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The US’ Financial sector upgrades investment for innovating its customer experience: Will Australia follow suit?

Investments to support business growth and maintain existing systems have fallen to allow an increased spend on innovating the customer experience, a recent survey from the US’ Financial Services sector has revealed.

According to data compiled from over 180 senior customer experience executives within the US’ Financial Services industry, investment spend has shifted significantly between February 2013 and April 2013.

Spend to support business growth has witnessed a downward trend of 8% after a mid-year spike, while investments to support business innovation have increased at almost an identical amount – growing by 7% to April 2013.

At the centre of this shift, spend on maintaining existing customer experience processes and systems has also seen a considerable drop of six percentage points in the 13-month period (37% of 2013 budgets, down from 43% of 2012 budgets).

As a secondary impact, mandated investments to meet regulatory and legal requirements have been subject to an incremental increase, despite a slight slump in September 2012.

As US financial companies scale back their growth efforts and switch attention to innovating with existing products and services – whilst simultaneously stepping up their commitment to the increasingly strict regulatory landscape – it’s clear the US’ financial sector is looking to leverage customer experience to induce future competitive advantage. But will their Australian counterparts follow suit?

Taking place on the 21st– 23rd October at the Shangri La Hotel in Cairns’ Marina, the inaugural NG Customer Experience Summit Australia aims to find out, with leaders in the Australian Financial Services and Customer Experience arenas joining in the shape of Louise Long, Head of Customer Experience, NAB; and Renae Smith, Head of Customer Experience, GE.

GDS International conducted the survey of 180 leading US Customer Experience professionals from the US Financial Services Sector as part of its Next Generation Customer Experience US Summit, as it prepares to deliver its debut Next Generation Customer Experience Summit to the Australian market. Findings are based on delegate investment priorities and spend from February 2012, September 2012 and April 2013.

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