Connect with us

Global Banking and Finance Review is an online platform offering news, analysis, and opinion on the latest trends, developments, and innovations in the banking and finance industry worldwide. The platform covers a diverse range of topics, including banking, insurance, investment, wealth management, fintech, and regulatory issues. The website publishes news, press releases, opinion and advertorials on various financial organizations, products and services which are commissioned from various Companies, Organizations, PR agencies, Bloggers etc. These commissioned articles are commercial in nature. This is not to be considered as financial advice and should be considered only for information purposes. It does not reflect the views or opinion of our website and is not to be considered an endorsement or a recommendation. We cannot guarantee the accuracy or applicability of any information provided with respect to your individual or personal circumstances. Please seek Professional advice from a qualified professional before making any financial decisions. We link to various third-party websites, affiliate sales networks, and to our advertising partners websites. When you view or click on certain links available on our articles, our partners may compensate us for displaying the content to you or make a purchase or fill a form. This will not incur any additional charges to you. To make things simpler for you to identity or distinguish advertised or sponsored articles or links, you may consider all articles or links hosted on our site as a commercial article placement. We will not be responsible for any loss you may suffer as a result of any omission or inaccuracy on the website. .

Top Stories

Hyper everything: how tech integration is changing customer communication 

Hyper everything: how tech integration is changing customer communication 

By Michael Wright, CEO, Striata 

A raft of new technologies, many of which are easily integrated into existing channels, are changing the way organisations communicate with their customers.

Chatbots, voice integration, and dynamic (hyper-personalised) content, amongst others are at the forefront of this evolution. But organisations cannot simply implement these technologies and expect dramatic improvements in their customer communication efforts.

Instead, they have to ensure that any new technologies are utilised in line with the broader goals of customer communication; that is, making communication as valuable to the customer as possible.

AI and meeting customer needs

With any form of customer communication, the aim should always be to move with the customer through their stages of life and offer the customer appropriate services at each stage.

So, for example, in the insurance world, a customer may start with renter’s insurance as a single person and move to homeowner’s insurance, car insurance and life insurance as their personal circumstances change.

Here, artificial intelligence (AI) has an important role to play. In the customer communication space especially, AI-based systems are useful for predicting user behaviour and providing content based on that prediction to prompt the user’s next action.

Organisations are already seeing the value AI provides in this regard, integrating it into email, billing, and mobile payments, all of which contain forms of customer communication.

AI is also driving the use of chatbots, which appear on websites and instant messaging services, as automated virtual assistants.

Not only are chatbots useful for customer service,  but also for invoicing and payment collections.

The rise of voice 

But good customer communication isn’t just about baking new technologies into existing channels, It also means embracing the technologies your customers are actually using.

One example of this is voice recognition.

By 2020, Gartner predicts that 30% of web browsing will occur without a screen. And 55% of American teenagers will use speech recognition, daily.

It’s only natural, therefore, that customers will want to interact with organisations via voice. Any organisation that invests in integrating voice technology into its customer communications now stands to give itself that extra edge over its competitors.

Micro-segmentation and hyper-personalisation 

If an organisation is going to integrate these technologies successfully, it needs to ensure that it couples them with real-time data to deliver more relevant content, product and service information to each user.

The more information an organisation has on each customer, the more meaningful and valuable its communication will be.

Broadly referred to as hyper-personalisation and micro-segmentation, this use of data means being able to provide content that is relevant on the day / month / life stage of that customer. It allows the company to provide information that improves the customer experience due to the very personal nature of the content.

Moreover, hyper-personalisation is proven to build loyalty and trust, that ultimately makes customers more profitable.

A dual approach

Putting the customer back in the centre of customer communication requires more than technology alone. Like the human-centred design approach (putting the customer at the core of the product design process), communication design should be too.

Asking customers directly what content they want to receive, when and how, is invaluable to the design process. This dual approach enables the organisation to combine preference and engagement data (technology), with input obtained directly from the people best suited to design the process: customers and employees (humans).

By taking this integrated approach, organisations can ensure that they provide customers with the kind of communication they need and want.

Global Banking & Finance Review

 

Why waste money on news and opinions when you can access them for free?

Take advantage of our newsletter subscription and stay informed on the go!


By submitting this form, you are consenting to receive marketing emails from: Global Banking & Finance Review │ Banking │ Finance │ Technology. You can revoke your consent to receive emails at any time by using the SafeUnsubscribe® link, found at the bottom of every email. Emails are serviced by Constant Contact

Recent Post