Get Smart on Sharing Customer Experience(s)
One of NGDATA’s APAC offices is situated in Singapore, soon to be the World Economic Forum host. We’re excited about welcoming world leaders to discuss the global economy, and it prompted me to think about how working more remotely has renewed the focus we have and the need to keep the conversation going across seas and sectors.
We always approach our solutions for clients with a local thought-process and a global approach, or think global, act local. Therefore, team knowledge-sharing and collaboration is a really important part of our company’s culture.
In fact, in a recent webinar, I caught up with my Dutch colleague, Ruud Schuijt, in which we exchanged our views on banking in APAC and telecoms in EMEA.
There are more similarities between telecommunications and banking than one may initially think. The common link is that customer knowledge is king!
Whether it’s streamlining the process of ‘Know Your Customer’ (aka KYC) or offering complementary services based on media consumption, the solution is a better customer experience by using customer information to make their lives easier – saving them time and ensuring they receive only the most relevant offers and communications.
There are many stages of the customer journey that can be improved for customers and these can ultimately have a commercial gain for companies. These experience efficiencies include harnessing the power of data insights to appeal to and acquire new customers, onboard them in the most seamless way, increase share of wallet with relevant products and services, and reduce attrition to existing and emerging competitors. Here are some use cases that make sense in banking, telecoms, and beyond.
Customer Experience Enablers
The cost per acquisition (CPA) of customers to businesses is an important KPI and developing an ROI model that makes sense means getting smarter about how well you can project your customer lifetime value (CLTV).
A smarter approach to doing this is to have a strong Customer DNA that enables you to calculate this information across various audiences. Then you can leverage these profiles to provide you with rich targeting data, which means you can apply precision targeting that could reduce your marketing spend significantly.
All Bases Covered Onboarding
‘You only get one chance to make a good impression’ certainly applies because if you lose a customer’s interest before they are fully on board, then that acquisition effort is a sunk cost.
It’s at this stage that you need to get personal, connect on a one-to-one basis with a welcoming experience that communicates in the customers’ channels of preference. Offering self-service options for those that like to get on with it, but more helpful handholding for those that need it can pay dividends in terms of customer satisfaction and commercial savings. This is the window of opportunity to increase customers’ stickiness to your brand by offering complimentary service at the right time.
Clever Cross Sales
Gaining share of market often means increasing share of wallet. This refers to increasing the average spend or revenue of a customer over their lifetime because the best ROI is intrinsically linked to the best CLTV. Getting the sales through service approach right requires insightful data that creates the next-best-offer for customers as and when they are sales-ready for it. It’s certainly a soft sell to offer the solutions people need and will benefit from, which can be a keep-in-touch message or an explicit offer. If you’re not ready to offer the relevant information in real-time, then these sales could be lining the competition’s pockets.
Relationships via Retention
It’s a no-brainer that retaining good customers is a more cost-effective strategy than acquiring new ones. Really understanding your customer and gaining their trust doesn’t happen overnight. Historic and current data enable you to accurately predict their behavior, but complacency is the route of all attrition. You need your customer data to be working harder to anticipate what your customer wants and needs before they do. Real-time decision-making engines can recommend the next-best-experience and retain customers by maximizing customer satisfaction.
If you’re interested in finding out about some more detailed customer use cases for retail banking, you can learn more here.
Or rewatch the webinar to hear Ruud and I converse about the areas we are passionate about.