end? To what value?’” [00:27:10] “All of a sudden there’s an exit and there’s an influx of cash, and then everybody’s jumping on. It’s like, ‘You haven’t talked to this person at all—why do you think they’ll want to engage now?’ It shouldn’t always be because, ‘I know in ten years, they might make a gift.’” [00:33:10] “We've seen engagement go from 28,000 alumni to 54,000 alumni in five years because of that intentionality, that creativity, and thinking through that if somebody does a great event over here, but if we can't market it over here, it's not going to do any good.”…

Customer Confidential: Untold Stories of Earned Growth

1
Ep. 242: The Black Box Fallacy: Why Wells Fargo Doesn't Trust an AI It Can't Explain 37:00

7 weeksที่แล้ว37:00

37:00

Episode 242: Wells Fargo has established a clear position on artificial intelligence: If you can't explain how an AI model works, you shouldn't deploy it. This stance challenges the common assumption that black box algorithms are acceptable costs of advanced AI capabilities. In this episode, Kunal Madhok, Head of Data, Analytics, and AI for Wells Fargo's consumer business, reveals how the bank has operationalized this philosophy to enhance customer experiences while maintaining rigorous standards for model explainability and ethical deployment. The stakes for financial institutions are substantial. As banking becomes increasingly digitized, organizations must balance sophisticated personalization with transparency and trust. Wells Fargo's approach demonstrates that explainability isn't merely about regulatory compliance—it's a fundamental driver of business value and customer trust. Through rigorous review processes and a commitment to "plain English" explanations of algorithmic decisions, Wells Fargo ensures its models remain logical, aligned with business objectives, and comprehensible to stakeholders at all levels. This transparency serves multiple purposes: avoiding unintended consequences, maintaining human oversight of automated systems, and ensuring data-driven decisions actually drive business value. Discover how Wells Fargo's insistence on explainable AI is reshaping everything from product recommendations to customer service, while setting new standards for responsible innovation in financial services. Guest: Kunal Madhok, EVP, Head of Data, Analytics and AI, Wells Fargo Host: Rob Markey, Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey: http://bit.ly/CCPodcastFeedback Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Time-stamped List of Topics Covered: [00:04:13] Integrating data science into business decisions and ensuring data-driven insights [00:07:29] Kunal’s vision for personalization and delivering relevant, value-based products [00:09:22] Wells Fargo's ability to leverage life events and transactional data to better serve customers [00:11:05] Democratizing financial advice and offering tailored advice based on customer needs [00:16:53] Using live experimentation and AI models to tailor product offers and marketing [00:19:17] Strategic investment decisions for new product launches and capacity reservations using simulations [00:22:45] Explainability, and what this looks like in action [00:37:22] Strategies around servicing interactions and the key challenges around this work that demand solving Time-stamped Notable Quotes: [00:00:27] “When a customer walks into a bank, they’re expecting you to know them.” [00:04:19] “Part of my role is to make sure we use data science in every business decision we make as an organization. And what that means is not just the quality and the fidelity of data, but also that decisions are made not based on intuition, but on real data outcomes.” 00:07:29] "Good personalization is: We'll give you the right product based on your interests and your needs, and we'll deliver it in a way that you want. Which is the right channel, the right offers.” [00:12:17] “If we can add value to our customers, they expect it. I'm sure when you turn on [a streaming service] today, it gives you a whole bunch of movies, shows to watch, curated just for you, based on your past history. And if they do it well, you actually like that, because you know the next five things to watch. And while that's in entertainment—and financial products are a very different space—that’s the bar our customers are expecting us to meet.” [00:22:45] “As we train our talent, we've put a high bar on explainability of the work they do.”…

Customer Confidential: Untold Stories of Earned Growth

1
Ep. 241: Abhii Parakh & Mike Estep | Flawless Over Flashy: Prudential's Unconventional Path to Customer Experience Leadership 38:49

11 weeksที่แล้ว38:49

38:49

Episode 241: When is mastering the basics a differentiator? In an industry where complexity is the norm, Prudential Group Insurance has made a counterintuitive strategic choice. While many companies chase innovation through digital transformation and enhanced features, Prudential has discovered that operational excellence—the "absence of noise"—can be a more powerful differentiator. Abhii Parakh and Mike Estep reveal why group insurance demands a fundamentally different approach to customer experience than high-touch industries like hospitality or travel. For Prudential, success depends not on bells and whistles, but on excelling at the foundational elements: reliable execution, friction-free processes, and consistent delivery. "The absence of noise is a tremendous win," Mike emphasizes. "That's not the long-term goal for us. But if you don't get those things right, you won't get the chance to get to the nirvana state where you are separating yourself from the competition because of the experiences you created.” Learn how Prudential delivers seamless experiences across its ecosystem of brokers, employers, and employees by prioritizing simplicity and operational excellence. Discover why, in complex B2B2C environments, flawless execution of core processes can be a more powerful differentiator than feature innovation. Guests: Abhii Parakh, Head of Customer Experience, Prudential Financial, and Mike Estep, President, Group Insurance, Prudential Financial Host: Rob Markey, Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey: https://bit.ly/CCPodcastFeedback Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Time-stamped List of Topics Covered: [00:01:16] Overview of group insurance products [00:03:21] The broker, employer, and employee experience [00:06:46] Employees’ challenges with insurance products [00:10:21] Eliminating friction to enable differentiation [00:19:02] Customer experience as a growth driver [00:35:48] Overcoming challenges in survey feedback Time-stamped Notable Quotes: [00:05:24] “Modern life is exhausting. The last thing you want to deal with is friction with your group insurance carrier—about reports, getting your commission check, or that we're screwing up the bill and you're getting heat from that client. It doesn't need to be rocket science. There's beauty in simplicity and intuitive experiences that are void of friction.” [00:08:31] “The absence of noise is a tremendous win. That's not the long-term goal for us. But if you don't get those things right, you won't get the chance to get to the nirvana state where you are separating yourself from the competition because of the experiences you created.” [14:01] “Feedback—while painful to hear—is something you can use as a tool to help get other people in the organization to respond and make improvements that will help you, personally, be successful because they're resolving problems of your customers.”…

Customer Confidential: Untold Stories of Earned Growth

1
Ep. 240: Caroline Lombardi | The Evolution of the Chief Customer Officer: From Scorekeeper to CEO Successor 24:35

18 weeksที่แล้ว24:35

24:35

Episode 240: How has the Chief Customer Officer (CCO) role evolved over time? Traditionally focused on tracking metrics, CCOs now play a proactive and forward-facing role in driving business innovation. In this episode, Caroline Lombardi, Global Head of the Hospitality & Leisure Practice at Egon Zehnder, explores the CCO role’s dramatic evolution. Customer experience—no longer just about tracking satisfaction or retention—has become a valuable springboard for boosting revenue and gaining a competitive edge. Successful CCOs are skilled in holistic customer experiences, from call centers to broader operations. Caroline outlines three emerging CCO models: the Operational Leader who drives change, the Innovator who turns data into growth, and the CEO Successor who integrates customer experience into business strategies. Discover how CCOs are shaping customer interactions and guiding the strategic direction of organizations. And learn why they must adopt a growth mindset to succeed, taking on revenue-generating roles and building strong, cross-functional alliances. Guest: Caroline Lombardi, Global Head of Hospitality & Leisure, Egon Zehnder Host: Rob Markey, Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey: https://bit.ly/CCPodcastFeedback Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Time-stamped List of Topics Covered: [01:10] How the CCO role is shifting from being a scorekeeper to focusing on growth and influencing innovation within companies [06:43] The toolkit successful CX leaders need, including operational accountability and having access to frontline teams [07:24] How transformational call center roles have become part of CX leadership, and the benefits of aligning call centers with the broader business strategy [15:36] What kinds of difficulties CX leaders face, such as building the right allies and driving change within organizations that may resist transformation [19:22] Why, from a recruitment lens, some people tend to downplay their job qualifications [23:39] The importance of getting customer experience into the boardroom to drive business results Time-stamped Notable Quotes: [11:56] “Move from scorekeeper to growth mindset and make sure the C-suite understands you can stretch your roles in more ways to add bigger enterprise value.” [12:11] “The best-case customer officer roles are really CEO successor-type of roles.” [15:21] “I can't emphasize enough: If you have the chance to run the contact center, don't think twice.” [16:03] “CX leaders by nature want to drive change. The score is never good enough. You're never done improving. You're never done innovating.” [19:06] “If you are interviewing for a position and you're not getting access to who you think the right stakeholders are, you should ask for it. And if you don't get access, that's a sign. They're hiding it.”…

Customer Confidential: Untold Stories of Earned Growth

1
Ep. 239: Dan McCarthy | Food for Thought: How External Data Analysis Can Unlock Competitive Insights 29:17

20 weeksที่แล้ว29:17

29:17

Episode 239: What hidden insights can customer behavior data analysis reveal about how successful one food delivery app may be over another? Discover how analysis of externally sourced customer behavior data can fuel dramatic improvements in revenue forecasts and strategic decisions. See how competitor data analysis can help identify strengths and weaknesses that are otherwise hidden. In this episode of Customer Confidential, we’re joined by Dan McCarthy, director and co-founder of Theta and Associate Professor of Marketing at the University of Maryland's Robert H. Smith School of Business. Dan shares findings from Theta and Bain & Company’s jointly published consumer purchase data study, “Customer Lifetime Value across Food Delivery Competitors.” Together, Dan and Rob explore how they used a proprietary database of credit card transaction data from Pyxis to track customer behavior for subscription services over five years. They describe how accounting for corresponding economic factors like seasonality and the Covid-19 pandemic helped improve forecasts of transaction velocity, spending, and retention. Learn which food delivery app had the best customer loyalty, the most customers, and highest per-customer spending. Guest: Dan McCarthy , Director and Co-Founder of Theta, Associate Professor of Marketing at the University of Maryland, College Park Host: Rob Markey , Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey: https://bit.ly/CCPodcastFeedback Want to get in touch? Send a note to host Rob Markey here . Time-Stamped List of Topics Covered: [02:00] Introduction to customer behavior analysis and business forecasting [05:15] How companies can use historical data to predict customer lifetime value [10:00] Insights from customer data and the role of subscription services [15:30] The impact of external factors like economic shifts and market changes on consumer behavior [20:00] How businesses can improve acquisition and retention strategies using data [25:00] Using customer lifetime value to forecast future revenue and business growth Time-Stamped Notable Quotes: [02:45] “The notion of having a consistent data set with multiple companies in it so you can compare … all these different food delivery companies [means] you can explicitly see them and you can see the same consumers buying across them.” [05:37] “It’s primarily taking these different vintages of customers—where a vintage is defined by, ‘When did that customer make their very first purchase with your firm?’—and then within that vintage, what we want to explain is what these individual customers are going to do in the future.” [07:42] “[The data] is what allows us to say things like, is this company acquiring customers well? Are they retaining customers well? How frequently are they buying? And how does that compare across different companies?” Additional Resources: Customer Lifetime Value across Food Delivery Competitors Pyxis by Bain & Company…

Customer Confidential: Untold Stories of Earned Growth

1
Ep. 238: Brian Higgins | Building AI Trust: Verizon’s Bold Bet on Deliberate Progress 42:29

26 weeksที่แล้ว42:29

42:29

Episode 238: In what appears to be a paradox, Verizon is accelerating its responsible AI journey through a measured, deliberate approach—ensuring its technology is primed to enhance customer experiences when they matter most. Verizon isn’t rushing to put AI in front of customers. Instead, they’re deliberately building trust, refining data quality, and rigorously testing their AI tools internally. This methodical strategy might seem slow, but is accelerating their progress toward a future where AI can take on a bigger, more direct, customer-serving role. In this episode, Brian Higgins, chief customer experience officer at Verizon, explains how their thoughtful AI tool development empowers and supports employees today while laying the groundwork for handling more customer interactions tomorrow. Tools like the Personal Research Assistant are being refined internally, allowing Verizon employees to build confidence in AI’s capabilities before these technologies ever touch a customer. According to Brian, Verizon has focused on “bringing humans and AI together to drive more yield.” By ensuring employees are comfortable and proficient with AI tools, Verizon is building a strong AI foundation. His team embraces a deliberate learning approach vs. rushing to deploy technology for its own sake. Learn more about Verizon’s AI strategy and how building trustworthy internal tools enables smarter, faster, and more personalized customer experiences at scale. Guest: Brian Higgins, Chief Customer Experience Officer, Verizon Host: Rob Markey, Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey: https://bit.ly/CCPodcastFeedback Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Time-stamped List of Topics Covered: [02:15] How Verizon uses AI to empower employees and streamline operations [07:05] The strategy behind building AI tools like Verizon’s Personal Research Assistant [12:45] Employee co-development and involvement in AI-driven transformations [19:30] Balancing short-term wins with long-term AI-driven business goals [25:50] Leadership commitment and the role of AI in transforming customer experience Time-stamped Notable Quotes: [02:45] “Customers don't only go into a store. They don't only go to verizon.com. They go all over the place and do all kinds of things with us all the time. You have to pull all that together into one view.” [03:46] “If the employees aren't happy with their overall experience, it's virtually impossible for them to make the customers happy.” [05:30] “This is another tool in the toolbox, and the employees see [AI’s value] right away.” [11:15] “We had to reorganize everything ... but you can't simply go back to what you were doing before. You [have] to layer in something new.” [22:45] “Our primary focus was on areas of pain for both employees and customers.” [27:21] “This is about bringing humans and AI together to drive more yield. If we were a declining business, it might have a different model. But we're not a declining business. We're a growing business. We need to get more out of the current employees we have.” [32:25] “Personalization is the material unlock—for us and our customers.” [38:32] “We had some challenging times for a few years at Verizon. There was a recognition that we needed to reorganize how the whole company was structured. And we did that.”…

Customer Confidential: Untold Stories of Earned Growth

1
Ep. 237: Murli Buluswar | From Analytics to Outcomes: Creating Data-Driven Insights at Citi 49:29

29 weeksที่แล้ว49:29

49:29

How does democratizing intelligence enhance productivity and drive smarter decision-making? Murli Buluswar, Citigroup’s Head of Analytics for the US Personal Bank, joins host Rob Markey to explore Citi’s strategies for democratizing intelligence. Murli emphasizes building a conversational intelligence platform that enables proactive and reactive insights to reduce friction between curiosity, insight, and decision-making. This approach enhances organizational efficiency, boosts productivity, and sparks more complex problem-solving. Taking a scientific approach, Citi treats customer experience as a key growth strategy. Murli shares how small improvements in customer experience can boost long-term retention and how investing in marketing to existing customers offers quick returns. Citi's in-house Journey Analytics engine integrates financial transactions, customer information, external data, and internal algorithms to identify opportunities that enhance the customer experience. This innovative approach to decision-making—a mere dream five years ago—is now a reality, delivering significant customer value and better business results. Guest: Murli Buluswar, Head of Analytics, US Personal Banking, Citigroup Host: Rob Markey, Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey. https://bit.ly/CCPodcastFeedback Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Time-stamped list of topics covered: (1:07) High-level business overview for context (1:53) The democratization of intelligence (4:49) Clarifying Murli’s role vs. that of a chief data and analytics officer (6:25) The transformation and aggregation of disaggregated teams within Citi—and the need for a global solution (11:42) Customer health index (19:59) Framework to examine actions, forecast outcomes, and bring more intentionality to decision-making (32:30) Automated aberration detection (37:25) Career reflections and parting thoughts Time-stamped list of notable quotes (4:21) “We are building a conversational intelligence platform that allows people to interact with data. There's both the proactive identification of things we might not have conceptualized. And there's the—dare I say—reactive component of, ‘I have a question and I want to ask the engine.’” (6:00) “That's why this notion of democratization of intelligence is important to me. If I can enable the organization to whet its curiosity and its appetite independently, and then rely on my team as we get to the third and fourth layer of sophistication, then I've improved productivity and have freed up time and energy to focus on higher-order problem-solving.” (7:19) “Perhaps about 80% of the team was focused on followership, 20% on partnership, and maybe essentially next to 0% on leadership.” (10:30) “We ended up building a software tool that essentially democratized decision-making across finance, product marketing, and my team.”…

Customer Confidential: Untold Stories of Earned Growth

1
Ep. 236: David Tudehope & Joseph Michelli | “Zig When They Zag”: Macquarie's Customer-Centric Revolution 37:17

34 weeksที่แล้ว37:17

37:17

Episode 236: When telecom rivals offered lower rates and bigger networks, Macquarie bet big on customer loyalty—and won. David Tudehope, Macquarie Technology Group’s CEO, joins Rob Markey to discuss Macquarie’s competitive differentiator: a bold, customer-centric approach. David co-founded Macquarie to prioritize exceptional customer experience over price and network quality competition. Joining David is Joseph Michelli, author of Customer Magic: The Macquarie Way , who shares a key moment about how a product launch was postponed and short-term profits were sacrificed due to customer need misalignment. "We weren't living our purpose if we proceeded. We had to take our medicine and accept stakeholder disappointment," David recalls. That leadership decision reinforced Macquarie's culture. Transparency and real-time feedback improved employer-customer interactions, workforce engagement, and Net Promoter Scores. Sharing real, exceptional service examples inspired employees to excel when creating memorable customer experiences. Impressive results include exceptional shareholder returns and consistently having Australian telecom’s lowest per-customer complaint volume. Guests: David Tudehope , CEO of Macquarie Technology Group, and Joseph Michelli , Ph.D., author of Customer Magic: The Macquarie Way Host: Rob Markey, Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey. https://bit.ly/CCPodcastFeedback Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Time-stamped list of topics covered: (00:00:13 - 00:01:12) Identifying market opportunities by recognizing underserved and overcharged segments in telecom (00:01:12 - 00:03:09) Initial business strategy to develop a better billing system and the importance of customer experience (00:03:03 - 00:04:54) Customer experience as a core value and how making tough decisions helps prioritize customer satisfaction (00:04:54 - 00:06:33) Navigating industry competition and differentiating through customer service in a price-focused market (00:06:28 - 00:12:06) Empowering employees with transparency, real-time feedback, and engagement strategies (00:12:18 - 00:18:19) Overcoming challenges like billing complaints and learning from feedback (00:18:19 - 00:26:28) Cultural reinforcement and how storytelling can inspire employees (00:26:19 - 00:28:12) Continuous improvement in NPS through cultural shifts (00:28:15 - 00:31:32) Self-propelled learning and institutional growth and how to develop a sustainable model for continuous improvement Time-stamped list of notable quotes: (00:05:55) "The customer experience is the compass from which we make hard decisions.” (00:05:43) "Our purpose is making a difference for customers that are underserved and overcharged." (00:8:09) "Macquarie has between zero and two complaints a year." (00:17:03) "Our real-time feedback of customer experience scores to staff has been very powerful." (00:17:38) "When we took our hands off the big levers, we actually got significant change." (00:34:42) "We found that when we educated the person on their bill, they became an advocate for us." (00:30:21) "Storytelling has been transformational for our business." (00:35:55) "Our model is self-learning and self-propelled, and it has been that way for 10 years." Additional Resources: Read Joseph Michelli’s book: Customer Magic: The Macquarie Way…

Customer Confidential: Untold Stories of Earned Growth

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Ep. 235: Jon Freier | From Near Death to NPS Disrupter: T-Mobile’s Journey to Customer Leadership 35:34

37 weeksที่แล้ว35:34

35:34

Episode 235: In 2012, T-Mobile lost nearly two million customers. Its revenue fell precipitously. Its situation seemed hopeless. Then came a new CEO with an audacious plan and a penchant for F-bombs. Jon Freier, president of T-Mobile’s US Consumer Group, joins host Rob Markey to share his firsthand account of the remarkable corporate turnaround. Jon describes the “Un-carrier” strategy, from its risky beginnings to its industry-reshaping impact. He shares how T-Mobile broke the mold, challenged conventions, and ultimately won over customers by putting their needs first. According to Jon, “The whole premise of the Un-carrier movement was about fixing a stupid, broken, arrogant industry.” Under the leadership of new CEO John Legere, T-Mobile used data-driven insights to uncover the “bad profits” that dominated the mobile telecom industry in the US at the time. Determined to not only turn the company around but to change the industry, T-Mobile made a huge bet on customer value and what we at Bain now call Earned Growth: the idea that forgoing bad profits to deliver more value to customers would not only reduce churn but ultimately attract new customers through word of mouth. Jon shares some of T-Mobile’s biggest game-changing innovations. He lays out bets on dramatic changes to handset pricing and contract renewal terms, a daring move from high-priced “buckets” of limited data to unlimited plans, repricing international roaming, and the innovative T-Mobile Tuesdays rewards program. He also highlights the impact of the “Team of Experts” customer service model. The results have been eye-popping. T-Mobile reestablished customer growth, received the highest ranking in the telecommunications & media Internet sector regarding NPS rankings (as measured by Bain’s NPS Prism telecom benchmarking), and has outperformed the stock market by many multiples. Guest: Jon Freier, President, T-Mobile US Consumer Group Host: Rob Markey, Partner, Bain & Company Give us feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey. https://bit.ly/CCPodcastFeedback Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Additional resources: T-Mobile’s CEO on Winning Market Share by Trash-Talking Rivals Reinventing Customer Service: How T-Mobile achieved record levels of quality and productivity Un-carrier History Learn about Bain’s NPS Prism Time-stamped list of topics covered: [2:29] The dire state of T-Mobile in 2012 [6:00] John Legere’s arrival and the birth of the “Un-carrier” strategy [10:36] Breaking down the old telecom model: from contracts to transparency [16:28] Early signs of success and the importance of leading indicators [19:17] Overcoming internal skepticism and building organizational buy-in [21:51] T-Mobile’s unique approach to customer service and the “Team of Experts” [24:27] Using data to anticipate customer needs and personalize experiences [28:14] Frontline Connect: Immersing leaders in the customer experience [30:12] T-Mobile’s winning loyalty plays: unlimited data, T-Mobile Tuesdays, and Simple Global [33:27] Lessons learned and the future of customer loyalty in telecom Time-stamped list of notable quotes: [3:14] “We were losing two million customers a year … Revenues were going down, costs were going up, and earnings were plummeting.” [3:40] “Hopeless, that would be the word I would use in 2012. We’re just stuck.” [5:59] “In walks a new CEO named John Legere ... dropping F-bombs in a very large all-employee meeting, and you’re like, ‘Did he just say what I thought he just said?’” [12:21] “If you treat customers great and you treat them better than your competitors, guess what? They’ll stay.” [14:31] “The biggest risk is doing exactly the same [thing]. Where our business was, it needed a bold shakeup.” [15:28] “You might not have to be perfect right out of the gate, but you have to be absolutely committed to steering decisions … That’s where the visibility of metrics and the overall management system is critical to be able to steer to the outcomes you’re looking for.” [16:07] “We just decided to have customers win first. Our employees win second, and then our shareholders ultimately winning after that.” [29:19] “I have the saying, at T-Mobile, that there’s two types of people. One, those who serve customers. And two, those who serve those who serve customers. And you’re in one of those two buckets. And if you don’t buy into the culture, you’ll never find the time to do it.”…

Customer Confidential: Untold Stories of Earned Growth

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Ep. 234: Naiara De León & Madison Dyal Anderson | All Customers Just Want to Belong: What Defines an Inclusive Retail Experience? 32:17

42 weeksที่แล้ว32:17

32:17

Why do some retailers excel at creating a welcoming environment for a diverse customer base while others fall short? Bain & Company's Naiara De León and Madison Dyal Anderson discuss their research on how companies that excel in customer advocacy and inclusion consistently outperform their peers by a staggering 10 percentage points annually. Beyond quantifying inclusion's sizable revenue impact, they also share data from their survey of over 7,700 US consumers on the lasting negative psychological toll exclusion has on retail customers—and why one bad experience can turn someone off a brand forever. We analyze the root of the issue: What causes consumer exclusion in the first place? We also share examples of companies’ winning inclusive strategies, from the importance of eye contact to plentiful product assortment to purposefully designed campaigns. Guest: Naiara De León, Partner, Bain & Company Guest: Madison Dyal Anderson, Partner, Bain & Company Host: Rob Markey, Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey. https://bit.ly/CCPodcastFeedback Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Time-stamped list of topics covered: [3:30] Research study overview and key findings [6:33] Research findings on how inclusion is universally important [8:02] Personal experiences of feeling welcomed or excluded in different stores [10:13] Balancing inclusivity with a retail brand’s target market [12:16] How the feeling of belonging or being welcomed affects customer advocacy [13:04] Types of negative retail experiences that lead to customer detractors [15:00] The subtleties of interaction that affect customer perceptions of inclusion [20:14] Examples of companies that have created welcoming and inclusive atmospheres [22:10] How product assortments and staff training contribute to inclusivity [26:32] How retailers can assess and improve their levels of inclusivity for good [30:54] The greater impact of inclusive practices on strategy and market position Time-stamped list of notable quotes: [00:32] “There is this line between welcomed and belonging. The core customer needs to feel like they belong.” [2:24] “Universally, customers across all demographics desire to feel invited and welcomed.” [6:33] “Inclusion matters to everyone. It's actually pretty universal.” [10:34] “The core customer needs to feel like they belong. That's where you are tuning in to those behaviors and those customer segment needs and wants. Make people feel heard and seen.” [14:45] “[In terms of survey findings, there were] verbatims that talked about, ‘The store associate never made eye contact with me. I have hearing loss and that made [communication] very hard. English is not my first language and I need that eye contact to carry all the way through [a conversation].” [31:13] “It is quite profitable to [prioritize inclusivity] because it helps you grow. It helps you lead, versus your peers. It’s also the right thing to do.” Additional Resources: Read Madison and Naiara’s Bain research, In Retail, Inclusive Customer Journeys Lead to Growth…

Customer Confidential: Untold Stories of Earned Growth

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Ep. 233: Eckhart Boehme | Uncovering Hidden Customer Needs: The Power of Jobs to Be Done 33:48

44 weeksที่แล้ว33:48

33:48

What if the key to creating truly innovative products and solutions lies at least as much in uncovering the deep emotional and attitudinal needs of your customers as in mastering technology? Eckhart Boehme, founder and managing director of Unipro Solutions, shares his approach to putting Clayton Christensen’s Jobs to Be Done framework into practical use. Eckhart demonstrates how in-depth interviews with customers and their families can reveal the underlying personal experiences, emotions, and desires that truly motivate people to seek out and purchase products or services. With these insights in hand, companies often uncover fundamentally different needs than they first anticipated, sometimes even opening up new markets or uses for their products. We also discuss Eckhart’s Wheel of Progress model, which he designed to reveal the hidden layers of reasoning behind customer decisions. It provides a systematic way to deconstruct customer narratives and identify the jobs that are most likely to drive customer decisions along their cyclical journeys. Learn how this model segments the customer journey into phases of motivation, decision-making, and action. He brings this all to life with a compelling case study about finding a senior living place for an elderly loved one, revealing a hidden but critical job to be done: giving the elderly parent a sense of purpose. Our conversation also lays bare some common pitfalls when applying the Jobs to Be Done framework, such as focusing too narrowly on functional jobs while missing the bigger picture of the customer's overarching goals and emotional needs. Guest: Eckhart Boehme, Founder and Managing Director, Unipro Solutions Host: Rob Markey, Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey. https://bit.ly/CCPodcastFeedback Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Time-stamped list of topics covered [1:19] How Jobs to Be Done goes deeper than traditional customer needs analysis [3:02] Clarifying what Jobs to Be Done entails and why it’s a game changer [6:08] The Wheel of Progress model and its role in dissecting customer decisions [10:41] Applying Jobs to Be Done in complex customer service scenarios [15:00] The practical steps and challenges in implementing this framework [20:14] Examples of transformative customer insights derived from in-depth interviews [22:10] Strategies for businesses to effectively harness Jobs to Be Done [30:54] Future trends and directions in customer experience research Time-stamped list of notable quotes: [6:26] “You want to understand where the story starts. What [event] triggered people [wanting to conduct] research and go through pain. Understanding what triggers people have is very valuable because then you can start building a relationship—even before people have started going to a search engine to look for a solution." [7:51] “When we look at the customer journey, we call it ‘the cycle of progress’ because we think that people make progress in cycles." [16:01] "We try to design our offerings and the marketing and sales processes to focus on helping customers make progress.” [24:23] “Jobs to Be Done helps you to do the right thing and design thinking helps you to do things right." Additional Resources: Learn more about Eckhart’s Wheel of Progress Learn more about HBS professor Clay Christensen’s Jobs to Be Done Theory and his famous story about how to improve milkshake sales…

Customer Confidential: Untold Stories of Earned Growth

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Ep. 232: Matt Harris | When AI Shifts the Balance of Power to Consumers: Preparing for a New Business Reality 29:37

46 weeksที่แล้ว29:37

29:37

Matt Harris, Partner at Bain Capital Ventures, argues that generative AI will soon empower customers in unexpected ways. Consumers, he predicts, will soon use AI tools to continuously discover lower loan rates, higher-yield savings accounts, or more attractive insurance policies. As a result, Matt anticipates a shift in customer-company power dynamics. Imagine, for example, an AI agent able to continuously move your deposits to the highest-yielding savings accounts or refinance your loans to the best available rates with little intervention required from you. Imagine consumer tools for interpreting medical scans and providing a diagnosis to compare to your doctor's assessment. Generative AI could even transform the future of mental health therapy to be more effective, efficient, and streamlined. Join us as we discuss the present and future of consumers' newfound AI-driven power and analyze where organizations and their leaders should be pointed next to remain competitive. Guest: Matt Harris, Partner, Bain Capital Ventures Host: Rob Markey, Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey. https://bit.ly/CCPodcastFeedback Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Time-stamped list of topics covered: [02:53] How businesses use generative AI for productivity and future innovation [09:23] Discussion on the Gartner Hype Cycle for generative AI [17:09] What it means for customers to be “superpowered” and an overview of a few generative AI applications in finance and medicine [22:28] AI's impact on society and the future of work [27:44] Adapting to a world with superpowered customers who now demand more from businesses, emphasizing the need for deepened customer relationships and greater levels of innovation Time-stamped list of notable quotes: [10:55] "Every new technology experiences [influx and they] disillusion the rest of the market because they have these spectacular failures.” [14:20] “[Generative AI] is a much more powerful tool for customers than it is for companies. And an equal or larger part of energy should be going in these boardrooms to imagining a world where customers have the power of generative AI and the implications for your entire business model.” [18:00] “I revere doctors. But how could we expect that a single human being would have all of the medical knowledge in their head? This is something computers will be better at.” [22:16] "I think I could make an argument that generative AI, combined with predictive machine learning, and being moved forward as fast as these technologies are advancing, will be better at almost everything.” [27:53] “We should be spending as much energy thinking and worrying and planning for a ‘superpowered’ customer world as we are thinking about how we use [technology] ourselves, and I’m just not seeing people doing that.” Additional Resources: Read Matt’s article for BCV, The Age of the Superpowered Customer The Age of AI and Our Human Future by Henry A. Kissinger, Eric Schmidt, and Daniel Huttenlocher The AI Advantage by Thomas H. Davenport Prediction Machines by Ajay Agrawal, Joshua Gans, and Avi Goldfarb Learn about Bain’s spin-off, Bain Capital , which has operated as a separate company since 1984 Learn More About Our Guest and Host: Guest: Matt Harris LinkedIn Profile Host: Rob Markey LinkedIn Profile…

Customer Confidential: Untold Stories of Earned Growth

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Ep. 231: Fred Reichheld | Unleashing Earned Growth: The Referral Spectrum 35:40

48 weeksที่แล้ว35:40

35:40

Discover the engine of Earned Growth as Rob Markey and Fred Reichheld, Bain Fellow and "Winning On Purpose” author, hold a working session on how references and referrals significantly contribute to organic growth. Rob and Fred unearth the pivotal role that references and referrals play in propelling Earned Growth. They answer key questions such as: How would you characterize different referral types? What are the best mechanisms for measuring and attributing value to them? How do you navigate the tricky path of fostering genuine, organic referrals at scale? Together, they explore one of the thorniest issues in accounting for the value of referrals: How much of a new referred customer’s value should accrue to the referring customer versus the referred one? Guest: Fred Reichheld, Bain Fellow, founder of Bain's Loyalty Practice Host: Rob Markey, Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey. https://bit.ly/CCPodcastFeedback Want to get in touch? Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Time-stamped list of topics covered: 02:00 - Unveiling the Referral Spectrum 08:30 - Measuring the Impact of Referrals 15:45 - Attributing Value: Who Benefits? 22:10 - Fostering a Culture of Earned Growth Time-stamped list of notable quotes: 02:25 - Rob Markey: "A genuine referral, an authentic referral, is motivated by some form of goodwill towards the recipient." 05:45 - Fred Reichheld: "Earned Growth is not just a metric, it's a philosophy." 19:30 - Fred Reichheld: "The value of a referral is the cornerstone of organic expansion.” Additional Resources: Winning On Purpose by Fred Reichheld Bain & Company’s Insights on Earned Growth Guest and Host Bio Links: Fred Reichheld LinkedIn Profile Rob Markey LinkedIn Profile…

Customer Confidential: Untold Stories of Earned Growth

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Ep. 230: Tim Pernetti | A New Playbook: Reinventing the IMG Academy Experience 38:11

50 weeksที่แล้ว38:11

38:11

Why would a world-class sports academy invest in a student center, rather than more coaches, fancy equipment, or dorms? IMG Academy, a Florida boarding school, turns out some of the most successful college and professional athletes around. Its president, Tim Pernetti, led a massive cultural shift toward customer loyalty. Tim says IMG Academy used to be highly focused on coaching and sports operations. To be clear, that emphasis on athletic excellence helped produce a large number of highly successful athletes. But Tim and the leadership team saw the potential to add something on top of this: a focus on serving a more comprehensive set of student-athlete needs. Today, IMG Academy leverages student-athlete input to refine its program and operations. New initiatives range from enhancing dining experiences to introducing flexible communal spaces. Tim shares how an emphasis on employee recognition combines regular student and parent feedback to instill deep, enduring culture change. Guest: Tim Pernetti, President, IMG Academy Host: Rob Markey, Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey. https://bit.ly/CCPodcastFeedback Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Time-stamped list of topics covered: [00:09:17] Global influence and expansion [00:14:25] Culture shift toward experience [00:19:57] Response to student feedback [00:25:32] Investment in campus experience [00:30:01] Recognition's impact on staff [00:35:23] Challenges in universal buy-in [00:37:09] Commitment to improving IMG Academy Time-stamped list of notable quotes: [00:04:43] “Really, [our early] focus was on intense physical training, like total immersion in tennis. And the result was ten world number ones [were trained here].” [00:07:23] “This is an environment where you're bringing people in from all over the world. You want to have good people in the environment. We put a lot of weight into that, like getting to know kids, and getting to know their parents.” [00:23:17] “We went into meetings with data and said, ‘Here’s what the customer is saying.’” [00:29:16] “[At] a place like IMG Academy, we have everything from coaches, people that serve food every day, and our transportation drivers, [and people] who cut the grass at five o'clock in the morning. And I've shadowed all of them." [00:30:12] “We [recognized a tram driver] with a financial bonus and a gift card to take his wife out to dinner. This guy now is known as the friendliest, nicest, most outgoing person on campus.” [00:30:35] "The biggest tool you have in your toolkit right now is your personal and other leaders' acknowledgment and recognition when people do the right things.” Guest and Host Bio Links: Tim Pernetti's LinkedIn Profile Rob Markey LinkedIn Profile…

Customer Confidential: Untold Stories of Earned Growth

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Ep. 229: Stan Swinton | Redefining Customer Centricity: What is the NPSx Framework? 24:23

52 weeksที่แล้ว24:23

24:23

How can businesses transcend traditional customer service boundaries to establish new customer experience benchmarks? Stan Swinton, Founder and General Manager of NPSx, Bain & Company, discusses how a comprehensive approach to customer experience extends beyond gathering feedback or managing customer journeys. Stan details Bain’s NPSx framework—comparable to a restaurant star rating, he says—which offers an extensive customer-centricity analysis via 60+ dimensions and eight pillars. Stan shares how this methodology motivates companies to strive for top-tier customer satisfaction. We also discuss the Customer Experience Roadmap and Accreditation (CXRA). Stan highlights CXRA's effectiveness in uncovering inefficiencies and enhancing customer-employee synergies. In addition, we explore why businesses frequently restrict their customer experience initiatives to areas such as feedback management, and discuss the essential role of Customer Experience Officers in achieving genuine customer centricity. Finally, we examine the constantly changing landscape of CX benchmarks and expectations, emphasizing the importance of a flexible and adaptive approach. Guest: Stan Swinton, Founder and General Manager of NPSx, Bain & Company Host: Rob Markey, Partner, Bain & Company Give Us Feedback: We’d love to hear from you. Help us enhance your podcast experience by providing feedback here in our listener survey. https://bit.ly/CCPodcastFeedback Send a note to host Rob Markey: https://www.robmarkey.com/contact-rob Time-stamped list of topics covered: [16:56] Role of CX: Stan highlights how the NPSx framework aids in defining company decision rights and categorizes 60 different jobs or dimensions to be coordinated. [17:50] Framework Pillars: Eight pillars provide a structured context for internal dialogue on improvement within organizations. [18:15] Framework applicability: The framework's relevance, even for companies that are just starting their CX journey or are less mature in their CX programs [19:19] Framework evolution and review: The living nature of the framework, with ongoing revisions and updates to standards and maturity scales to keep pace with current trends in customer centricity [20:10] Benchmarking and improvement: How clients sometimes feel dissatisfied with their initial ratings but are encouraged to view it as a journey toward improvement, similar to achieving restaurant rating stars in the culinary world [21:48] Identifying opportunities: How the framework allows organizations to identify their strengths and areas for improvement in customer experience Time-stamped list of notable quotes: [04:49] “We would generally work with a company first to define their taxonomy. One of the things we recognize is a lot of different industries and clients have different ways of defining their experiences. But there are standards and there are best practices that we can bring to the table to help shape that taxonomy and definitions.” [7:28] “One of the things that we recognize at Bain is that a lot of practitioners didn't come from a CX background. There aren't a lot of degree programs dedicated to CX. And when we were looking at the market, we’d say, well, how can you train yourself as a CX practitioner?” [12:31] “Our framework has eight pillars: purpose and leadership, proposition management, customer value and lifecycle management, customer journey management, customer service management, customer feedback management, customer data management, and employee experience.” Additional Resources: Bain article | The Elements of Value: Understanding the 30 elements of value for consumers can help companies gain an edge. HBR article | The Elements of Value: Measuring—and delivering—what consumers really want Guest and Host Bio Links: Stan’s LinkedIn profile Rob Markey LinkedIn Profile…