KFin Technologies, CAMS Launch MFCentral - India’s First Interoperable Investment Management Platform

KFin Technologies (KFintech) and CAMS, today, announced the launch of MFCentral, a one-of-its-kind digital solution for enhanced service experience for mutual fund investors. The platform expects to transform investor experience with the mutual fund industry through its single window view across all mutual funds.

MFCentral is a collaborative effort of KFintech and CAMS, the Mutual Fund Registrar & Transfer Agents in association with AMFI. For the first time ever in the industry, MFCentral offers digital access to investor lifecycle engagement with the entire MF industry under one roof. The platform aims to render all conceivable transaction types across the industry participants in a highly automated and digitized manner. The platform’s underlying strengths include standardized and uniform processes, inter-operability and future ready architecture for scale and speed.

Mr. Anuj Kumar, Managing Director, CAMS commented, “We are pleased to bring the MFCentral platform to the investor community. The platform will bring about simplification in mutual funds services and reduce turnaround times, while providing safe access. Leveraging the power of digital, MFCentral provides a unified gateway for friction-less services across all mutual funds”.

In addition to a single portfolio view, the platform strives for complete fungibility of physical and digital services. It offers investors the added convenience of generating reports on unclaimed payments and raising service requests for non-commercial transactions (Digital and Scan based), such as nominee change and address update   

Speaking on the launch, Mr. Sreekanth Nadella, CEO, KFintech said, “The launch of MFCentral is a milestone moment in the Indian MF industry. At the heart of the platform lie four fundamental objectives – 1. Step change in ease of doing business for Investors, Intermediaries and AMCs 2. Lay foundation for a secure, resilient and hyperscale processing infrastructure to meet exponential growth expected in the MF industry 3. Construct an Info superhighway to provide best in class analytics to the Regulator, AMCs and ecosystem partners and 4. Rationalize redundancy in industry’s efforts and costs”

The platform is conceptualized to go live in three distinct phases, all of which are planned to go live by the end of this calendar year. The first phase, going live today, covers non-commercial transactions (service requests of investors), financial portfolio view, and consolidated account statement amongst other features. The next two phases will see the launch of a mobility platform, financial transactions, and integration with ecosystem partners for several value-added services.

About MFCentral:

MFCentral is an innovative first-of-its-kind investor services hub conceived and developed by KFintech & CAMS. Leveraging best-in-class technology, MFCentral is built on architectural changes KFintech & CAMS have made through interoperability, thus facilitating the real-time resolution of service requests.   

Designed to drive ease of doing business for investors and distributors, MFCentral is an enhanced infrastructure that will support value-added services by existing industry platforms, exchanges and channel partners. The platform facilitates transactions of every Mutual Fund investor irrespective of the mode of joining the industry. 

Currently, in Phase 1, MFCentral allows for non-financial transactions. In Phase 2, MFCentral will be available as a mobile application, and in Phase 3, MFCentral will enable the investors to make commercial transactions and investments into mutual fund units and distributors’ login along with their associated services will be rendered.

About KFin Technologies Private Limited:

KFin provides a wide array of financial technology solutions across a broad spectrum of asset classes spanning mutual funds, alternatives, insurance and pension. KFin serves 25 out of the 44 Indian Mutual Fund AMCs, which have over US$148 billion in AUM. The Company has been chosen as the partner for 15 out of the last 20 Mutual Fund AMCs launched in India.The Company also serves 550+ listed and 3,700+ unlisted corporates with over eight crore folios in India as a leading corporate registrar. KFin is also one of the two players providing central recordkeeping services to the National Pension System in India. KFin is also a leading player in the alternatives and private wealth management space, serving 300+ AIF schemes. Internationally, KFin serves several mutual funds and pension managers across Asia (ex-India) including Malaysia, Philippines, Singapore and Hong Kong. In addition to being the center of excellence for clients in Americas, Australia and parts of Europe.

KFin’s proprietary applications, big data technologies and hybrid cloud environment enable servicing of over 13 crore folios and processing of over 10 lakh transactions on a daily basis. KFin is a Great Place to Work CertifiedTM organisation for the last two years (2020 and 2021) and has won several awards in the Fintech and Leadership space.

About CAMS Limited (www.camsonline.com) BSE: 543232; NSE: CAMS

CAMS is a technology-driven financial infrastructure and services provider to mutual funds and other financial institutions, with over two decades of experience. The Company is India’s largest registrar and transfer agent of mutual funds with an aggregate market share of approximately 70% based on mutual fund average assets under management (“AAUM”) managed by its clients.  Over the last five years, the Company has grown its market share from approximately 61% during March 2015 to approximately 69.6% in Jun.2021, based on AAUM serviced.

Its mutual fund clients include all the top five mutual funds in the country as well as ten of the fifteen largest mutual funds in the country (based on AAUM during Mar’2021). With the initiative of creating an end-to-end value chain of services, the Company has grown its service offerings and currently provides a comprehensive portfolio of technology-based services covering areas such as transaction origination interfaces, transaction execution, payments & settlements, Reconciliation, dividend processing, investor interface, record keeping, report generation, intermediary empanelment and brokerage computation and compliance related services. These are delivered through a pan-India network of offices to its mutual fund clients, distributors, and investors. The company also provides a wholesome suite of services to Alternative investment funds, insurance companies and non-banking finance companies.

SABIC Leads Chemical Industry Dialogue With India MSMES On Recovery From The Pandemic

SABIC, a global leader in diversified chemicals, recently organized and hosted a virtual industry round table titled 'Recovery from the Pandemic: Challenges Faced by the MSMEs and the Role of Chemical Industry.' The round table comprised chemical industry MSME leaders and apex export council members who participated in a wide-ranging discussion focused on the challenges, opportunities, and collaboration required to help in the recovery of MSMEs within the chemical sector.

The COVID-19 pandemic has significantly impacted all industries, with MSMEs being among the most affected. The chemical industry has been particularly affected by demand, production as well as employment. However, the industry, especially the MSMEs, has shown remarkable resilience and is beginning to show signs of revival with support from the government and industry collaboration.

At the round table, Janardhanan Ramanujalu, Vice President & Regional Head, SABIC South Asia, ANZ said, "We believe it is essential for us to support MSMEs - our fellow partners within the chemical industry through collaboration among all stakeholders. This collaborative approach will bring MSMEs within the chemical sector back on the growth track, strengthen our industry further, and contribute to revival and growth."

Mr Rajendra Gogri, CMD, Aarti Industries & Co-Chairman, FICCI National Chemicals Committee, said, "The MSME sector is a significant contributor in the areas of economic and social development. The pandemic had a devastating impact on the sector with disruptions across labor, materials, and supply chains. I believe relevant stakeholders need to provide the necessary impetus for future growth and come together to encourage demand, investments and revive employment growth in the sector."

Mr Arvind Mehta, CMD, Welset Plast Extrusion Pvt. Ltd. & Chairman- Governing Council, All India Plastics Manufacturers' Association (AIPMA), said, "The Indian plastics industry, dominated by MSMEs, make up around 95 percent of all processing units. The sector currently faces several challenges like demand destruction due to the pandemic, erosion of working capital due to high raw material prices, and the lack of financing options. The sector is a major contributor to economic growth and creates employment on a large scale. Concrete steps to make the sector more competitive to cater to domestic as well as export demand are the need of the hour."

In conjunction with the round table, SABIC also commissioned a report, researched and published by ICRA, India's premier credit rating and research agency. The report, titled 'Building Resilience in MSMEs to Strengthen the Indian Chemical Industry’, analyzes the impact of COVID-19 on the sector and the subsequent challenges and opportunities. It further brings forward the key trends and measures taken by the government and the industry to get MSMEs back on the growth track.

“The MSME sector accounts for approximately 25 to 30 percent of the Indian chemical sector and 85 to 90 percent of the polymer processing segment of the Indian plastic industry. The MSMEs also employee lakhs of people, which when combined with the multi-year growth forecast for the chemical and plastic industry, they are likely to play a crucial role in leveraging the growth potential for these sectors”, said Mr Ravichandran, Executive Vice President and Deputy Chief Rating Officer, ICRA Limited. He further underlined the need for larger companies in the sector to support the MSMEs by helping them to integrate better into the supply value chain system.

The virtual industry round table also included apex export councils like CHEMEXCIL, PLEXCONCIL, and AIRIA who shared their insights beneficial for the MSMEs within the sector.

ABOUT SABIC IN INDIA

SABIC is a global leader in diversified chemicals, headquartered in Riyadh, Saudi Arabia. Established 26 years ago, SABIC’s India office provides strategic counsel and support for its clients in the Indian subcontinent.

In Asia Pacific, Singapore serves as SABIC’s regional headquarters, while in India, SABIC operates across five cities Gurugram, Mumbai, Bengaluru, Chennai and Pune. With about 600 employees, SABIC has a manufacturing facility in Vadodara, Gujarat, and a Technology & Innovation Center in Bengaluru, Karnataka. Both facilities leverage India’s domestic capabilities in research and manufacturing, developing sustainable solutions – for India and for the world.

SABIC in India serves regional customers across the automotive, advanced plastics, packaging, building and construction, and the agriculture industry.

ABOUT SABIC

SABIC is a global diversified chemicals company, headquartered in Riyadh, Saudi Arabia. It manufactures on a global scale in the Americas, Europe, Middle East and Asia Pacific, making distinctly different kinds of products:  chemicals, commodity and high performance plastics, agri-nutrients and metals.

SABIC supports its customers by identifying and developing opportunities in key end-use applications such as construction, medical devices, packaging, agri-nutrients, electrical and electronics, transportation and clean energy. Production in 2020 was 60.8 million metric tons.

The company has more than 32,000 employees worldwide and operates in around 50 countries. Fostering innovation and a spirit of ingenuity, SABIC has 9,946 global patent filings, and has significant research resources with innovation hubs in five key geographies – USA, Europe, Middle East, South Asia and North Asia.

Ducati Launches The Much-Awaited 2021 Ducati Monster In Indian Market

·         All new Monster and Monster Plus Launched at INR 10.99 Lacs and INR 11.24 Lacs Respectively(Ex-Showroom India)

·         Available in three color options: Ducati Red, Dark Stealth & Aviator Grey

·         Monster Plus comes with an aerodynamic windshield and the rear seat cover as standard fitment

Luxury motorcycle brand Ducati today announced the launch of its all-new Monster range in India, with Monster priced atINR 10.99 Lacs and Monster Plus priced atINR 11.24 Lacs respectively (Ex-Showroom India). The new Monster represents all the essence of Ducati in the lightest, most compact and essential form possible. The recipe is the same like it was in 1993: a sporty engine, that is perfect for road use, combined with a Superbike-derived frame.

The concept of the new Monster is similar to what the unforgettable Monster 900 was, the first, true sports naked, but reimagined from ground up. The result is a bike with an advanced and easy chassis, capable of immediately establishing the perfect feeling with the rider. The riding position is less loaded on the wrists and the engine offers an excellent balance between power, torque and ease of handling.

To create the new Monster, the engineers and designers started from scratch, but with a clear idea of the key points of the new bike. Lean and agile, the bike incorporates the DNA of each Monster that make it immediately recognizable: fuel tank shaped like a “bison back”, “shoulder-embedded” round headlight, clean tail and engine at the center of the scene.

Mr. Bipul Chandra, Managing Director, Ducati India said, “The new Monster is a true star for everyone at Borgo Panigale. A brand namethat has marked the history of Ducati like few others, by becoming our best-selling model ever as Ducati has sold more than 350,000 motorcycles since the Monster was first introduced in 1993. The new Monster is a completely new bike, designed to be more sporty, light, and easy to ride, to make it accessible to new riders as well as to ones that are more experienced. Globally, we have had a terrific response for the new Monster and I am confident that it will be a hit amongst the riding community in Indiaas it perfectly suits our riding conditions as a naked, light Ducati that is just fun!”

Sporty, and fun.

The new Monster gets a new engine, aTestastretta 11°, 937 cc L- twin, with Desmodromic distribution and BS6 homologation. Compared to the previous 821, the new engine increases in displacement, power, torque and decreases in weight (-2.4 kg) to contribute to the lightness of the bike and offers a vastly better riding experience. It now churns 111 hp at 9,250 rpm with maximum torque of 93nm delivered at just 6,500 rpm, proving to be efficient and reactive in throttle response. Thanks to the increased displacement, the torque improves at all revs, particularly in the medium-low range, most used on the road and between corners. This guarantees thrilling performance as well as riding ease and pleasure, also supported by the new gearbox and the Ducati Quick Shift Up / down fitted as standard.

Light.

To ensure maximum fun, we paid great attention to weight reduction in the creation of the new Monster. Chassis, accessory elements and structures were redesigned from the ground up to create a compact and lightweight bike, perfect for everyday use as well as for sports use.

The aluminium Front Frame replicates the same concept found on the Panigale V4. It is short and attached directly to engine heads. With a weight of only 3 kg, this frame is 4.5 kg lighter (60% less) than the previous trellis, helping to reduce the dry weight of the bike to just 166 kg.

Each component is redesigned and lightened; the rims lose 1.7 kg and the swingarm weight is less by 1.6 kg. The rear sub frame decreases by 1.9 kg, thanks to the GFRP (Glass Fibre Reinforced Polymer) technology, that has allowed the optimization of shapes and surfaces to the benefit of lightness and dimensional compactness. The total weight saving is an impressive 18 kg compared to the Monster 821.

Easy, in any situation.

The height of the seat from the ground is 820 mm. This, combined with the narrow sides of the bike, allows the rider to put his/her feet on the ground easily. A seat is available as an accessory that reduces the seat height to 800 mm, while still maintaining good padding. In addition to the low seat, a suspension kit is available as an accessory, which further lowers the bike by reducing the seat height to 775 mm.

To ensure maximum maneuverability at low speeds and facilitate maneuvering from a standstill, the steering angle has increased to 36° (+7° compared to the 821). The handlebar isnow closer to the rider's torso by about 7 cm to have an upright riding position that guarantees greater comfort and control. The position of the feet has also changed, and all this translates into greater riding ease, even in city traffic.

Technological.

The standard equipment includes ABS Cornering, Traction Control and Wheelie Control, all adjustable to different levels of intervention. The sporty character of the bike is denotedvia the Launch Control, which ensures lightning-fast starts. This electronic equipment also allows in expressing the performance of the bike with a high level of active safety.

The new Monster is equipped with three Riding Modes (Sport, Urban, Touring) that allow to shape the character of the bike according to different riding preferences and needs. Everything is managed via the handlebar controls and the bike now features a new 4.3" colour TFT dashboard featuring racing graphics inspired by the Panigale V4, with a large rev counter that shows the gear position as well.

Symbol of customization.

To allow each Monsterista to make their bike stand out from the crowd, Ducati has created sticker kits that enhance the shapes of the Monster and celebrate Ducati's sportiness. For those wishing to accentuate the style of their Monster in an even more decisive way, cover kits will also be available. As with all Ducati motorcycles, a wide range of Ducati Performance accessories are also available, such as the double Termignoni approved silencer with carbon fiber end caps. All the customization options are available in the website section dedicated to the online configurator on Ducati.com.

The new Monster is available in Ducati Red and Dark Stealth with black wheelsandAviator Grey with GP Red wheels. For those who want the bike with an even sportier image, a Plus version is available in the same colors, whichcomes with an aerodynamic windshield and the rear seat cover as standard fitment.

All the prices shared below are Ex-Showroom India:

›          Monster Red with Black Wheels: INR 10, 99,000

›          Monster Dark Stealth with Black Wheels: INR 11, 09,000

›          Monster Aviator Grey with GP Red Wheels: INR 11, 09,000

›          Monster Plus Red with Black Wheels: INR 11, 24,000

›          Monster Plus Dark Stealth with Black Wheels: INR 11, 34,000

›          Monster Plus Aviator Grey with GP Red Wheels: INR 11, 34,000

Bookings are now open across all Ducati dealerships in Delhi – NCR, Mumbai, Pune, Ahmedabad, Hyderabad, Bengaluru, Kochi, Kolkata & Chennai and deliveries will begin immediately.

MechaniK TV Partners With ASDC To Produce India’s First Purely Online BS6 Training Courses In Hindi For Mechanics

MechaniK TV, a skill-tech initiative for automotive technicians launched by T7E Aftermarket Connect Pvt Ltd, has entered into a strategic partnership with Automotive Skills Development Council (ASDC) today. The alliance will launch India’s first purely online advanced BS6 two-wheeler training in Hindi, expected to go live on 1st November 2021.

The collaboration originates from the need to provide a massive push for skills upgrade to mechanics in the independent aftermarket. This partnership will help both parties to develop high-quality training and certification programs in regional languages and make them available to large numbers of mechanics on their smartphones through the MechaniK TV android application.

Speaking about the partnership, Mr Rajeev Radhakrishnan, Co- Founder, MechaniK TV said,”MechaniK TV, through its carefully curated technical content, has already enabled 1000s of two-wheeler mechanics across the country to be able to service BS6 bikes without any formal training. The partnership with ASDC will enable us to bring structure and credibility to the training. We hope to reach 10,000 two-wheeler mechanics over the next 12 months, with the new course. Over time, we hope to produce more such high-quality training content for our audience with the help of ASDC”.

Speaking about the association, Mr. Arindam Lahiri, CEO ASDC said “We are thrilled to partner with MechaniK TV. With this partnership, we aim to close the skills and employability gap among the roadside mechanics. These m-learning courses will help them in diagnosing and fixing problems of vehicle system and components. This will upskill them on new technology and emission systems to better serve their customer base. At ASDC, we look forward to providing solutions to enhance the range of technical skills for the mechanics with the help of MechaniK TV. I am confident that ASDC will have a long and fruitful association with MechaniK TV.” 

Initially, the MechaniK TV-ASDC partnership will revolve around developing content for vehicles powered by hydro-carbon fuels. Over time, the partnership is also expected to produce certification programs that will enable mechanics in the independent aftermarket to be able to service electric vehicles and their eco-system as well.

MechaniK TV is India’s largest independent skill-tech platform for automotive mechanics and provides video-based technical training in Hindi for servicing modern two-wheelers & cars. Launched in April 2020, the application has been downloaded by close to 50,000 mechanics across India.

ASDC is India’s sector skills council for the auto industry, promoted by the top industry associations SIAM, ACMA, and FADA, along with the Government of India and the National Skill Development Corporation (NSDC). ASDC envisions making India self-sufficient in order to sustain the growth and competitiveness of the automotive industry.

90+ My Tuition App Signs Batsman Rishabh Pant As Its National Brand Ambassador

* Launches the CBSE syllabus on the 90+ My Tuition App

Edtech start-up 90+ My Tuition App, announced that it has signed Indian wicket-keeper batsman Rishabh Pant as its national brand ambassador. This association will build a strong brand resonance and top-of-the-mind recall for the start-up among its potential customers – students and parents. In continuance of his association with 90+, the textbook – oriented digital tuition app, Rishabh launched the CBSE syllabus all over India.

The partnership comes at an opportune time when the start-up is in a business expansion mode across key cities in India. Recently, the start-up has secured USD 5 million investment in a Series A round for market expansion, brand building, and new product development.

“We are thrilled to have Rishabh Pant on board. He is the rising star of cricket and personifies grit, determination, and hard work, qualities that we would like to inculcate in all the students using our app. Our association with Rishabh would enhance our brand’s awareness among millions of school-going young cricketers and our potential customers across the country. As cricket unites India, our CBSE syllabus launched by Rishabh will provide a unifying experience to the students on our App”, said Co-founder and CEO of 90+ My Tuition App, Smijay Gokuldasan.

“I look forward to my journey with 90+ My Tuition App. I love the products they have come up with for school students. I wish I had an app like 90+ My Tuition App during my school days. It would have made studying math and science so much more fun. With the launch of the CBSE syllabus, the learning curve of the students on the App will be further enriched”, said Rishabh Pant. 

90+ My Tuition app provides digital tuition to 8th-12th standard students of CBSE and State education boards. Learners get to learn concepts of Math and Science using animated content and can assess their learnings through self-verifiable evaluation tests available on the app. The app also helps parents track the progress of their child using the ‘Parents Corner’ feature available on the app. Students can download videos and play later without the use of the internet.

About 90+ My Tuition App

90+ My Tuition App is India’s best-in-class Tuition App helping students to achieve exceptional grades through digital visualization in an affordable way. With the start of lean operations in 2018 and the launch of classes in May 2020, the App has touched the lives of more than 4.5 lakh students within a year. 

With the vision of “Educating India Affordably”, 90+ My Tuition App provides the most simple and accessible content pedagogy for state boards and NCERT curriculum for the 5th to 12th division. 

With an 86% program completion rate, robust tech platform, outcome-based learning approach, state board, and NCERT curriculum, a testament of students with exceptional grades, strong mentorship, 90+ My Tuition App has established its position as a substitute for physical tuitions in the Indian education system. 90+ has recently launched its second premium product 90+ Top Rank for students aspiring for competitive examinations. Its first initiative is coaching for PSC aspiring students in Kerala. The upcoming modules will be for training SSC and Railway aspirants. Learn more on: https://mytuitionapp.com/

Snap launches A First Of Its Kind Sports Reality Show 100% With Shayamal

* Featuring leading sports scientist Shayamal Vallabhjee in his first-ever show 

* The show premiers every Saturday beginning September 25th exclusively on Snapchat Discover

* Link to the trailer: https://youtu.be/pL8I4lUsKIU

Snap Inc. today announced the launch of ‘100% with Shayamal,’- a first of its kind sports reality show featuring the world's leading sports scientist - Shayamal Vallabhjee.

Known to work with top athletes to help enhance their sporting technique and vigilance, Shayamal in this series will throw insight on how he literally puts ‘science into play while working with professionals from all over the world. Shayamal’s approach to storytelling combines two decades of locker-room learning, anecdotes & strategies to show athletes how champions handle that “Defining Moment”. Premiering on Saturday, 25th September exclusively on Snapchat, the show promises to cultivate excellence in our sporting lives!

In every episode of the show, Shayamal unlocks the potential of a young Badminton player, Pooja Devlekar, and helps her through holistic techniques that facilitate more body awareness and enhances her performance in ways she never imagined possible. That is why Shayamal is known as a Best-in-Class Coach!

As the show progresses, he points out the smallest details that are impossible for the regular human eye to catch and notice. The series showcases the transformation of Pooja, an Olympic hopeful who undergoes this physical and mental training while working alongside Shayamal to develop a better grip on the game. 

A new episode will be aired every Saturday exclusively on Snapchat Discover. 

Commenting on the launch, Shayamal Vallabhjee, India’s celebrated sports scientist and psychologist said, “It’s a great opportunity to join hands with Snap and share my experience with the future of India that a healthy, sharp mind is crucial in every endeavour. I have worked extensively to bring the world of science and sports together. My show with Snap will capture my journey with a young badminton player as I help her gain a complete sight of her strengths and weaknesses. Additionally, the vertical video format has seamlessly captured her movements entirely which are difficult to capture on camera otherwise.”

Amanda Krentzaman, Head of International Originals- Snap, adds on, “We have always believed in the importance of investing in local content and in empowering local production partners’,” said Krentzman “Shayamal is a world-class coach, and we are thrilled to support him and Pooja’s journey as she works with Shayamal to reach her Olympic dreams. Science in sports is on the cutting edge of modern training and this series is a window into Shayamal’s inspirational and thought-provoking techniques. After the success of our first two creator shows, we can't wait for Snapchatters to tune in for this innovative fitness-based series.”

Snap’s Creator Shows are first-person, personality-driven shows made exclusively for Snapchat. Available only on Snapchat’s Discover, all Shows on Snap are vertical, full screen and created to reflect and celebrate the diverse voices, experiences and passions of the global community of Snapchatters. Like all Shows on Snapchat, episodes average three to five minutes in length, are full-screen vertical and paced for mobile. Each series is authentic to the creator’s passion and is available to more than 70 million viewers in India who have watched Snapchat Shows in the last year. In June this year, Snap launched 2 Creator Shows, ‘What's on My Plate?' with Anushka Sen and Vir Das' The Most Epic Max Show’.

NTT Global Customer Experience Benchmarking Report 2021

* Customer experience (CX) technology sets a new baseline but still struggles to satisfy many, finds NTT’s latest CX research

·       Percentage of organizations with board-level CX accountability more than doubles (more than doubles) in 12 months

·       38% (of consumers say that CX systems improved during the pandemic – but 52% experience CX failures due to limited technology

·       The share of CX workloads handled via automation is expected to rise from 32% (31%) now to 51% (51%) in twelve months’ time

NTT Ltd. today releases the 2021 edition of the Global Customer Experience Benchmarking Report (GCXBR), its highly influential annual survey assessing the global state of play for CX. Now in its 24th year, the latest GCXBR arrives at an important juncture to help organizations calibrate their rapid adoption of CX technology, revealing a significant gap in perceptions between organizations and consumers.

This year, NTT interviewed 1,359 (496) professionals across 34 global markets and 14 different sectors. For the first time, the research also included a voice of the customer (VoC) survey, supplementing evidence from professionals with opinion from a consumer panel of 1,402 respondents.

Resounding positive signs for CX

In the context of a disrupted CX environment, responsibility for CX has been elevated to a significantly more senior level and confidence in CX has followed suit:

·       75% (77%) of organizations now have ultimate accountability for CX held at the board level, up from 35% (34%) in 2020

·       The rate of organizations with ‘well advanced’ or ‘complete’ CX strategies has more than doubled to 71% (71%), up from 28% (29%) in 2020

·       The rate of organizations reporting being ‘very satisfied’ with their CX has risen to 45% (46%), up from 10% (12%) in 2020

Organizations now expect that the majority of CX will be automated in twelve months’ time, with workloads handled by AI and robotics rising to 51% (51%) from 32% (31%) today, and over a fifth (almost a quarter) of interviewees reported that their use of AI or robotics is delivering beyond expectations.

Keeping track of consumer perception

The positive outlook from the industry was only partially echoed by the new VoC survey, however. Encouragingly, 87% are happy to continue using digital channels at the increased levels triggered by the pandemic, while 38% said that the quality of automated CX systems had improved over the course of the pandemic.

In other areas, the research found warning signs about the amount of progress yet to be made to fully meet consumer expectations:

·       52% of consumers report digital channels failing them due to limited capabilities or services

·       44% experience failures due to digital channels misunderstanding their queries

·       Just 35% say they are ‘very satisfied’ with automated CX solutions

With forecasts for next year showing high rates of organizations expecting to have implemented voice-activated AI assistants (52%) (52%), robotic process automation (48%) (48%), web-based AI assistants (45%) (44%), and other new technologies, these developments hold a lot of potential for businesses to differentiate themselves by more effectively solving customers’ challenges.

“The addition of VoC data this year has shone a spotlight on a really interesting situation,” comments Rob Allman, Vice President, Customer Experience, NTT Ltd. “It’s allowed us to spot a – potentially growing – disparity between how businesses assess their own performance and how consumers perceive CX. The fruition of new technology in the CX space is exciting, but the ultimate focus always needs to be on people.”

The need for the human touch

When asked about human-led support, 94% (93%) of CX decision-makers agreed that it remains critical – but less than half (49%) agreed that they have the technology in place to fully support remote CX employees. Meanwhile, 38% in the VoC panel stated that their biggest reason for avoiding digital channels is that they would rather speak to a human.

“Of course, technology has always augmented human capabilities”, concludes Allman. “This year, the key message of the CXBR is to empower customers and employees through the use of data and AI-driven technology. People need to be at the center of any CX strategy, with technology in the service of superior customer and employee experiences that create value.”

Further details of the research, together with an in-depth analysis and recommendations for industry, can be found in the 2021 Global Customer Experience Benchmarking Report.

About NTT Ltd.

NTT Ltd. is a leading global technology services company. Working with organizations around the world, we achieve business outcomes through intelligent technology solutions. For us, intelligent means data driven, connected, digital and secure. Our global assets and integrated ICT stack capabilities provide unique offerings in cloud-enabling networking, hybrid cloud, data centers, digital transformation, client experience, workplace and cybersecurity. As a global ICT provider, we employ more than 40,000 people in a diverse and dynamic workplace that spans 57 countries, trading in 73 countries and delivering services in over 200 countries and regions. Together we enable the connected future.