In today’s rapidly evolving financial landscape, customer experience (CX) has become the defining battleground for banks. As digital and mobile channels become the norm, and as fintechs and neobanks set new standards for seamless, intuitive service, traditional banks face mounting pressure to not only meet but exceed rising customer expectations. According to recent research, 89% of companies now compete primarily on customer experience—a dramatic increase from just 36% in 2010. For banks, the stakes are clear: superior CX is no longer a differentiator; it is a prerequisite for growth and survival.
Yet, while most banks recognize the importance of CX, many struggle to rigorously measure it, link improvements to business outcomes, and prioritize investments that drive real growth. Traditional metrics like Net Promoter Score (NPS) offer a high-level view but fall short in providing actionable insights. To address this gap, Publicis Sapient has developed the Customer Experience Growth Index (CXGX)—a proprietary, data-driven framework that empowers banks to measure, analyze, and act on CX data with unprecedented precision.
The CXGX is designed to move banks beyond generic satisfaction scores and toward a nuanced, actionable understanding of customer experience across every touchpoint—digital and physical. Built on the “Three E’s” framework—Experience, Expectation, and Emotion—the CXGX surveys customers after each interaction, asking:
Responses are mapped to 11 key touchpoints, including mobile app, desktop website, live chat, call center, branch visit, and more. Each touchpoint receives a CXGX score ranging from +100 (strongly positive) to -100 (strongly negative), providing a granular, channel-specific view of customer sentiment. This approach enables banks to:
Recent CXGX data from UK retail banks reveals a powerful correlation between CX scores and business growth. Banks with higher CXGX scores consistently see greater customer retention, higher future usage intention, and net gains in customer numbers. For example:
Moreover, the CXGX framework uncovers which touchpoints drive the most value. Mobile apps and live chat channels, when executed well, deliver the highest CXGX scores and are strongly associated with positive emotions such as feeling “cared for” and “appreciated.” Conversely, call centers and desktop websites often fall into the “Valley of Meh”—delivering adequate but forgettable experiences that do little to build loyalty or advocacy.
The true power of the CXGX lies in its ability to guide investment decisions. By combining CXGX scores with usage data for each touchpoint, banks can:
For instance, one top-tier UK bank found that by shifting just 5% of desktop website users to its high-performing mobile app, its overall CXGX score would increase measurably. Similarly, encouraging more customers to use a well-rated live chat service instead of the call center not only improved CX but also delivered operational efficiencies.
While NPS remains a popular metric, it lacks the granularity and predictive power needed for today’s complex, omnichannel banking environment. CXGX addresses these limitations by:
UK banking leaders are already recognizing the need for this shift. As one CX executive put it, “NPS isn’t a nuanced enough metric to properly measure experience. We’re shifting to metrics that are proven leading indicators of great experiences.”
To harness the full potential of the CXGX and drive sustainable growth, banks should:
In a world where customer expectations are shaped by the best digital experiences—inside and outside of banking—only those banks that rigorously measure, understand, and act on CX data will thrive. The CX Growth Index offers a new lens for banks to assess and improve their performance, linking every investment in experience to tangible business growth. By embracing this evidence-based, actionable approach, banks can move beyond incremental improvements and unlock the full potential of customer experience as a driver of competitive advantage and sustainable growth.
Ready to transform your bank’s growth trajectory with CXGX? Connect with Publicis Sapient to learn how our proprietary framework can help you measure what matters, invest where it counts, and lead in the era of customer-centric banking.