CSG’s State of the Customer Experience 2023 Report Uncovers Trending Areas for First-Class CX Strategy

Rhea-AI Summary

CSG (NASDAQ: CSGS) has released its State of the Customer Experience 2023 Report, highlighting insights from over 12 billion customer journey interactions and 710 million supported end consumers. Key findings suggest that businesses are reorganizing to enhance customer experience (CX) through digital innovations, while also valuing traditional processes. Brands are encouraged to prioritize security as a crucial element in building customer trust. CSG emphasizes the need for brands to partner with experts in technology to improve their CX strategies and adopt solutions to drive revenue growth and operational efficiency.

Positive

• Analysis based on over 12 billion customer interactions indicates strong market engagement.
• Identified key trends in CX, guiding businesses to innovate and improve strategies.
• CSG's technology solutions are positioned to help brands enhance customer experiences and drive revenue.

Negative

• Businesses might struggle to balance digital transformation while maintaining non-digital processes.

Annual report gleaned from over 12 billion customer journey interactions provides actionable insights to navigate the digital journey for an exceptional CX

DENVER--(BUSINESS WIRE)-- CSG^® (NASDAQ: CSGS), the leader in innovative customer experience, revenue management and payments solutions that make ordinary customer experiences extraordinary, today released The State of the Customer Experience 2023 Report. With data from over 12 billion global customer journey interactions and 710 million supported end consumers this year, CSG found that business leaders are feeling the need for speed to accelerate digital customer experiences (CX) but need help kickstarting their CX journey.

“This year’s findings illustrate a clear runway for the future of customer experience,” said Mark Smith, Senior Vice President of Customer Experience at CSG. “Brand leaders are more eager than ever to board the CX plane but understand they first need a clear flight plan to get to their destination. This all starts with the basics – understand your customer, receive their trust by integrating security, and maintain the quality of non-digital experiences for customers who aren’t ready for the leap. Once you lay this solid foundation, the horizon for digital innovations in CX like digital wallets, virtual reality, and ‘phygital’ customer experiences is limitless.”

The CSG State of the Customer Experience 2023 Report focuses on the most important enhancements and strategies for brands to win at CX in the digital era. Here are the top four trends in customer experience:

1. Businesses are reorganizing from the top down to reinvigorate and unify CX efforts. To take to the skies, brands are pursuing a mix of transformational changes, like the creation of more CXO leadership roles and incremental enhancements to better understand the customer. This shift starts with the adoption of sophisticated AI (Artificial Intelligence) solutions to automate certain processes as well as customer experience technology like journey orchestration that supports real-time customer segmentation with intelligent decisioning and data analytics.
   
   
2. In a world of rapid digitalization, businesses cannot neglect non-digital, traditional processes. There will always be a portion of customers who prefer to have their boarding pass printed, handed to them by airline personnel or loaded onto their phone. Just like there will always be a portion of customers who prefer manual processes, physical check payments, paper statements, and live customer support. The move toward digital experiences must strike a balance with continued high-quality, non-digital experiences and offer creative, hybrid approaches that meet the needs of all customers.
   
   
3. Simultaneously, future-ready businesses are packing their bags for immersive digital experiences in VR/AR and perhaps the metaverse. This means designing a virtual presence with CX at its heart. Companies must consider IT infrastructure readiness to support transactions in a virtual, decentralized world and the interoperable network functions of a digital marketplace. Businesses must lay the metaverse foundation now by developing strategic business support systems that enable 5G connectivity, design interactions with CX in mind, and leverage embedded payments everywhere to deliver on the promise of the metaverse.
   
   
4. Like boarding a commercial airplane, security checkpoints are paramount to delivering extraordinary CX. Security is non-negotiable for the customer experience especially as consumers are hyper-aware of the data they put into the hands of brands. Security, transparency, and privacy drive trust, which is one of the most critical elements of today’s customer experience and the reason why we can anticipate the rise of the CTrO (Chief Trust Officer).

These CX trends illustrate why brands need a trusted technology partner and expert to help them: assess the maturity of their CX capabilities, data and strategy; define CX goals and measure ROI; manage end-to-end customer journeys in real-time; connect and securely enable digital payments; and enable seamless connectivity and monetization of these experiences. With over 40 years of helping brands deliver a differentiated CX experience, CSG has the expertise and SaaS solutions brands need to build unforgettable experiences that drive revenue, bolster efficiency, and win with customers.

Methodology

CSG tracked 12.3 billion customer journey interactions in 2022 through its customer journey management platform, CSG Xponent. CSG defines a customer journey interaction as an instance where an API triggers an action to be taken on a channel within the customer journey. CSG also charted data from the 710 million wireless subscribers it supports through its Configure-Price-Quote and CSG Encompass solutions.

Additionally, data was sourced from:

• 3 billion customer engagement communications
• 790 million printed and mailed documents
• 110,000 payment locations
• 1,000+ customers across 120 countries

Read CSG’s full analysis, findings, and recommendations in the global State of the Customer Experience 2023 Report and visit CSG’s website to learn more about how CSG is moving the needle for leading brands in telecommunications, retail, healthcare and financial services.

About CSG

CSG empowers companies to build unforgettable experiences, making it easier for people and businesses to connect with, use and pay for the services they value most. Our customer experience, billing and payments solutions help companies of any size make money and make a difference. With our SaaS solutions, company leaders can take control of their future and tap into guidance along the way from our more than 5k-strong experienced global CSG services team.

Want to learn more about how to be a change-maker and industry shaper like our 1,000-plus clients? Visit csgi.com to learn more.

View source version on businesswire.com: https://www.businesswire.com/news/home/20230320005087/en/

Kristine Østergaard

Public Relations

+44 (0)79 2047 7204

kristine.ostergaard@csgi.com

John Rea

Investor Relations

+1 (210) 687-4409

john.rea@csgi.com

Source: CSG

FAQ

What does the CSG Customer Experience 2023 Report highlight?

It provides insights from over 12 billion customer interactions and outlines key trends for enhancing customer experience.

How many customer journey interactions did CSG analyze?

CSG analyzed over 12 billion customer journey interactions.

What are the trends identified in the CSG Customer Experience Report?

Key trends include reorganizing leadership roles for CX, balancing digital and non-digital processes, and prioritizing security.

What is the significance of security in customer experience according to CSG?

Security is crucial for building customer trust and ensuring a positive experience.

How does CSG plan to support brands in their customer experience strategies?

CSG offers expertise and technology solutions to help brands assess and improve their CX capabilities.