In a recent report, IDC predicts that by 2027, 60% of APAC firms will allocate 35% of their CX budget on emerging products and skills as GenAI improves. This shift shows that companies are starting to prioritize GenAI for customer-facing applications, hoping to improve customer satisfaction, service, and retention.

According to Forrester’s US 2022 Customer Experience Index rankings, CX quality fell for 19% of brands in 2022 — the highest proportion of brands to drop in one year since the inception of the survey.

As digital channels increasingly displace traditional brick-and-mortar access to financial transactions, customer experience (CX) management and transformation is becoming a critical capability for large financial institutions, says Jim Miller, Vice President of the Banking and Credit Card Practice at J.D. Power, in an interview for journalists.

Employee engagement has surfaced as a major concern in delivering improvements in customer experience (CX), with 86 percent of CX executives in a Gartner, Inc. survey ranking it as having an equal or greater impact than other factors such as project management and data skills.

Global business value derived from artificial intelligence (AI) is projected to total $1.2 trillion in 2018, an increase of 70 percent from 2017, according to new research from Gartner. AI-derived business value is forecast to reach $3.9 trillion in 2022. Customer experience represents the majority of ai business value through 2020.