Hi there,

After a short break last week for Easter, we’re back on track this week with an all-new CXffee (hope you didn’t miss it too much). In the spirit of taking it chill and easy, this week’s newsletter is going to be short and sweet! 

Consider it an espresso shot of fintech CX insights, featuring Wise, represented by Nilan Peiris, Chief Product Officer, at our Customer Intelligence Summit a couple of weeks ago.

🚨 Welcome to the eighth Morning CXffee. ☕ We share with you exclusive scoops on

• What brands are doing right (and wrong) in customer experience 💡

• Important CX updates: simplified ☘️

• Job openings and networking opportunities across the industry 💼

Whether you’re a CX professional or someone with a budding interest, there’s something in this email to give you the caffeine boost you need.

Go make yourself a coffee, give it a read, and let me know what you think! ☕

Wise processes 10 billion pounds a month.

That’s 4% of the world’s money.

And they’re growing at a rate of 50% every year, having been profitable for the past 4 years.

How have they done it? Let’s find out…

❓How does CX play a hand in Wise’s success?

“If all we do is stay alive and answer the phone it’s not enough.” Nilan Peiris, Chief Product Officer at Wise, says. Great CX, from an operational perspective, is key to innovation and growth. 

Wise uses NPS as their north star customer experience metric. Last month, Wise onboarded a million new customers. Of those, 700k found Wise through a friend, that’s a whopping 70%.

That’s no accident. 

In its early days, Wise took an approach to systemise word-of-mouth recommendations and specifically strategised to grow through that ultimate low-cost distribution channel.

❓ How does NPS correlate to customer recommendations?

Wise subsequently observed a powerful correlation between NPS and customer recommendations and frequently asked customers NPS questions that the entire company would have to read.

Across an increase in NPS from 5/10 to 6/10 to 7/10 and so on, the recommendation rate doubled exponentially.

❓ What does Wise do when NPS is low?

The source of the issue is cycled back to the product team and incorporated in the following quarter's plan and published roadmaps.

❓ How does Wise align its leadership team around CX?

“Internally, it’s easy! Externally, it’s harder.”

At its core, Wise is a customer-centric organisation. To prove the value of CX, it’s important to focus on other metrics as well, such as a reduction in cost-per-contact due to word of mouth.

❓ What is the biggest challenge that Wise faces?

“Staying compliant at scale – most fintech operate in only one market as keeping one regulator happy is hard work. Wise has licenses in over 50.” 

❓ How do CX insights help Wise to continue to grow?

"Investing in NPS is an investment in growth," Nilan says.

Wise makes their product faster, cheaper, and easier to use every quarter to improve the customer experience to the best possible standard.

CX is clearly the future for fintech businesses that want to stand out from the crowd.

Hope you enjoyed that snapshot of the post-summit insights to come! Plenty more where that came from, coming soon to a mailing list near you.

See you next week!

Arron 

Content Lead @ Chattermill

Chattermill is a vital tool to get a complete, comprehensive, and holistic view of your customers by unifying all your data sources. Track data and stay on top of trends with us to deliver experiences that not only delight your customers today but will continue to do so in the future.