7, November 2017
Ever since brands have existed to provide products and services to customers, there has been a constant quest to raise the bar on Customer Experience (CX). Achieving superior CX at a lower cost is the single most impactful lever to capture market share, enhance revenue and profitability of any enterprise.
As customer expectations continue to evolve, information-led innovation such as Process Automation, Interaction Analytics and Customer Journey Analytics have taken quantum leaps to ensure a future-proofed service ecosystem. Clearly, the fast-paced growth of the information age and its capacity to deliver superior CX has been established. Leveraging technology to improve customer engagement and customer lifetime value has become a norm rather than an overcautious chess move.
With the market share for Process Automation expected to be $4.98 billion globally by 2020 (Global Industry Analysis & Forecast) and 50% of top companies planning to or are actively pursuing AI-driven automation pilots (Everest Group), the future of customer experience certainly seems to be automated by smart robots.
– Single screen access to disparate systems and applications
– Empowered smart agents with higher quality and risk mitigation
– Error free processing and information accuracy
– Customizable audit options with relevant insights for continuous process optimisation
Many of the leading brands across domains such as Banking and Financial Services and Insurance (BFSI), Telecom and Retail are turning to automation and analytics products to solve real business problems.
A few years ago, major investments in the realm of operational and omnichannel analytics were still in the experimental stage. Evidence was just starting to build. However, as the market stands today – the proof is loud and clear. And it comes from a wide range of industries with a variety of established business outcomes.
The BFSI industry, in particular, has seen tremendous improvement in its overall CX strategies. Large players have seen sustainable outcomes, through harnessing the power of deep-dive analytics. It gives enterprises the ability to understand customer actions and emotions across every banking touch-point. They can now ensure a more satisfying experience for customers by:
a) Preventing churn
b) Creating upsell opportunities
c) Improving agent performance
d) Resulting in better operational compliance
Banks are also relying on Journey Analytics to provide 360-degree customer engagement. There are several paths that a single customer can embark upon while moving between different channels over a period of time. It is therefore crucial to decipher which paths add momentum to enterprise growth and customer loyalty. Some of its benefits include:
1) Discovering reasons for low CSAT & NPS; driving them up
2) Understanding single and multi-channel behavior
3) Increasing channel retention
4) Reducing customer service cost
Successful adoption of these evolving technologies will significantly enhance performance. Automation has the potential to raise throughput, improve predictions, accuracy, outcomes, and optimization. Analytics, on the other hand, makes decision making easy with actionable insights and engagements with the customers. Today analytics and automation are generating real value. For example:
a) A financial institution achieved 100% FTE reduction with 0% error rate for its credit waiver process
b) A telco enhanced its market presence as they were the first enterprise in their local region to implement a cognitive AI agent
c) An insurance company increased its retention rate by 35% by reducing customer effort score leveraging customer journey analytics
d) A mortgage company leveraged process automation and reduced the onboarding time from 14 days to 2 days
The future of CX technology is already there. It just needs the strategic vision and the tactical execution capabilities to achieve the aspiration of raising the bar for superior CX.