Search
00
GBAF Logo
trophy
Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

Subscribe to our newsletter

Get the latest news and updates from our team.

Global Banking and Finance Review

Global Banking & Finance Review

Company

    GBAF Logo
    • About Us
    • Profile
    • Privacy & Cookie Policy
    • Terms of Use
    • Contact Us
    • Advertising
    • Submit Post
    • Latest News
    • Research Reports
    • Press Release
    • Awards▾
      • About the Awards
      • Awards TimeTable
      • Submit Nominations
      • Testimonials
      • Media Room
      • Award Winners
      • FAQ
    • Magazines▾
      • Global Banking & Finance Review Magazine Issue 79
      • Global Banking & Finance Review Magazine Issue 78
      • Global Banking & Finance Review Magazine Issue 77
      • Global Banking & Finance Review Magazine Issue 76
      • Global Banking & Finance Review Magazine Issue 75
      • Global Banking & Finance Review Magazine Issue 73
      • Global Banking & Finance Review Magazine Issue 71
      • Global Banking & Finance Review Magazine Issue 70
      • Global Banking & Finance Review Magazine Issue 69
      • Global Banking & Finance Review Magazine Issue 66
    Top StoriesInterviewsBusinessFinanceBankingTechnologyInvestingTradingVideosAwardsMagazinesHeadlinesTrends

    Global Banking & Finance Review® is a leading financial portal and online magazine offering News, Analysis, Opinion, Reviews, Interviews & Videos from the world of Banking, Finance, Business, Trading, Technology, Investing, Brokerage, Foreign Exchange, Tax & Legal, Islamic Finance, Asset & Wealth Management.
    Copyright © 2010-2025 GBAF Publications Ltd - All Rights Reserved.

    Editorial & Advertiser disclosure

    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.

    Home > Business > Why enhancing customer experience is a vital piece of the jigsaw
    Business

    Why enhancing customer experience is a vital piece of the jigsaw

    Why enhancing customer experience is a vital piece of the jigsaw

    Published by Jessica Weisman-Pitts

    Posted on January 5, 2022

    Featured image for article about Business

    By Simon Blackwell, CMO at TelcoSwitch

    The pandemic has allowed many organisations to enhance their digital transformation strategies to ensure they could function effectively during periods of great uncertainty and in a post-Covid environment. One such example has been the adoption of additional communications channels for customers to use when interacting with the businesses they buy from. While it’s important to open up the channels of communication that consumers have access to, it’s also vital that these channels are properly integrated and synchronised with one another, enabling businesses to improve the customer’s experience.

    A recent Gartner study found that 89% of businesses now expect to compete on the experience they offer to customers, rather than simply the price of what they sell. Across industry sectors, bolstering customer experience will be a vital catalyst for growth.

    Building on this, a report from Zendesk revealed that 60% of consumers consider the quality of the service they received as an essential component of their loyalty to a particular brand. Consequently, businesses will be more likely to increase their customer lifetime value and improve brand advocacy rates – this is of particular importance in saturated markets.

    Integrating communication channels is the key to unlocking customer satisfaction

    Offering a range of channels to get in touch can only get you so far, it’s integrating these channels in one place that makes the difference to the customers experience. If, for example, a customer places an enquiry on web chat, but the company has no way of linking this up to later interactions on email, social media, or over the phone, then the customer experience erodes.

    Given how highly customer experience is regarded by Gartner and others, implementing these channels in a siloed manner won’t deliver the levels of consumer loyalty brands need to thrive. Therefore, organisations should pay close attention not only to how they can embrace omnichannel, but crucially how they can effectively manage it.

    Leapfrogging competitors with the timely adoption of omnichannel solutions

    When we think of omnichannel we often think of large contact centre-based businesses, but this couldn’t be further from the truth. While small to medium-sized organisations don’t self-identify as being contact centres, they share many of the same attributes, such as social media adoption, SaaS-based ticketing and CRM systems, online payment platforms, and more. Many of these companies are also ‘cloud-first’ in nature and aren’t beholden to legacy infrastructure that can’t quickly or easily be cloud-enabled. In essence, these businesses can adopt omnichannel solutions faster than their larger counterparts, and that gifts them a competitive advantage when it comes to customer experience.

    Investing now will allow businesses to reap future rewards

    The pandemic not only changed the way organisations function but it also changed the way customers function. Consumers now expect businesses to have adapted to new ways of working and won’t be as tolerant to long wait times and limited channels of communications as they might have been previously. Customer experience is more important now than ever before, so modern businesses must be mindful of this when evaluating how their customers can communicate with them. Those who properly marry omnichannel to deliver high-quality customer experiences will be the ones to enjoy the highest levels of consumer loyalty.

    To ensure consumers can communicate with the businesses they buy from efficiently and in the ways that suit them, it is imperative that leaders see the big picture when embracing omnichannel capabilities. Ultimately, this means remembering that new channels are redundant if customers have a poor experience while using them. Companies that recognise this and take definitive steps to build a true omnichannel experience are the ones that will benefit the most.

    By Simon Blackwell, CMO at TelcoSwitch

    The pandemic has allowed many organisations to enhance their digital transformation strategies to ensure they could function effectively during periods of great uncertainty and in a post-Covid environment. One such example has been the adoption of additional communications channels for customers to use when interacting with the businesses they buy from. While it’s important to open up the channels of communication that consumers have access to, it’s also vital that these channels are properly integrated and synchronised with one another, enabling businesses to improve the customer’s experience.

    A recent Gartner study found that 89% of businesses now expect to compete on the experience they offer to customers, rather than simply the price of what they sell. Across industry sectors, bolstering customer experience will be a vital catalyst for growth.

    Building on this, a report from Zendesk revealed that 60% of consumers consider the quality of the service they received as an essential component of their loyalty to a particular brand. Consequently, businesses will be more likely to increase their customer lifetime value and improve brand advocacy rates – this is of particular importance in saturated markets.

    Integrating communication channels is the key to unlocking customer satisfaction

    Offering a range of channels to get in touch can only get you so far, it’s integrating these channels in one place that makes the difference to the customers experience. If, for example, a customer places an enquiry on web chat, but the company has no way of linking this up to later interactions on email, social media, or over the phone, then the customer experience erodes.

    Given how highly customer experience is regarded by Gartner and others, implementing these channels in a siloed manner won’t deliver the levels of consumer loyalty brands need to thrive. Therefore, organisations should pay close attention not only to how they can embrace omnichannel, but crucially how they can effectively manage it.

    Leapfrogging competitors with the timely adoption of omnichannel solutions

    When we think of omnichannel we often think of large contact centre-based businesses, but this couldn’t be further from the truth. While small to medium-sized organisations don’t self-identify as being contact centres, they share many of the same attributes, such as social media adoption, SaaS-based ticketing and CRM systems, online payment platforms, and more. Many of these companies are also ‘cloud-first’ in nature and aren’t beholden to legacy infrastructure that can’t quickly or easily be cloud-enabled. In essence, these businesses can adopt omnichannel solutions faster than their larger counterparts, and that gifts them a competitive advantage when it comes to customer experience.

    Investing now will allow businesses to reap future rewards

    The pandemic not only changed the way organisations function but it also changed the way customers function. Consumers now expect businesses to have adapted to new ways of working and won’t be as tolerant to long wait times and limited channels of communications as they might have been previously. Customer experience is more important now than ever before, so modern businesses must be mindful of this when evaluating how their customers can communicate with them. Those who properly marry omnichannel to deliver high-quality customer experiences will be the ones to enjoy the highest levels of consumer loyalty.

    To ensure consumers can communicate with the businesses they buy from efficiently and in the ways that suit them, it is imperative that leaders see the big picture when embracing omnichannel capabilities. Ultimately, this means remembering that new channels are redundant if customers have a poor experience while using them. Companies that recognise this and take definitive steps to build a true omnichannel experience are the ones that will benefit the most.

    Related Posts
    Five questions to ask before stepping into Employee Ownership
    Five questions to ask before stepping into Employee Ownership
    Cybersecurity as a Profit Engine: Turning Financial Services Security into Measurable Business Value
    Cybersecurity as a Profit Engine: Turning Financial Services Security into Measurable Business Value
    How Investability Helps Companies Navigate Transformational Times
    How Investability Helps Companies Navigate Transformational Times
    88% of UK and US organisations concerned about state-sponsored cyber attacks as national threat levels surge, IO research reveals
    88% of UK and US organisations concerned about state-sponsored cyber attacks as national threat levels surge, IO research reveals
    One in three SME leaders do not fully understand cash flow, despite 82% facing cash flow problems
    One in three SME leaders do not fully understand cash flow, despite 82% facing cash flow problems
    Inside the Company that Predicted the Remote Work Mega-Trend Before It Became Mainstream
    Inside the Company that Predicted the Remote Work Mega-Trend Before It Became Mainstream
    SEO Consultant Adrian Czarnoleski on How to Increase Business Value Before Exit
    SEO Consultant Adrian Czarnoleski on How to Increase Business Value Before Exit
    No SOC 2, No Deal: Why You’re Already Losing Clients - and What You Can Do About It
    No SOC 2, No Deal: Why You’re Already Losing Clients - and What You Can Do About It
    Jose Tolosa Guides Organizations Forward with Clarity, Purpose, and Integrity
    Jose Tolosa Guides Organizations Forward with Clarity, Purpose, and Integrity
    Reducing Freight Costs to Drive Global Trade Expansion
    Reducing Freight Costs to Drive Global Trade Expansion
    The Psychology of Music in the Modern Workplace
    The Psychology of Music in the Modern Workplace
    Revealed: Low-Cost/No-Cost Marketing Hacks For Results Oriented Businesses
    Revealed: Low-Cost/No-Cost Marketing Hacks For Results Oriented Businesses

    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!

    Subscribe

    Previous Business PostNew Year, New Job: Switching Recruitment Mindsets
    Next Business PostTips To Land A Wall Street Job Right Out Of College

    More from Business

    Explore more articles in the Business category

    Finance teams still stuck in spreadsheets as manual processes stall digital transformation

    Finance teams still stuck in spreadsheets as manual processes stall digital transformation

    The Future of Remote & Hybrid Leadership: Leading With Data-Driven Foresight

    The Future of Remote & Hybrid Leadership: Leading With Data-Driven Foresight

    2025-2030: The Next Technological Innovations for Business

    2025-2030: The Next Technological Innovations for Business

    The CFO’s New Playbook: 5 Ways AI Is Redefining Finance with Insights from Rishi Oberoi

    The CFO’s New Playbook: 5 Ways AI Is Redefining Finance with Insights from Rishi Oberoi

    Revolutionizing Payments: Secure, Scalable, Sovereign

    Revolutionizing Payments: Secure, Scalable, Sovereign

    Why Trademark Abuse in Paid Search Is a Growing Risk for Financial Institutions

    Why Trademark Abuse in Paid Search Is a Growing Risk for Financial Institutions

    E-commerce Customer Service: Tips

    E-commerce Customer Service: Tips

    When to Automate Your Warehouse: The Tipping Point for Operations Growth

    When to Automate Your Warehouse: The Tipping Point for Operations Growth

    Hurt at Work? 5 Financial Facts You Need to Know

    Hurt at Work? 5 Financial Facts You Need to Know

    Against the Odds: Resilience in Consumer Subsectors Offers Prime Opportunities for Investors

    Against the Odds: Resilience in Consumer Subsectors Offers Prime Opportunities for Investors

    Empower Your Workforce With Financial Wellness This Labor Day

    Empower Your Workforce With Financial Wellness This Labor Day

    Build a brand that stands out with five simple strategies, from defining your UVP to using storytelling and building loyalty. Find out more.

    Build a brand that stands out with five simple strategies, from defining your UVP to using storytelling and building loyalty. Find out more.

    View All Business Posts