How to Create an Outstanding Customer Experience

As customer expectations continue to surge, companies are facing a lot of new challenges. What are these challenges and how can businesses succeed with the help of new technologies?

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1. The Rising Tide of Consumer Expectations

Digital transformation has significantly changed consumer expectations. Technology has reinvented the way how customers interact with businesses.

Focus on Personalization

Customers are willing to shop around and even pay a premium to get a personalized and contextual experience. They are also willing to go a step further and provide relevant personal information if that would enable companies to focus their customer experience efforts.

New Technologies

Emerging technologies like AI, IoT, voice-activated personal assistants etc. are already impacting customer expectations and purchasing habits. Today, most consumers expect cutting-edge digital experiences and actively seek to engage with the most innovative companies.

Data-Intensive Processes

Given the complexities of the omnichannel communication model and the expectations of customers for personalized, contextual experiences delivered in real-time across online and offline channels, technology will be a key enabler for effective Customer Experience. Data protection and privacy remain a key challenge.

Whitepaper

How to raise the customer experience bar in the digital age?

Research shows: In the near future, customer experience becomes the major influence on purchasing decisions besides product quality and price. How can companies create outstanding customer experiences? Learn more in the whitepaper.

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Case Study

100 % Digital Customer Journey

DMI Finance is a financial service provider that is commited to building a 100 percent digital customer journey. The company follows a technology-driven approach to enable its rapid business growth – and it shows: Customer experience is a matter of intelligent technologies in the backend that automatically make customer-facing decisions.

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2. How to Improve the Customer Experience

Businesses should analyze and evaluate their digital customer touch points: Which of them are most relevant and how can they be improved, that means digitalized, personalized and made faster.

AI-Powered Customer Experience Software

Intelligent automation – i.e. the combination of Artificial Intelligence (AI) and automation – will become an indispensable tool for companies seeking to leverage their data into a personalized and contextualized experience for every customer. The objective of AI and automation, however, is not to replace staff. Instead, AI-enabled automation empowers companies to automate routine customer-facing interactions while freeing up the agents for other tasks.

These are ways in which AI can transform Customer Experience.

AI-based chatbots and virtual assistants: will soon become an intrinsic part of the customer service organization. Technologies have long transitioned from answering standard questions to actively streamlining the customer experience.
Extreme personalization: AI-enabled personalization goes much beyond conventional segmentation strategies to deliver hyper-personalized communication to an audience of one.
Automating data analysis with AI allows companies to delve into the unstructured data that already exists to extract actionable insights and empower intelligent decisioning.

3. How Companies Benefit from a Better Customer Experience

Some examples how companies have improved their customer experience and saw measurable results with a fast ROI.

65 % more effective banner advertisements

By embedding machine learning models into their product recommendation engine, a global consumer bank was able to reduce banner advertisements to the most effective ones and increase the conversion rate.

Price adjustments on a weekly basis

French insurance network ASSU 2000 is mastering its complex pricing strategies across all distribution channels. Price policies can be adjusted whenever needed to sustain competitive at all times.
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Immediate responses to credit applications

At TeamBank, long waiting for a credit decision has an end: The financial service provider is able to accept or decline credit applications within milli-seconds – in an audit-proof way.
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Needs-based customer communication in real-time

In its digital transformation strategy, ING Germany relies on modern technology to respond optimally to customer needs and increase agility at the same time.
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Customer Experience Examples

In the age of the customer, businesses across industries are reinventing how they interact with customers.

Banking

Whether real-time lending or product recommendations – financial services must be precisely tailored to the customer’s situational needs, e.g. when traveling, studying or shopping online.

Insurance

From underwriting to contract management to digital claims settlement – insurers can automate many steps across the customer relationship, and thus, improve the customer experience.

Healthcare

The healthcare sector is often complex and non-transparent for customers. Digital scheduling, personalized healthcare advice or automated billing can improve the customer experience.

Retail & E-Commerce

In retail, personalized marketing offers, dynamic pricing or proactive communication of shipping status can optimize customer satisfaction and drive business growth.

Travel

With lots of customer data available, businesses can provide affinity-based hotel recommendations or smart travel plans to offer a digital experience that creates trust and retains customer.

Telecommunications

Needs-based phone plans, online self services or personalized internet services help optimize the customer experience in one of the most important areas in the customer’s life: communication.

4. Optimizing Customer Experience with ACTICO Platform

ACTICO Platform is the unique AI-powered decision management platform which combines intelligent automation with complete auditability: smart, effective, compliant.