1) The document discusses how customer communications are shifting from traditional print to digital channels as consumers increasingly use technologies like smartphones, tablets, and social media.
2) It recommends that companies develop a centralized customer communications management strategy to optimize engagement across both traditional and emerging digital channels. This will simplify processes, reduce costs, and improve the customer experience.
3) Key elements of an effective strategy include identity management, content management, analytics, and supporting emerging channels like digital mail - which provides consumers a single access point for all communications.
Rogers Communications adopted online tools, apps, and messaging platforms like Facebook Messenger to transform into a more customer-centric organization and meet rising customer expectations. As people's use of mobile devices expanded, customers expected greater immediacy, personalization, and the ability to manage their accounts online. Rogers used platforms like Facebook Messenger to engage customers and enhance customer satisfaction through a more digital customer experience.
The document discusses how digitizing customer care through digital channels like online forums, chat, and social media can provide higher customer satisfaction at lower costs for telecom companies. Some key points:
- A leading mobile operator reduced call center volume by 20% and improved customer satisfaction scores by shifting to digital customer care channels over 8 months.
- Surveys show customers prefer digital channels over traditional ones like phone and email for support and information. A purely digital support journey results in 19% higher customer satisfaction than traditional-only channels.
- Digital channels have much lower costs than traditional phone support. They allow agents to handle multiple queries simultaneously. Savings of over 5 million euros were captured by one mobile operator through digital channels.
1) The document discusses key trends in customer data and analytics including increasing data volume, velocity and variety; consumers demanding personalization; the impact of mobile and IoT; and data science and machine learning going mainstream.
2) It highlights challenges like data silos and the need for integrated customer profiles to power personalized experiences across channels.
3) The use of predictive analytics at a fashion brand called Mavi is discussed, showing how predictive marketing helped reactivate 20% of lapsed customers and increase revenues by 7%.
The document summarizes the key findings of an Oracle survey of 221 e-commerce professionals on trends in the e-commerce industry for 2012. The survey found that most online retailers saw substantial year-over-year growth in key metrics like revenue and traffic in 2011. Mobile emerged as a major focus area, driving both sales and cross-channel integration. However, retailers still struggle with integrating technologies across touchpoints to provide consistent customer experiences. For 2012, retailers planned to focus investments on improving the customer experience, expanding mobile capabilities, and upgrading their commerce platforms.
This document summarizes the results of a 2012 survey on B2B e-commerce. It finds that:
1) Mobile jumped to the third most influential channel for B2B customers, behind online catalogs and direct sales.
2) Respondents said customer expectations are increasingly mirroring B2C experiences like online shopping.
3) Most companies plan to invest more in mobile site/app development and strategy in the coming year, recognizing mobile as a core part of the customer experience.
When introduced more than a decade ago, paperless billing was touted as an environmental savior; In the graphical report, we uncover the barriers to adoption organizations are facing today and sure, ways we can convert more customers to paperless.
The Sharing Economy: Implications for Property & Casualty InsurersCognizant
The document discusses how the sharing economy poses risks and opportunities for property and casualty insurers. It is growing exponentially, projected to reach $335 billion by 2025. Insurers must rethink their products, underwriting, and processes to capitalize on the new risks and revenue potential presented by the sharing economy, as personal assets are now sometimes used for commercial purposes. Failure to adapt could be detrimental to insurers.
Consumer trust has become the new battleground for digital success. To win, organizations need to master the fundamentals of data ethics, manage the "give-to-get" ratio and solve the customer trust equation, our recent research reveals.
Rogers Communications adopted online tools, apps, and messaging platforms like Facebook Messenger to transform into a more customer-centric organization and meet rising customer expectations. As people's use of mobile devices expanded, customers expected greater immediacy, personalization, and the ability to manage their accounts online. Rogers used platforms like Facebook Messenger to engage customers and enhance customer satisfaction through a more digital customer experience.
The document discusses how digitizing customer care through digital channels like online forums, chat, and social media can provide higher customer satisfaction at lower costs for telecom companies. Some key points:
- A leading mobile operator reduced call center volume by 20% and improved customer satisfaction scores by shifting to digital customer care channels over 8 months.
- Surveys show customers prefer digital channels over traditional ones like phone and email for support and information. A purely digital support journey results in 19% higher customer satisfaction than traditional-only channels.
- Digital channels have much lower costs than traditional phone support. They allow agents to handle multiple queries simultaneously. Savings of over 5 million euros were captured by one mobile operator through digital channels.
1) The document discusses key trends in customer data and analytics including increasing data volume, velocity and variety; consumers demanding personalization; the impact of mobile and IoT; and data science and machine learning going mainstream.
2) It highlights challenges like data silos and the need for integrated customer profiles to power personalized experiences across channels.
3) The use of predictive analytics at a fashion brand called Mavi is discussed, showing how predictive marketing helped reactivate 20% of lapsed customers and increase revenues by 7%.
The document summarizes the key findings of an Oracle survey of 221 e-commerce professionals on trends in the e-commerce industry for 2012. The survey found that most online retailers saw substantial year-over-year growth in key metrics like revenue and traffic in 2011. Mobile emerged as a major focus area, driving both sales and cross-channel integration. However, retailers still struggle with integrating technologies across touchpoints to provide consistent customer experiences. For 2012, retailers planned to focus investments on improving the customer experience, expanding mobile capabilities, and upgrading their commerce platforms.
This document summarizes the results of a 2012 survey on B2B e-commerce. It finds that:
1) Mobile jumped to the third most influential channel for B2B customers, behind online catalogs and direct sales.
2) Respondents said customer expectations are increasingly mirroring B2C experiences like online shopping.
3) Most companies plan to invest more in mobile site/app development and strategy in the coming year, recognizing mobile as a core part of the customer experience.
When introduced more than a decade ago, paperless billing was touted as an environmental savior; In the graphical report, we uncover the barriers to adoption organizations are facing today and sure, ways we can convert more customers to paperless.
The Sharing Economy: Implications for Property & Casualty InsurersCognizant
The document discusses how the sharing economy poses risks and opportunities for property and casualty insurers. It is growing exponentially, projected to reach $335 billion by 2025. Insurers must rethink their products, underwriting, and processes to capitalize on the new risks and revenue potential presented by the sharing economy, as personal assets are now sometimes used for commercial purposes. Failure to adapt could be detrimental to insurers.
Consumer trust has become the new battleground for digital success. To win, organizations need to master the fundamentals of data ethics, manage the "give-to-get" ratio and solve the customer trust equation, our recent research reveals.
Consumer trust in organizations' use and protection of personal data is declining according to a European study. Consumers feel that organizations benefit more than consumers from data sharing and have little control over or understanding of how their data is used. While all sectors could improve transparency and data protection, social networks and app developers have the lowest levels of trust. The study found a need for better consumer education on data management and protection, as consumers report there are few trusted sources to provide this information. If trust continues to erode due to lack of transparency, control, and education, it could lead organizations to experience lower usage and engagement. The research concludes that industries must work together to increase transparency, give consumers more control over their data, and provide
A New Vision For Payments In Financial ServicesPenn Mutual
Financial service companies are under growing pressure from a seismic shift in consumer adoption and usage of smartphones/tables and social media driven by technology. This has opened the door for new and innovative competitors to challenge banks and financial services companies for market share in traditional banking services. Globally, millennials and consumers in general are rapidly adopting mobile payments as a primary method to move money. The lessons are the same regardless of industry - adapt, innovate, and engage or risk losing relevancy and market share. Learn how these trends are unfolding and how companies can respond to them.
Australian Digital Commerce & "The Relational Gap"Ben Gilchriest
Digital Commerce is the Web 2.0 version of e-commerce and covers every aspect of how companies can engage with their customers through various digital channels, including social media and mobile.
This report describes a framework to assess Digital Commerce and explores what this means for the Australian Retail industry. How do Bricks 'n' Clicks compare to pure online players? What is The Relational Gap? And , importantly, how can Australian retailers get value from Digital Commerce?
This document discusses trends in customer loyalty in retail banking globally. Key points include:
- Customers are conducting over 50% of banking interactions through digital channels like mobile apps and websites in most countries surveyed. Mobile is the most used channel.
- "Omnichannel" customers who use both digital and physical channels have higher loyalty and purchase more products than customers relying on a single channel.
- However, over 1/3 of customers purchased a new banking product from a competitor in the past year, showing potential for banks to improve sales through digital channels.
Banks are evolving to adopt omni-channel banking in response to empowered consumers who expect services across multiple channels and devices. This requires providing a seamless experience across all channels with a consistent view of customer information. Key aspects of omni-channel banking include evolving the branch experience, enhancing mobile and social media capabilities, and exploiting video and new technologies. Architectures must support interruptible transactions across channels and tracking customer interactions on and off bank-controlled channels.
How Insurers Can Leverage Social and Messaging Apps to Enhance Digital ValueCognizant
Insurance carriers looking to bolster their digital ROI and reach their clientele of millennials most effectively must look beyond mobile apps and online portals, into social and messaging apps. We offer a roadmap and use cases for enhancing insurers' digital presence.
Why digital-will-become-the-primary-channel-for-b2 b-engagementCMR WORLD TECH
The document discusses how digital commerce is becoming the primary channel for B2B engagement. Some key points:
- B2B customers and decision-makers now prefer digital channels and self-service options for repeat purchases. This positions digital as the primary engagement channel.
- B2B organizations that invested early in digital see benefits like increased customer retention, acquisition, and expected business growth attributed to digital commerce programs.
- Features like tailored products, order automation, and self-service are valuable for both B2B businesses and customers in the digital channel.
The document discusses the changing dynamics of enterprise solutions adoption in the lending industry. It notes that customers are driving financial institutions to invest more in technology for the top-line rather than just the middle or bottom line. Emerging technologies like analytics, big data, and mobility are enabling lenders to enhance customer experience and differentiation. The document examines trends in other industries like insurance, retail, and pharmaceuticals that are using technologies to focus on top-line growth through improved customer acquisition, retention, and lifetime value. It provides recommendations for how lenders can align themselves with changing market dynamics including developing a holistic business strategy and focusing IT investments on long-term strategic priorities and business performance metrics.
Technological changes are fundamentally altering the banking industry, from how customers interact to how transactions are processed. Major disruptions are coming from digital payments from companies like Google and Apple, as well as fintech startups. Banks need to disrupt themselves through innovation or risk being disrupted by others. The key areas of disruption are cloud technology, mobile, social media, and data analytics.
Customers are becoming less loyal and increasingly likely to use multiple banks. The proportion of customers planning to switch banks has risen from 7% to 12% globally since 2011. Dissatisfaction with high fees is the primary driver of increased attrition rates in several major markets. Additionally, customers are intensifying their search for the best rates and products by using more banks - the number with only one bank has dropped from 41% to 31%, while those with three or more banks has increased from 21% to 32%. This trend towards "multi-banking" is being seen in mature markets and is even higher in emerging markets.
Etude PwC "Insurance 2020" : dommage et digital (2014)PwC France
http://bit.ly/AssuranceEnLigne
Pour les compagnies d’assurance, multiplier les échanges numériques avec les clients est un élément essentiel pour les fidéliser et se différencier des concurrents. C’est ce que révèle le rapport de PwC "Insurance 2020: The digital prize – Taking customer connection to a new level". Le cabinet d’audit et de conseil a interrogé plus de 9 000 consommateurs dans le monde, dont 500 français.
Predictive analytics uses data about customers to help brands better understand their customers and build stronger relationships with them. This allows brands to personalize their marketing, improve customer retention, and gain insights for new product development. The document discusses how predictive analytics provides benefits such as increasing brand awareness, shaping brand preference, cultivating brand influencers, and collaborating on product development. It also outlines four steps for brands to start adopting predictive analytics, such as promoting a cultural shift to more individual customer relationships and acquiring a better understanding of customer behavior through data analytics.
Digital Marketing in Banking: Evolution and RevolutionCognizant
Proving the effectiveness of bank marketing strategies beyond brand-building has always been a challenge. Now, several converging forces may help propel marketing forward as a revenue source rather than a cost center.
Dialing Up Digital: Retaining a New Generation of CustomersCognizant
Our survey confirmed that to attract and retain young, tech-savvy customers, communications service providers must act fast to enhance their current services, better understand these customers’ needs, and make their digital support channels easier to use. This involves analyzing the differences between younger and older customers, and using that information to retain them and build their confidence. CSPs must also ensure that efforts to personalize solutions and services deliver the expected value, and also provide the levels of security and privacy these customers demand.
Banks are facing disruption from new digital entrants and changing customer behaviors. A survey of 4,000 banking customers found that over a quarter would consider a branchless digital bank, and nearly half would bank with non-financial companies they do business with like Amazon or Apple. Younger customers especially want banking services that are seamlessly integrated across digital and in-person channels, and expect their bank to proactively recommend products and help manage their finances. To respond, banks need to become truly omnichannel, extend their ecosystem of services, and offer digital personalized financial advice to stay relevant and build loyalty among changing customer demands.
The autonomous customer is emerging as a new trend, driven by factors such as:
- Customers extensively researching purchases online before buying ("shopper swots")
- A preference for online self-service that puts them in control
- Turning to fellow customers rather than brands for advice and recommendations
- Smartphone users display these behaviors even more strongly
Autonomous customers want multiple channel options for contacting organizations and are continually changing the channels they use. They are challenging loyalty to organizations and brands.
Digital Process Acupuncture: How Small Changes Can Heal Business, and Spark B...Cognizant
Our latest research reveals that by applying digital remedies to precisely targeted process areas, organizations can relieve operational stress and generate improvements, yielding outsized results that ripple across the process value chain.
Using Market Insights and Sales Data to Optimize Your Distribution StrategyBroadridge
This document discusses using market insights and sales data to optimize product distribution strategies. It provides an overview of trends in the industry, components of a data-driven solution framework, and two case studies analyzing distribution channel trends for different product types. The case studies find that emerging channels like RIAs and banks are outpacing traditional channels in ETF usage and assets. Independent advisors represent the fastest growing segment for liquid alternative products like long/short equity and market neutral funds.
Inductive and deductive reasoning are two important types of logical reasoning.
[1] Inductive reasoning involves observing specific examples and patterns to derive a general conclusion. [2] Deductive reasoning uses logical rules and known statements to derive a conclusion. [3] Venn diagrams can help determine the validity of deductive arguments by visually representing logical relationships between categories.
Introducing Social Employee Engagement: Shifting From Technology To PeopleMSL
Social employee engagement puts people at the centre by focusing on what inspires and
engages them to do their best work. This report offers a complete introduction to social business and sets out a roadmap for success.
Consumer trust in organizations' use and protection of personal data is declining according to a European study. Consumers feel that organizations benefit more than consumers from data sharing and have little control over or understanding of how their data is used. While all sectors could improve transparency and data protection, social networks and app developers have the lowest levels of trust. The study found a need for better consumer education on data management and protection, as consumers report there are few trusted sources to provide this information. If trust continues to erode due to lack of transparency, control, and education, it could lead organizations to experience lower usage and engagement. The research concludes that industries must work together to increase transparency, give consumers more control over their data, and provide
A New Vision For Payments In Financial ServicesPenn Mutual
Financial service companies are under growing pressure from a seismic shift in consumer adoption and usage of smartphones/tables and social media driven by technology. This has opened the door for new and innovative competitors to challenge banks and financial services companies for market share in traditional banking services. Globally, millennials and consumers in general are rapidly adopting mobile payments as a primary method to move money. The lessons are the same regardless of industry - adapt, innovate, and engage or risk losing relevancy and market share. Learn how these trends are unfolding and how companies can respond to them.
Australian Digital Commerce & "The Relational Gap"Ben Gilchriest
Digital Commerce is the Web 2.0 version of e-commerce and covers every aspect of how companies can engage with their customers through various digital channels, including social media and mobile.
This report describes a framework to assess Digital Commerce and explores what this means for the Australian Retail industry. How do Bricks 'n' Clicks compare to pure online players? What is The Relational Gap? And , importantly, how can Australian retailers get value from Digital Commerce?
This document discusses trends in customer loyalty in retail banking globally. Key points include:
- Customers are conducting over 50% of banking interactions through digital channels like mobile apps and websites in most countries surveyed. Mobile is the most used channel.
- "Omnichannel" customers who use both digital and physical channels have higher loyalty and purchase more products than customers relying on a single channel.
- However, over 1/3 of customers purchased a new banking product from a competitor in the past year, showing potential for banks to improve sales through digital channels.
Banks are evolving to adopt omni-channel banking in response to empowered consumers who expect services across multiple channels and devices. This requires providing a seamless experience across all channels with a consistent view of customer information. Key aspects of omni-channel banking include evolving the branch experience, enhancing mobile and social media capabilities, and exploiting video and new technologies. Architectures must support interruptible transactions across channels and tracking customer interactions on and off bank-controlled channels.
How Insurers Can Leverage Social and Messaging Apps to Enhance Digital ValueCognizant
Insurance carriers looking to bolster their digital ROI and reach their clientele of millennials most effectively must look beyond mobile apps and online portals, into social and messaging apps. We offer a roadmap and use cases for enhancing insurers' digital presence.
Why digital-will-become-the-primary-channel-for-b2 b-engagementCMR WORLD TECH
The document discusses how digital commerce is becoming the primary channel for B2B engagement. Some key points:
- B2B customers and decision-makers now prefer digital channels and self-service options for repeat purchases. This positions digital as the primary engagement channel.
- B2B organizations that invested early in digital see benefits like increased customer retention, acquisition, and expected business growth attributed to digital commerce programs.
- Features like tailored products, order automation, and self-service are valuable for both B2B businesses and customers in the digital channel.
The document discusses the changing dynamics of enterprise solutions adoption in the lending industry. It notes that customers are driving financial institutions to invest more in technology for the top-line rather than just the middle or bottom line. Emerging technologies like analytics, big data, and mobility are enabling lenders to enhance customer experience and differentiation. The document examines trends in other industries like insurance, retail, and pharmaceuticals that are using technologies to focus on top-line growth through improved customer acquisition, retention, and lifetime value. It provides recommendations for how lenders can align themselves with changing market dynamics including developing a holistic business strategy and focusing IT investments on long-term strategic priorities and business performance metrics.
Technological changes are fundamentally altering the banking industry, from how customers interact to how transactions are processed. Major disruptions are coming from digital payments from companies like Google and Apple, as well as fintech startups. Banks need to disrupt themselves through innovation or risk being disrupted by others. The key areas of disruption are cloud technology, mobile, social media, and data analytics.
Customers are becoming less loyal and increasingly likely to use multiple banks. The proportion of customers planning to switch banks has risen from 7% to 12% globally since 2011. Dissatisfaction with high fees is the primary driver of increased attrition rates in several major markets. Additionally, customers are intensifying their search for the best rates and products by using more banks - the number with only one bank has dropped from 41% to 31%, while those with three or more banks has increased from 21% to 32%. This trend towards "multi-banking" is being seen in mature markets and is even higher in emerging markets.
Etude PwC "Insurance 2020" : dommage et digital (2014)PwC France
http://bit.ly/AssuranceEnLigne
Pour les compagnies d’assurance, multiplier les échanges numériques avec les clients est un élément essentiel pour les fidéliser et se différencier des concurrents. C’est ce que révèle le rapport de PwC "Insurance 2020: The digital prize – Taking customer connection to a new level". Le cabinet d’audit et de conseil a interrogé plus de 9 000 consommateurs dans le monde, dont 500 français.
Predictive analytics uses data about customers to help brands better understand their customers and build stronger relationships with them. This allows brands to personalize their marketing, improve customer retention, and gain insights for new product development. The document discusses how predictive analytics provides benefits such as increasing brand awareness, shaping brand preference, cultivating brand influencers, and collaborating on product development. It also outlines four steps for brands to start adopting predictive analytics, such as promoting a cultural shift to more individual customer relationships and acquiring a better understanding of customer behavior through data analytics.
Digital Marketing in Banking: Evolution and RevolutionCognizant
Proving the effectiveness of bank marketing strategies beyond brand-building has always been a challenge. Now, several converging forces may help propel marketing forward as a revenue source rather than a cost center.
Dialing Up Digital: Retaining a New Generation of CustomersCognizant
Our survey confirmed that to attract and retain young, tech-savvy customers, communications service providers must act fast to enhance their current services, better understand these customers’ needs, and make their digital support channels easier to use. This involves analyzing the differences between younger and older customers, and using that information to retain them and build their confidence. CSPs must also ensure that efforts to personalize solutions and services deliver the expected value, and also provide the levels of security and privacy these customers demand.
Banks are facing disruption from new digital entrants and changing customer behaviors. A survey of 4,000 banking customers found that over a quarter would consider a branchless digital bank, and nearly half would bank with non-financial companies they do business with like Amazon or Apple. Younger customers especially want banking services that are seamlessly integrated across digital and in-person channels, and expect their bank to proactively recommend products and help manage their finances. To respond, banks need to become truly omnichannel, extend their ecosystem of services, and offer digital personalized financial advice to stay relevant and build loyalty among changing customer demands.
The autonomous customer is emerging as a new trend, driven by factors such as:
- Customers extensively researching purchases online before buying ("shopper swots")
- A preference for online self-service that puts them in control
- Turning to fellow customers rather than brands for advice and recommendations
- Smartphone users display these behaviors even more strongly
Autonomous customers want multiple channel options for contacting organizations and are continually changing the channels they use. They are challenging loyalty to organizations and brands.
Digital Process Acupuncture: How Small Changes Can Heal Business, and Spark B...Cognizant
Our latest research reveals that by applying digital remedies to precisely targeted process areas, organizations can relieve operational stress and generate improvements, yielding outsized results that ripple across the process value chain.
Using Market Insights and Sales Data to Optimize Your Distribution StrategyBroadridge
This document discusses using market insights and sales data to optimize product distribution strategies. It provides an overview of trends in the industry, components of a data-driven solution framework, and two case studies analyzing distribution channel trends for different product types. The case studies find that emerging channels like RIAs and banks are outpacing traditional channels in ETF usage and assets. Independent advisors represent the fastest growing segment for liquid alternative products like long/short equity and market neutral funds.
Inductive and deductive reasoning are two important types of logical reasoning.
[1] Inductive reasoning involves observing specific examples and patterns to derive a general conclusion. [2] Deductive reasoning uses logical rules and known statements to derive a conclusion. [3] Venn diagrams can help determine the validity of deductive arguments by visually representing logical relationships between categories.
Introducing Social Employee Engagement: Shifting From Technology To PeopleMSL
Social employee engagement puts people at the centre by focusing on what inspires and
engages them to do their best work. This report offers a complete introduction to social business and sets out a roadmap for success.
This document discusses cultivating curiosity and deep learning in education. It provides quotes and graphics that emphasize critical thinking, collaboration, communication, creativity, character, citizenship, inspiration, and questioning. The document encourages activating, cultivating, and initiating wonder in students. It also discusses visible change through peer learning and using student responses as learning experiences for the entire school.
This document provides an overview and introduction to digital strategy from Bud Caddell, SVP and Director of Digital Strategy at Deutsch LA. It defines key terms like digital strategy, digital strategist, and core concepts. It explores what a digital strategy and strategist are, essential concepts like insights, cultural tensions and category conventions, and what deliverables a digital strategist produces. The document is intended to educate young practitioners entering the field of digital strategy.
Banks need to transform their business models to integrate digital and physical channels in order to meet evolving customer expectations. This involves three key areas: 1) Discovering new customer segments with differentiated experiences that leverage both digital and physical touchpoints. 2) Optimizing omnichannel strategies to provide consistency across all channels. 3) Rethinking the branch network to create lighter formats while expanding specialist roles and digital technologies for a seamless experience. Successful banks will fuse digital and physical assets to make customers' lives more convenient and engaging.
2014 Digital-Inspired Trends in the Financial Services Industry: Banks, Card ...Carmelon Digital Marketing
Digital trends in the financial services industry are driving changes in how consumers access and use financial services. Consumers are increasingly using online and mobile channels, adopting a multi-channel approach. This has led financial institutions to focus on digital innovation, personalization, convenience, and self-service options. Emerging technologies like mobile payments and digital wallets are also transforming how consumers pay for goods and services. Peer-to-peer lending and crowdfunding are becoming alternatives to traditional lending models. Social media is also playing a larger role through features like social investing and group payments.
The document discusses how integrating digital services can drive benefits for consumer products companies and consumers by making the organization more consumer-centric. It recommends that companies create a consumer-centric operating model that focuses on understanding consumer needs and expectations, prioritizing consumer segments, and delivering personalized experiences across integrated digital channels. This integrated approach can positively impact key value drivers like brand equity, transactions, customer insight, innovation, and customer service. The summary provides examples of how companies are using digital strategies to increase brand awareness, transactions, and drive innovation through customer engagement.
89% of consumers switch to a competitor after a poor CX Abhishek Sood
89% of consumers switch to a competitor following a poor customer experience, according to an Oracle study. But how can you use digital technology to improve your customers' experience?
Uncover how several prominent businesses embraced digital technologies to retain customers and increase profits. For example, Domino's Pizza had a 23% growth in profit after it allowed customers to track their deliveries online.
Discover the 4 factors that can make a digital transformation project profitable and worthwhile.
Going Digital: What Banking Leaders Need to KnowCognizant
Banks need to embrace digital transformation by putting customers first, using data to gain insights, and managing organizational change. To succeed, banks must put customer data at the heart of interactions, evolve a customer-focused culture, and oversee new processes and structures that support digital initiatives and change. This will allow banks to regain customer trust and relevance in the digital era.
The document discusses the changing landscape of banking as consumers increasingly use digital channels and mobile devices. It notes that consumer behavior is rapidly shifting to digital as customers expect convenience and immediacy. This has redefined the role of branches and increased competition from digital disruptors. However, the document argues that banks still maintain advantages like large customer bases and transaction data that can be leveraged through improved digital and mobile offerings. It stresses that banks must embrace changing customer preferences and focus on deeper customer engagement to remain competitive in this new digital environment.
Most organisations today function and connect with consumers in significantly different ways than they did a few years ago. Customers, for example, may investigate their alternatives, learn about competing companies, and make purchases from the comfort of their own homes.
Providing superior digital customer care, or e-care, can lower costs and increase customer satisfaction for companies. However, customers have been slow to adopt digital customer care channels like live chat and forums, instead preferring traditional channels like phone calls. There are four main reasons for customers' slow migration to digital care: 1) poor digital experiences that don't resolve issues, 2) unclear strategies from companies for migrating customers, 3) companies' fear of losing revenue from upsell/cross-sell opportunities, and 4) disorganized operations across digital care channels. For companies to succeed with e-care, they must make targeted investments, continuously optimize multichannel experiences, and support migration with a clear executive-level strategy.
Digital Banking: Enhancing Customer Experience; Generating Long-Term Loyalty ...Cognizant
To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels and begin making meaning from valuable trails of digital information.
What does it take for brands to go digital. Same but different Value Partners
This document discusses what it takes for brands to succeed with digital transformation. It argues that brands need to take a consumer-centric approach and integrate their online and offline presences. The document outlines key elements brands should consider, including gaining consumer insights, designing products/services based on insights, engaging consumers across channels, activating purchases both online and offline, evaluating digital investments, and organizing company structures to support a multi-channel strategy. Successful brands are adapting to changing consumer behaviors by meeting customers wherever they are - both online and offline.
Digitizing customer care through effective digital customer care (eCare) initiatives can significantly improve customer satisfaction while lowering costs for telecom companies.
McKinsey research found that telecom operators who employed successful eCare strategies saw a 20% reduction in call center volume within 8 months, lowering costs significantly while improving customer satisfaction scores. A survey also found that customers who resolved issues entirely through digital channels reported satisfaction levels 19 percentage points higher than those who used traditional channels.
Implementing eCare effectively requires understanding customer care journeys across channels in order to identify pain points causing customers to switch from digital to traditional channels prematurely. Telecom operators must also strengthen digital options and drive awareness of eCare capabilities in order to boost adoption
Digital Banking: Enhancing Customer Experience; Generating Long-Term LoyaltyCognizant
To stay profitable and grow in the new digital economy, banks need to adopt a customer-centric business model, diversify online delivery of products and services channels, and begin making meaning from valuable trails of digital information.
This document discusses the impact of digital marketing on business. It begins with an introduction to the history and growth of digital marketing. It then discusses 10 important digital marketing trends that will impact business in 2015, including the growing role of big data, mobile, content marketing, social media, multi-channel marketing, personalization, ad retargeting, visual content, data analytics, and collaboration across platforms. It also outlines both the positive and negative impacts of digital media on business, such as faster information, greater reach, new technology, and more options. The conclusion is that digital marketing can minimize costs while increasing product awareness, reach, and sales through more effective targeting.
The document discusses digital trends in 2013 and provides insights into how consumers are using digital technologies. It notes that internet usage has increased across all age groups in the UK, with 76% of British homes now connected. Marketers are advised to focus on creating engaging mobile experiences like apps to interact with constantly connected consumers. Data from social networks and other sources can provide valuable insights about customers, but brands must balance sharing content with avoiding overwhelming users. Omnichannel marketing that provides a seamless experience across channels is an important strategy.
What does customer satisfaction in the digital age actually mean? At Sprint Reply, in close cooperation with our partner consultancy mobileVision, we have conducted an in-depth research on today’s customer satisfaction challenges and opportunities. The paper provides a number of interesting insights. Read it here.
Despite a sluggish economic recovery, Americans continue to shell out ever-growing amounts during high-spending times of the year. Take, for example, the record $4.7 billion consumers spent on movie tickets during the summer of 2013 and their total holiday purchases, which have been climbing steadily since 2010 after a two-year drop. During the run-up to these free-spending periods, companies put in many long hours devising sales strategies to maximize consumer engagement and ROI. Consumers plan ahead, too, relying on friends, family, social media and mobile devices to research products, land the best deals and discover the ultimate customer experience.
During these times, loyalty programs take center stage – not just in the retail sector but also in financial services. And some exciting recent developments have helped financial services loyalty programs turn the image of the faceless, unresponsive bank into one that is driving genuine customer engagement year-round, including:
• The evolving importance of Big Data and its accumulation and analysis beyond traditional loyalty metrics. Financial services, like other verticals, are learning to cater holistically to customers. What can a brand learn about program members outside of how they shop, what they buy and how they interact with their financial institution? How does their lifestyle impact their loyalty experience?
• The growing need for FIs to get moving on mobile while attracting, engaging and retaining Millennials – a generation poised for significant spending power, but whose loyalty remains up for grabs. Banks need to be where their customers are and increasingly that means offering them an on-the-go experience that is seamless, intuitive and fun.
• The fundamental rethinking of how a customer’s predicted long-term economic value – commonly known as customer lifetime value (CLV) – is determined. FIs must embrace CLV as the total amount customers could spend over time if properly engaged, with transactional barriers removed.
These trends – and additional insights – are at the heart of the Kobie Quarterly Review: Financial Services edition. Its goal is simple: to educate readers about the evolving loyalty landscape in specific industries and where it’s heading. Our Quarterly Review also offers suggestions and analyses on how brands can improve their loyalty efforts, discussions on mobile technology and today’s two-way brand-consumer dialogue.
We hope the Kobie Quarterly Review: Financial Services edition broadens your appreciation for what loyalty programs are all about - a way for brands and customers to truly develop genuine relationships – relationships that can grow as robust as the most revered financial institutions.
Tell us what you think and keep the conversation going.
Michael Hemsey, President
Kobie Marketing
The document discusses how banks can leverage emerging technologies and data to personalize customer experiences. It explores three vital themes for banks: digital transformation driven by accelerating technology adoption, operational agility through dynamic business models, and programmatic banking which uses data to optimize customer experiences. Programmatic banking combines principles from agile banking, design thinking, and customer integration to deliver optimal experiences through the right channels. It allows banks to be more nimble and make informed strategic decisions using customer data and signals.
201407 Global Insights and Actions for Banks in the Digital Age - Eyes Wide ShutFrancisco Calzado
According to a survey of 157 senior banking IT executives from around the world, digital channels are expected to continue growing in importance over the next few years. While branches will still be used, respondents anticipated a 25% decline in branch customers by 2016. Mobile banking is expected to see the largest growth of any channel at 64% over the same period. The survey found that banks have made progress in integrating digital channels but still have work to do - 43% had integrated online and mobile, while only 19% had fully integrated online, mobile, and social media. When asked about barriers to achieving digital objectives, executives most commonly cited legacy core banking systems and regulatory challenges. Improving the customer experience was the second most important factor cited for driving
Etude PwC : "Digital Banking Survey" (2014)PwC France
http://pwc.to/1jQNy0n
Le secteur bancaire ne doit cesser d'innover pour continuer de satisfaire les besoins de leurs clients au temps de la digitalisation. Retrouvez toutes les conclusions PwC sur ce sujet.
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1. Transforming
Customer
Engagements In
A Digital World:
An executive briefing on the shifting communications
paradigm and the benefits of a comprehensive customer
communications management strategy