Customer Experience Excellence report 2021
Customer Experience Excellence report 2021
The rise of the digital economy and the rate of digital transformation has brought exciting new services and product offerings to Malaysia. Through COVID-19, brands across the region have been forced to modernize, revolutionizing the customer experience. Brands are evolving to meet customer needs like never before, and customers are wielding more power in this modern Malaysian market.
Top of this year’s rankings for customer experience is PETRONAS. It has used digital initiatives to provide a customer experience with minimized in-person contact. The self-styled “progressive energy and solutions partner”1 has adapted customer experiences at its physical petrol station locations, with e-payment solutions like Setel2, and a food-to-go platform, Makan@Mesra3.
Coming in second in the 2021 customer experience rankings is Maybank. Financial services businesses have long been early adopters of emerging technology, and with customers being made to stay at home for long periods of time, Maybank’s online banking service Maybank2u4 has offered simplistic yet extensive digital banking services. Its digital services score high for Personalization. Online transactions are a “breeze”, one customer said, “the platform performs seamlessly.”
Maybank has received many accolades over the past few years5, including Brand of the Year 20196, for its secure financial services offering and focus on customer financial wellbeing. Customers have affinity with Maybank because of its quality of service, complaint resolution framework and its investment in colleague operational and product knowledge. It also scores high for Integrity, thanks to its sustainability efforts7.
E-commerce has seen a huge uptake over the course of COVID-19. Naturally, with customers having to spend so much time at home, and in-person contact being restricted, customers have gone digital with their spending habits. Shopee, a leading e-commerce platform in Malaysia, comes in third place in this year’s customer experience rankings. The platform aims to provide a personalized shopping experience, with an in-built chat function for customers to get personal service at any time. The platform has allowed many small and medium businesses to keep contact with their customers through financial insecurity, making it a key part of the shopping process at a local level.
With three brands ranking in the top 10 for customer experience this year, utilities is the highest performing sector in the region. Each high performing utilities brand scores well above the average for Personalization and Integrity pillars, indicating that customers value these two pillars above others. Thanks to evolving digital technologies, utilities brands have leveraged advanced systems to create personalized touchpoints with customers, even without in-person contact. Many utilities companies have been able to use the huge data sets available to them to understand the buying behavior of their customers at a granular level, giving them increased awareness of the customer landscape as it evolves.
Personalization is the key driver of both loyalty and advocacy in the Malaysian market. Customers now understand how technology can be leveraged by brands to personalize the buying experience – they expect a tailored journey that’s built just for them. Customers are also becoming increasingly aware of how their favorite brands and businesses contribute to local society, favoring companies that have made social commitments to offsetting their environmental impact and helping local communities thrive. In fact, Integrity is the second largest driver of both advocacy and loyalty in customers.
As brands evolve to meet growing customer demands, there are obstacles to success that are holding them back. Some respondents noted that they found discounts difficult to apply, where they are available. In a time of financial insecurity, many customers are looking for value for money, and expect it to be easily activated. Customers also expect timely service including delivery – while Time & Effort wasn’t the biggest driver of customer loyalty or advocacy, it is definitely a consideration. Finally, customers noted that some brands lack good remote customer support, causing frustration.
With the rise of digital economy and the advancement of disruptive technologies, products and service offerings have evolved to match the consumer needs. Businesses are changing the way they operate to enable their customer agenda, drive growth & innovation as well as capture competitive advantage.
Leading CX brands in Malaysia