Customer centricity is misunderstood. A change in retail has already occurred: technology users and their need for immediacy have severed the middle ground. Retail in the middle, grounded in mediocrity is doomed. The unifying force, no matter what way you shop, demands a customer-focused experience.
https://www.retaildive.com/news/customer-centricity-is-misunderstood/524103/
We have the technology to listen to customers, but we're still not getting customer experience right. According to the State of Customer Experience 2017 report from business process services company Conduent, brands fail to provide 80 percent of customers with first-step resolutions. Further, 75 percent don’t provide enough support to encourage successful self-help.
https://www.cmswire.com/customer-experience/10-common-voice-of-the-customer-mistakes/
According to a survey by Statista, nearly 2.62 billion people have active social media accounts worldwide today. The high tech industry has long understood that targeted ads and social media campaigns are powerful tools for driving brand awareness and sales. However, despite the fact that social media drives more traffic to a website than organic search, conversion rates are still extremely low. In fact, according to AdWeek, social media traffic has an average conversion rate of 0.71 percent, with organic search converting at 1.95 percent and email at 3.19 percent.
Some high tech companies are very successful in creating communities and developing a strong following on their social media accounts and this is definitely the first step to increasing conversion. But how do you use these communities to build customer loyalty, provide a better customer experience and increase sales conversion rates?
https://www.itproportal.com/features/3-ways-technology-brands-can-leverage-live-engagement-on-social-media/
Customer experience. I am sure you’ve discussed improving your CX at least once this year—and if you haven’t you probably should. The truth is, 2018 is the year of the customer experience and customer satisfaction. Why? According to Salesforce, 75 percent of consumers expect a consistent experience wherever they engage and 87 percent of consumers think brands need to do more to provide a seamless experience.
https://www.forbes.com/sites/danielnewman/2018/04/25/4-technologies-driving-the-future-of-customer-experience/#5e88404d3089/
2017 was a record year for hacks of personal customer details. These breaches give fraudsters access to our identities including the answers to those annoying security questions. One thing the fraudsters can’t do much with? Voice data. And that is why banks and telcos are increasingly replacing security questions with biometrics.
https://customerthink.com/2018-5-ways-ai-will-make-you-love-customer-service-in-2018/
The ability of customers to influence smart and connected product conceptualization is growing. It will be critical that OEMs reorient their products, services, internal processes and workforce to deliver desired customer outcomes.
https://www.automationworld.com/article/topics/industrial-internet-things/amplifying-customers-role-digital-machine-technologies/
When you’re truly in sync with your customers, it shows. Communications are personalized and thoughtful. Customer support is frictionless. New products are consistently well received. And customers are happy to send new business your way.
But that kind of synchronicity is pretty rare. Despite all the customer data and technology at our disposal, most companies don’t know their customers as well as they think they do. As a result, they overlook the pain points damaging the customer experience. When left unattended, that gap can quickly grow into a chasm.
https://www.business2community.com/customer-experience/are-you-tuning-out-the-customers-voice-02092561/
By using event detection to listen to patterns in data, and then applying Artificial Intelligence, your business can now sense these moments of needs as they are happening
Customer experience or ‘CX’ as it is popularly referred to is one of the most important verticals that businesses need to address in order to thrive. And tanks to artificial intelligence and data, CX can be achieved via the use of these technologies in an improved and efficient manner. From artificial intelligence to IoT, Don Schuerman, CTO and VP Product Marketing, Pegasystems, states 7 ways in which technology will aid customer engagement.
https://www.dqindia.com/artificial-intelligence-technology-improved-customer-engagement-cx-2019/
As creatures of habit, established customers will come back to your business unless you give them a reason not to. 92% of consumers will stay loyal and increase their business with a company when their queries are handled quickly and effectively. However, bad communication and poor customer experience is overwhelmingly (81%) the cause of clients taking their business elsewhere. With over 60% of companies citing customer experience (CX) as the best tactic for increasing customer lifetime value and loyalty, seamless communication is the key to addressing clients’ needs.
https://www.uctoday.com/news/blog/bad-customer-experience-a-good-reason-to-jump-ship/
The finance industry has been undergoing quite a few changes over the last few years. Financial institutions that were once very traditional are now looking to adopt best practices used by more agile and flexible FinTech organisations. These practices that will not only enable these organisations to adapt to a fast-changing and increasingly tech-driven industry ecosystem, but also meet the rising expectations of their research-savvy and technologically inclined customer base.
In this article, we will analyse the current state of the financial industry as well as summarise 5 best practices for Financial Companies entering into the ‘Digital Age’ .
https://mopinion.com/best-practices-for-financial-companies-entering-the-digital-age/
