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Customer experience strategy

Driving More Value from your Customer Experience Strategy

Infiniti Research, a leading market intelligence solutions provider has announced the launch of their latest newsletter on how to drive more value from your customer experience strategy. A successful customer experience strategy involves effectively managing customer interaction through both physical and digital touchpoints so that it results in enhanced and personalized customer experiences. We, at Infiniti Research, use a combination of research, analytics, and data management systems to help our clients manage data, serve relevant content to target customers and predict future interactions.

The basics of creating a world-class customer experience strategy

Customer experience can be defined as the customer’s perceptions and related feelings caused by the one-off and cumulative effect of interactions with a supplier’s employees, products, channels or systems. In other words, it is essentially how customers perceive their interactions with your company. Customer perceptions and customer interactions are two basic elements of customer experience strategy. According to Infiniti’s recent study, customer experience management is at the top of the corporate agenda across industries. Are you yet to join the bandwagon? It’s never too late! Find out how Infiniti’s solutions can help you up your game.

Fundamental principles of building an effective customer experience strategy

Customer experience is the new building block of success, irrespective of the industry that you operate in. Companies in different sectors are investing their time, money, and efforts into improving their customer experience management. Building an excellent customer experience is not a one-step process but involves small elements that you create to enhance the customer journey. Everything a company does contributes to the customer’s perception of the brand. Hence, customer experience management includes everything from the products you sell, the messaging you use, the sales process, and after-sale services. What are the key elements that go into building a strong customer experience management, you ask? Find out on Infiniti’s blog.

How customer intelligence helps to bridge the gap in customer experience strategy

Increasing digitization has empowered both the businesses and customers to interact with each other at multiple touchpoints. This also makes it easy to get customer queries and grievances resolved with ease and efficacy. As modern businesses are highly focused on identifying customer needs and enhancing customer experiences to outdo competitors, customers are now being placed at the crux of business strategies. According to experts at Infiniti Research, most businesses today have transformed digitally adopting multiple channels of interaction to serve their customers better. The rising number of channels and touchpoints via which the businesses interact with the customers have made customer journeys unprecedently complex. Furthermore, social media and online review platforms have empowered customers to share their views, opinions, and experiences with the company. Any negative comment or experience could hamper the brand image of the company. Download this resource for more insights on how customer intelligence can help bridge the gaps in your customer experience strategy.

Key trends in customer experience management

Several transformation triggers including globalization, digitization, and economic changes have the power to dramatically impact customer interactions with a brand and influence their decision-making. So, while formulation a customer experience management strategy, companies must take these factors into consideration. Although companies can make efforts to guide customer journeys, they cannot absolutely dictate it to customers. Customer-centric organizations leverage behavioral data, marketing technologies, and customer insights to optimize customer journeys and thereby ensure better customer experience management. Infiniti’s blog on customer experience management trends provides comprehensive insights on the key trends that companies must keep a close watch on this year to create impeccable customer experiences.

US banking industry

‘Why’ and ‘How’ of Improving Customer Experience in Banking

Why do banks need to focus on customer experience?

The banking sector has been slow in keeping pace with the digital revolution and it is high time that they catch up. Although technological advancements such as ATMs and internet banking have been incorporated into nearly every banking company, these facilities don’t give much emphasis on improving the customer experience in banking. Banking is currently among the least popular consumer businesses. In order to change this, financial services companies need to be more open to modernizing processes and bring customers also to the forefront rather than only emphasizing on increasing profits. When compared to most of the other sectors, the banking sector has an abundant source of customer data why can be used to create an exceptional customer experience in banking. However, majority of banking companies fail to efficiently utilize this data. If used correctly, customer data available can be used to enhance the customer experience in banking and promoting a customer-oriented culture in banking companies.

Many leading banks are pouring tremendous resources into transforming their customer experience, often with mixed results. Request a free proposal to know how our solutions can help avoid this situation and create strategies for a positive customer experience in banking companies.

How to improve customer experience in banking

customer experience in bankingBanks often struggle to pursue customer-experience transformation amid the complexities of running their day-to-day business. But with the right strategies in place, they can quickly identify customer pain points and ensure better customer experience in banking. Based on our expertise in solving several banking sector challenges, here are some ways that can be used to encourage and establish better customer experience in banking sector companies.

Create cross-functional teams with C-Suite backing

Transforming customer experience in banking requires the involvement of stakeholders from different teams including product, distribution, pricing, risk, and legal. Leaders in customer experience pursue several approaches to overcome this kind of complexity. Setting up a dedicated customer-experience organization within the bank is an option that can be considered. Dedicated teams can be assigned to encourage a continuous focus on customer experience in banking across product, service, and geographical silos. CEOs of banking companies must make customer experience a priority, and in some cases the appointment of a chief customer officer can serve to underline that commitment.

As banks around the globe rush to transform their customer experience, it’s easy to trip up. Get in touch with our experts to know how we can help execute a step change that moves ahead of your competitors in the market.

Monitor end-to-end customer journeys

Mapping customer journeys can help companies in the banking sector to identify all touchpoints across all channels where they engage with customers. Start by identifying the different types of customers that the bank deals with. Next, outline the journey for how each customer type engages with the bank. Begin the customer journey map with the first point of contact that the customer has with the bank. Continue with each next step and all potential steps until the journey is complete. Lastly, identify the at-risk customers and proactively engage on a personal level to improve, and hopefully, salvage the relationship.

Continuously emphasize on creating value

Enhancing customer journeys and customer experience in banking is not a linear process. Often the first round of initiatives may not deliver the desired customer satisfaction levels. Moving from good improvement to great will require regularly going back and maintaining patience and a mind-set of always pushing for more in the interest of customers. This continuous-improvement regimen can help foster a superior customer experience in banking companies.

Learn more about Infiniti’s solutions for banking companies

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