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/
One of today biggest challenge's in business is effectively deepening connection with and identifying better ways to serve customers while also anticipating their needs. Missing such a mark can often mean losing market share that can be next to impossible to regain. However, getting the equation right can be transformative to a brand. Indeed noted management consulting firm McKinsey & Company noted in a recent insight piece that brands that can improve the customer journey see revenues increase as much as 10-to-15 percent while also lowering the cost to serve 15-to-20 percent. How? New trends leveraging technology are making such achievements possible. In fact, McKinsey says "customer care is actually on the cusp of a technology explosion that will greatly enhance frontline capabilities."
https://www.forbes.com/sites/laurencoleman/2019/03/07/how-tech-is-powerfully-transforming-new-trends-in-customer-connection/
I’ve talked with many CX practitioners who agree that we sometimes flip the age-old saying: We don’t see the trees for the forest.
By that I mean how easy it is to become so focused on the big-picture organizational aspects of CX work—changing processes, building new programs, studying company metrics on customer satisfaction—that we overlook or take for granted the one-on-one aspects of CX. The challenge increases the more a CX program grows and the more we involve the entire organization in our work.
Are our employees communicating appropriately with customers? Do they have skills for turning around an unhappy customer? Do they listen—really listen—to what our customers have to say?
https://customerthink.com/one-on-one-cx-5-tips-to-ensure-first-responders-are-great-with-customers/
Rapid technological advances have created opportunities for smaller companies to serve customers around the world and effectively compete with larger companies for new customers. These smaller companies are rapidly going global, deploying a variety of technology-enabled solutions such as automated call centers, customer service bots, and digital marketing intelligence.
But these advances, designed to facilitate customer interaction and service in new ways, can present a danger. Companies that embrace the various forms of new customer-focused technology risk losing a personal connection with their customers and a nuanced understanding of their needs. When it comes to understanding how your company can better serve customers, email surveys are no substitute for real human contact.
https://www.allbusiness.com/build-5-star-customer-experience-artificial-intelligence-120315-1.html/
The coming year promises to be an exciting one in the world of artificial intelligence.
AI ToolsAI-driven technology is developing exponentially, enabling brands to get consumer feedback on a massive scale, without having to invest a great deal of time and money on the research. While it may be difficult for marketers to keep up with AI’s speedy evolution, it’s also vital. No brand wants to be left behind as competitors use technology to gain a deeper understanding of their stakeholders. It’s important for marketers to understand how to leverage new technology that uses AI to gather honest, meaningful, actionable consumer insights.
https://www.chiefmarketer.com/new-ai-tools-for-better-engagement/
Businesses begin and end with customers, so your pool of customer data should not be ignored. Technology makes it easier to do business, with startups able to establish a lean and effective business model thanks to the volume of handy and affordable tools at their fingertips. But as your business grows, employs staff, and establishes multiple departments, the number of technologies and level of functionality required increases in size and complexity. This can leave many startups staring down the barrel of customer data with little time or knowledge of what to do you with it.
Here are some tips to help you make use of the data you’ve collected to level-up the insights you have into the people that matter most – your customers.
https://www.smartcompany.com.au/partner-content/articles/four-simple-steps-nail-your-customer-feedback-process/
Traditional CRM is typically transactional; social CRM is behavioral. Traditional CRM is company-centric and focused on sales; social CRM is truly customer-centric. Traditional CRM is about implementing the technology; social CRM is focused on applying the strategy.
Traditional CRM architecture is typically designed to manage these four primary areas.
https://www.destinationcrm.com/Articles/ReadArticle.aspx?ArticleID=129216/
Cynical consumers often seem to perceive travel insurers as cumbersome entities that are slow to handle claims, difficult to communicate with and reluctant to settle. A common complaint is that exclusions are often buried in small print or couched in language that is hard for the customer to understand. For insurers, finding ways to meet customer expectations – and ensuring that those expectations are realistic – has become a key issue. Digital technology enables consumers to shop around for their policies, meaning that companies that fail to meet their demands will lose out. Digital technology in the insurtech age is an ever more useful tool, offering swift online handling of claims and settlements and, for insurers who embrace it, a closer and mutually beneficial means of communicating with their insureds. “Over the last few years, there have been some incredible initiatives among travel insurers and their supporting third-party administrators to improve the customer experience and embrace the growth of app, mobile, and online journeys in the education, sales and servicing of policyholders and claimants alike,” said Carl Carter, Managing Director of Voyager Insurance.
https://www.itij.com/feature/meeting-customer-expectations/
It seems like every company out there these days is focused on improving the customer experience. In today’s world where experiences are compared across industries, it is truly one of the only ways to remain relevant with audiences.
For this reason, 72% of companies have made CX innovations their top priority and 63% have pursued technological investments to make it happen.
https://www.brandwatch.com/blog/improve-customer-feedback/
Marketing has traditionally focused on creating awareness of brands and enticing the target market to select their brand over the competition. IT, on the other hand, focused on improving business efficiencies by providing the technologies that meet the company’s needs.
But the business environment in which we work today has evolved, and customer experience, which is becoming central to the success of every organisation, requires marketing and technology to work together.
https://themediaonline.co.za/2018/10/customer-experience-the-marriage-of-marketing-and-technology/
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