Now more than ever banks and insurance companies have realized the need for a personalized approach towards each and every client. This lets them both distinguish themselves among competitors and create meaningful relationships with their clients; thus, maximizing profit opportunities.
A useful tool is the so-called machine learning, through which computer systems are taught to solve problems according to information and experience they have accumulated through solving other tasks. Though machine learning may not seem directly connected to the finance industry, it is, in fact, a powerful tool for business analyses and forecasting. An example of such software already implemented in the finance sector, Next Best Action by VeriPark, helps banks understand their clients better.
Banks must be able to communicate with every client according to his needs and preferences, as well as offer services that would actually be of interest to him. This is where machine learning comes in – thanks to it, the bank representative gets suggestions what to say [to the client], what to offer him that is connected to him, helping the employee to understand the client better.
In the context of cross-selling, instruments like Next Best Action give suggestions for your “next move” in accordance with the concrete client and service that he is looking for. All this is based on a predefined logic, perfected by a vast data model which offers deeper insights on each client. This allows the bank representative to “discuss with the client according to the information he has, to finalize a sale using less paper, with fewer signatures and automated processes from every point of view”, says Çınga.
Contemporary finance institutions realize there is a need to make communication with the client meaningful and based on valuable insights and lead to mutually beneficial relationships between both sides. Software based on the machine learning principle is a powerful tool that makes this easier than ever.
The insights were shared by Onur Çınga, Regional Manager for CEE at VeriPark during the Finance Tech Forum in Sofia Event Center. The event, which took place on the 10th of April and focused on the digital transformation of the sector, gathered more than 200 attendees from the finance industry.
If would like to learn more about how specialized software can benefit your bank`s performance, get in touch with us. We will be happy to provide you with more information on the topic.
This article has been republished from the Intelligent Systems blog with their permission. Want to know more about their solutions? Visit their website to learn more!
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Originally published Jul 7, 2019 5:21:33 PM, updated July 15, 2019
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If you are a customer experience newbie, the world must seem overwhelming to you.
Learning customer experience from scratch is tough, but following the advice of experts who have successfully done it can really cut down on your learning time.
There are far too many CX blogs, podcasts, and other resources to follow. You can tap into the expert’s advice without ever leaving your house.
The sheer volume of the available content out there makes finding legitimate resources a challenge in itself.
In this blog post, we’re taking a look at the top 10 customer experience influencers.
Twitter: @BlakeMichelleM
Blake is the customer experience futurist and one of the most passionate CX advocates.
Her vision of how high-tech solutions impact the future of customer experience is both intriguing and inspiring.
In her book, Blake shares tips on how to boost your customer service strategy and start offering “knock-your-socks-off customer experiences”.
In addition to writing amazing CX related content, Blake is a host of the weekly customer experience video series on YouTube and the podcast on modern customer service.
Twitter: @Hyken
Shep is the Chief Amazement Officer at Shepard Presentations. He has used his knowledge and experience in customer service and helped businesses create amazing client and employee experiences.
Apart from that, Shep is also a public speaker. Thanks to his high energy and motivation, he is one of the most enjoyable, and inspiring presenters to listen to. Some of his books have appeared as bestsellers on New York Times, USA Today, Wall Street Journal, and a few other prominent news agencies.
Twitter: @annettefranz
Annette is the CEO and founder of CX Journey.
Her years of experience, particularly in developing reliable customer experience strategies, deservedly puts her on the CX pedestal.
Annette philosophy is that customer experience is a journey that never stops and there is always room for improvements. That’s why she decided to name her blog CX Journey.
With over 25 years of experience, Annette has spent a chunk of her time studying and analysing companies and their employees, and applying her knowledge to the optimisation of their customer experiences. According to Business Insider, Annette is one of the 100 most influential tech women today.
For your weekly dosage of Annette’s CX related wisdom, check out #CXChat on Twitter.
Twitter: @CustomerIsFirst
Nate is the co-founder of CX Accelerator and director of customer service experience at UL EHSS.
Nate advocates that happy customers is what makes the businesses successful.
He pays great attention to making businesses understand the journey of customers. Nate has been writing about CX disciplines, survey process, customer programs, employee engagement, journey mapping and more. You can follow his expert advice on his blog, CX Accelerator.
Twitter: @JeanneBliss
Jeanne is the founder of Customer Bliss and co-founder of Customer Experience Professionals Association (CXPA).
Recognised as one of the foremost experts in CX, Jeanne advises enterprises on how to implement the best customer experience strategy.
Jeanne is also a bestselling author, and has published I Love You More Than My Dog and, more recently, Would You Do That to Your Mother? Both of these books provide solid tips on how to earn the admiration and respect of your customers.
Twitter: @ColinShaw_CX
Colin is CEO of Beyond Philosophy, a CX consultancy and training organisation.
Colin is recognised as a thought leader in customer experience. LinkedIn also named him one of the world's ‘Top 150 Business Influencers’. Brand Quarterly voted Colin one of the 'Top 50 Marketing Thought Leaders Over 50' for the last two years in a row.
Colin is also the co-host of a highly successful podcast, The Intuitive Customer, an accomplished keynote conference speaker and renowned best-selling author.
Twitter: @adamtoporek
Adam Toporek is the founder of CTS Service Solutions. He is an internationally recognised customer service expert, keynote speaker, and renowned corporate advisor who helps organisations achieve customer service.
As the author of Be Your Customer's Hero, the founder of the popular Customers That Stick blog and the co-host of the Crack the Customer Code podcast, Adam regularly shares his customer experience and customer service insights with a global audience.
Twitter: @bsdalton
Barry is a customer experience strategy and technology leader with achievements in developing and implementing strategy across marketing, sales and service, with particular industry focus on consumer products, pharmaceuticals, retail and technology.
Twitter: @Bob_Thompson
Bob Thompson has two decades of experience in customer-centric, sales, consulting and executive positions and another 15 years in customer management consulting, research and online community development.
He uses a collaborative platform to help business leaders understand how to create mutually beneficial customer relationships.
In his book, Hooked on Customers Bob reveals the five habits of leading customer-centric organisations. His other expertise include customer-centric business research, white papers and keynote speaking.
Twitter: @PeterLavers
Peter is a futurist for IBM. After spending nearly two decades in senior roles at Rolls-Royce and Bentley, Lavers has learned a great deal about CX. Today he is the director at WCL Customer Management, which helps companies find, engage, and satisfy customers.
His Twitter feed focuses on B2B and tech with advice on topics such as how blockchain tech is relevant to data science. He also writes for the IBM's Think Marketing blog on topics such as 3 behavioural mind-sets for accurate content personalisation.
Don't see you favourite CX Influencer here? Go ahead and nominate them.
Do you know a CX influencer who should be included in our next top picks? Message us on Twitter @ExceedersTeam to suggest your favourite influencer today!
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In the 21st century consumers have access to vast amounts of data. They are more powerful than ever because they have options. No longer are they tied to one provider of a specific product or service. If they don't like a certain organization they are a click away from finding an alternative. As such providing a great customer experience is crucial for any organization to attract new customers and retain existing ones. Below is a list of four categories any organization should invest in to improve their customer's experience:
Because of online channels, the balance of power between businesses and buyers has shifted significantly. Customers are more empowered and self-sufficient, and to get them to buy your products or services you need to fully understand who they are, what they like and dislike.
The more you know about your potential customers, the more successfully you will be able to develop meaningful relationships with them. Gathering as much customer data as possible will allow you to build a detailed profile of your customer’s needs, preferences and key characteristics.
The amount of data you can generate these days is huge and Investing in a proper analytics platform such as Qlik or PowerBI should help you in better building your customer's persona.
Email is the single most powerful channel you can use to communicate with and engage customers. It’s a direct and personal channel that allows you to foster a sense of customer loyalty and nurture relationships so much more quickly and easily than other digital channels. But as we mentioned before, customers in the 21st century are empowered and they know when someone is trying to sell to them or promote a product and the last thing they will entertain is being treated en mass.
Using a marketing automation platform like Exceeders | vbout will allow you to segment your customers into different groups based on the data you identified using your analytics and then send them individual and personalized emails, promotions and offers that resonate with their wants/needs and will rank high in converting them to paying customers.
People are social in nature, with nearly two thirds of customers in the region active on at least one social media channel. Which is an excellent free resource you can tap into to engage with these customers, understand what they like about your company, what they dislike, share your new products, services and promotions with them and potentially turn them into ambassadors that will promote your organization to their friends and family. Using tools like Facebook Messenger, Whatsapp, Exceeders | vbout, etc... will help you manage your social media presence at all times.
Providing a great experience to your customers is one way organizations can count on to increase their revenue. You do this by providing a superb experience to their existing and potential customers. What you don't want to happen is having a customer who bought your product/service leave you and spread negative comments about you because your support team didn't help them in the right way as an example. Examples in solutions such as Dynamics CRM to manage customer service problems and deploying a virtual Agent to support your customers will help you avoid such scenarios.
Not all people are the same. Some like to talk on the phone, some prefer email, others prefer live chat or social. You can't force customers to connect with you on your terms. Consider investing in various solutions such as a Virtual Agent for Livechat, Exceeders | vbout for email & social communication, create self service portals that customers can use to solve their problems themselves and a convenient IVR solution from one of the top telephony providers allowing you to engage with your customers and solve their issues using the tools they feel comfortable with.
The most important asset for any organization that is selling it's products or services is their customers. As such the relationship between them and their customers shouldn't be under estimated and any investments the organization can make should be made there. The formula is very simple, Happy customers spend money and the more money they spend the more revenue you will generate.
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Few other industries are as competitive as hospitality is – the market changes fast and due to the numerous choices available, customers’ expectations are higher than ever. Diners demand fast service, convenience and impeccable experiences that feel personal. This may prove harder than it sounds (and it already does) due to several things. Keep on reading to find out what issues may arise from not having a fully functional POS system.
As we already mentioned, customers expect service that is above and beyond – and that often includes meal customization. A recent study by Deloitte[1] showed that 85 percent of people think that being able to customize their order is the most important part of the restaurant’s menu. Therefore, it’s important to consider a POS system that allows you to add and exclude ingredients from any dish, as well as one that sends information straight to the kitchen to avoid miscommunication. Furthermore, your POS system should give your staff the opportunity to view and activate meal deals and offers which the customer might be interested in based on their preferences and past purchases.
Each Point of Sale has many users – from waitstaff and kitchen staff to cashiers and managers. And even those may be further segmented. For example, the waitstaff may be separated into different groups for each area of the restaurant. At the same time, managers should be able to access all the sales and operations data, so they can plan the staff roster or make general business decisions. When none of this is an option, each group’s performance decreases. Managers don’t have the available data to make informed decisions and waitstaff must go through irrelevant steps to do their job properly; all this in an industry that requires quick judgment and fast reactions.
In the hectic atmosphere of a restaurant, it’s easy to forget or pass the wrong information to your co-worker. The kitchen staff could misread what the waitstaff jotted down on a piece of paper. The waitstaff may delay the order because of other clients they attended to. Wouldn’t it be great if there was a way for the kitchen to receive the correct information right away? Well, this isn’t outlandish at all: the right POS system would seamlessly connect the front of the restaurant with the kitchen, reducing such mistakes to a minimum and allowing your staff to deliver impeccable service from the meal to the attitude.
Most restaurants already possess some kind of business management software, but it often isn’t tailored to their needs. If it’s hard to find the pizza toppings and you’re running a pizzeria, something isn’t right! This could slow down your staff and unnecessarily complicate the restaurant’s processes, thus leading to lower customer satisfaction and disgruntled employees. The right POS system would support, rather than complicate your processes through an intuitive, customized interface that is just right for your restaurant. It would let your employees take full advantage of your system’s capabilities.
Many restaurants work with frustrating Point of Sale systems that can’t handle all the ways a customer may want to pay. A good POS system will be both secure and flexible when it comes to payment. It will make splitting the bill easy, rather than customers having to figure out who has to pay what. Restaurants should be able to accommodate for multiple payment options – credit and debit cards, gift cards and promotional codes, cash and checks – and the right POS system allows them to do that. On top of that, if you’re a restaurant that attracts many foreign visitors, your software should support multi-currency transactions.
Selecting the right software solution may seem like a daunting task, but it doesn’t have to be. Explore your options at Intelligent Systems.
This article has been republished from the Intelligent Systems blog with their permission. Want to know more about the solutions? Visit their website to learn more!
[1]Deloitte, The restaurant of the future: Creating the next-generation customer experience.
Few other industries are as competitive as hospitality is – the market changes fast and due to the numerous choices available, customers’ expectations are higher than ever. Diners demand fast service, convenience and impeccable experiences that feel personal. This may prove harder than it sounds (and it already does) due to several things. Keep on reading to find out what issues may arise from not having a fully functional POS system.
The competitiveness and long manufacturing times make fashion retail a challenging business to be in. At the same time, massive opportunities exist for retailers to take advantage of. But it’s important for them to stay flexible and adapt to the changes in the market. Take a look at how a retail software solution could help them do that.
By subcontracting, your construction company outsources certain types of work to other companies. While this gives you an opportunity to work on more than one phase of development of a project, it can easily get messy when there are several going on. It can be hard to keep track of subcontractors’ engagements towards you, as well as yours towards them. Read on to find out if a software solution for construction companies can help you alleviate some of the pressure of working with subcontractors.
