Customer Experience Excellence 2023-24

Customers play a pivotal role for businesses, serving as the beating heart that shapes their values and guides their strategies. In the dynamic business landscape, the challenges of navigating the customer journey and meeting ever-increasing consumer expectations compel businesses to seek innovative solutions, including utilizing emerging technologies such as generative artificial intelligence (GenAI). As a leading contender in the market, its seamless integration into business operations ushers in a transformative approach, significantly improving the overall customer experience.

Drawing valuable lessons from the pandemic, organizations in Malaysia are well on their way to leveraging GenAI’s potential. From optimizing online shopping experiences to omnichannel integration, organizations are using AI to orchestrate customer experiences. With safeguards put into place for AI risks, leading organizations remain attuned to the current macroeconomic environment marked by inflation and rising costs for essential goods and services. 

As organizations progressively integrate AI, it is not the only solution. Organizations would have to rethink a comprehensive approach that goes beyond technology. In KPMG’s Customer Experience Excellence 2023-24 report, the insights reveal a global decline in customer satisfaction. This decline is due to brands failing to meet customer expectations, with technology playing a significant role. More importantly, the technology that businesses employ inadvertently directs customers towards cost-effective yet unsatisfactory channels, contributing to the overall decline in customer satisfaction. With a global survey of more than 81,000 consumers across 21 countries, including Malaysia, the report explores the strategies employed by top-performing brands to implement their best practices in delivering exceptional customer experiences. Although AI accelerates innovation, organizations must view customer experience as a two-way street, identifying and valuing the human touchpoints. By striking the right balance between AI and the human touch, organizations can cultivate authentic customer relationships and fortify organizational growth for the future.