Freya Elliott began her two-year stint as the Head of Client Experience at NZ Funds in January 2022 at the tail end of Covid.
Alongside the uncertainty surrounding how the company would transition from the turbulence of the previous two years to a new ‘normal’ way of operating, Elliott also had to contend with the fact that NZ Funds was in the midst of a “major transformation,” as she puts it.
In short, she certainly could have picked an easier time to start.
Elliott details how the company was looking to evolve from a “niche” investment management firm to a key player in mass-market wealth products.
Not only was the former Head of Client Experience expected to help NZ Funds grow into new markets and enhance its digital capabilities, but to do so while embedding a customer-centric ethos throughout the organization.
Fortunately, Elliott’s background at CX consultancy firm, The Customer Experience Company (CEC), was ideally suited to prepare her for the new role.
Having started as the company’s fifth member of staff, much of Elliott’s formative years were spent “educating Corporate Australia about CX and Service Design” – experience that was undoubtedly invaluable when it came to instilling a customer-centric culture at NZ Funds.
However, the “turning point” came when the firm was asked to collaborate with the government of the Australian state of New South Wales (NSW) to help deliver a “one stop shop for Government services.”
Elliott still clearly looks back on this CX project with fondness and pride, commenting on the continued cachet that the Service NSW program she helped launch maintains within the industry:
“It [Service NSW] rivaled the best service industries. Service NSW has received global recognition as a transformative CX example.
Even today, over a decade later, Service NSW continues to be celebrated as a global benchmark for transformative CX, consistently earning high service ratings from its customers.
But how exactly did Elliott utilize her experience to bring about the CX transformation that NZ Funds was targeting?
Started from the Bottom Now We’re Here
No, this won’t be segueing into some miraculous Drake/CX crossover, unfortunately.
However, the sentiment of the song certainly resonates with the position that Elliott found herself in when she first started at NZ Funds.
The CX specialist is candid in discussing the lack of pre-existing customer experience programs and systems that the fund management organization had in place, explaining that she essentially “started from zero.”
“When I joined NZ Funds, CX wasn't exactly stealing the limelight. There had never been a dedicated CX function.
“To their credit, NZ Funds realized that there was a disconnect between the services they offered and what the customer experienced when they interacted with those services.”
Part of the problem with implementing CX changes at the company was the very nature of the funds management sector. The understandable importance placed upon compliance, security, and regulations “created many of the hoops that clients and advisers found frustrating.”
Despite the stumbling blocks, once Elliott was able to spread the message across the company about the virtues of CX and service design, she managed to make significant functional improvements.
Research and analysis conducted on the company’s Onboarding Journey for KiwiSaver program revealed that the automated AML (Anti Money Laundering) steps were failing the majority of customers.
In response, Elliott’s team revamped the process and, within three months, were able to automate 80% of client journeys – significantly reducing customer frustration and enhancing the company's efficiency.
When working in a company with such a clearly defined top priority, for Elliott, it is vital that the CX department strikes the balance between ensuring it does all it can to assist with the overarching goal while simultaneously continuing to champion the customer experience: