EXI on Desk

The EXI for Financial Services – First Results

The EXI is here! We launched the 'Employee Experience Index' for the financial services industry together with an incredible line-up of senior HR executives. The group concluded that the EXI will be a currency for the experience industry we live in and a tool to integrate all the EX efforts of their companies.

People are a critical success factor in driving the finance tech transformation within the financial services (FS) industry today, engaging critical talent to build a more agile organization is therefore essential to competing and fostering innovation in the new world of FS. Managing employee experience (EX) is the most actionable way to retain, attract and drive work productivity during the biggest talent shifts ever faced by this industry. As one CEO of a global FS company puts it: “In 10 years, probably less, we will have substantially fewer employees, and the ones we do have will be significantly different from what we have now.” This is the context in which fifteen of the world’s largest and most innovative financial services institutions met in Amsterdam on October 17th, 2019. They responded to an invitation from INGs CHRO Hein Knaapen to discuss the ‘Employee Experience Index’ (EXI©) and its potential to for becoming the industry standard benchmark, improving the employee experience to generate proven business value. As a global EX thought leader, TI People, has been asked to manage this initiative.  The meeting was kept small to stimulate thoughtful discussions on the topic, with Heads of HR representing the following organizations in attendance:

  • ABN Amro
  • Allianz
  • Barclays
  • BCP (Commercial Bank of Peru)
  • Deutsche Bank
  • Discover Financial Services
  • HSBC
  • ING Bank
  • KBC Bank
  • Lloyds Banking Group
  • Rabobank
  • Royal Bank of Scotland
  • Standard Chartered
  • Unicredit
  • WiZink

During the day we discussed the EXI© FS promise with this dynamic group of companies, which is to deliver:

  • 1. A currency for the experience economy that we live
  • 2. A tool to integrate EX efforts already underway in participating companies

Key results of the charter meetings were:

  • 1. the vision and value proposition for EXI© FS formulated by participants, and
  • 2. a pilot project starting immediately after the meeting in order to validate that value proposition.

Some EXI© FS vision statements

After a half day discussing the EXI© FS, participants expressed their vision for the initiative. Here are a few of these vision statements:

The value proposition of the EXI© FS

The value proposition of the EXI© FS was built from pre-meeting interviews with the CHROs from participating companies, validated by a panel discussion during the charter meeting. Its aim is to help answer the following four questions:

  • Productivity
    How can I drive productivity beyond engagement?
  • Leadership Behavior
    How can I influence manager behavior to change mindset and culture?
  • Belonging
    How can I create a sense of belonging to attract and retain critical talent?
  • Budget
    How can I minimize negative EX impact from budget cuts and steer my budget towards optimized EX?

The EXI© FS pilot

Following the EXI© FS charter meeting, a 4-months pilot to validate the EXI© FS value proposition is starting in November 2019, including ten companies:

For this pilot, we defined the ‘data model for the EXI©’: both the data model and approach are validated, and company will receive a purpose built roadmap. The roadmap outlines how to scale the pilot to drive EXI© continuously as the “Currency of EX” along with the tool required to integrate EX initiatives and steer investments: The pilot delivers the following to participants:

  • EXI© Report
    Company KPIs & benchmarking, explanation of EXI© KPIs and identification of individual improvement levers
  • Collaborative Learning
    Approval of the EXI© Data Model and measurement approach, validation of the business value correlation, and correlation with improvement levers)
  • Deployment plan
    The best way forward for moving from one-time EXI© to continuous EXI©

A new era: Entering the experience economy

The EXI© FS charter meeting was the biggest industry gathering on employee experience to date. It kicks off a new era for the industry: Entering the experience economy, and managing it with the adequate new currency. Defining priorities of financial services institutions through the employee experience they create. Managing productivity needs of the fintech revolution from the outside in. And driving fast, local change. Exciting times!

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