Financial institutions such as retail banks, investment companies and credit unions market multiple products to customers often balancing both credit and debit relationships with the same customers, while contending with complex regulation. Managing customer relationships in a multi-product, multi-location, multi-channel policy-driven, talent-starved environment is difficult – more so when most customer engagement is now digital, requiring significant capital investments that even large financial institutions find challenging.
Knowing what it takes to maximize customer value is the easy part.
Everyone knows what it takes.
But if it was indeed that easy, why do 99% of the organizations fail to maximize customer value? We hypothesize that a variety of reasons are at work.
The very tools that promise the moon, make it difficult to engage with customers
Financial institutions today are flooded with tools to power their customer interactions. But all these tools are built around the channel (emailing platforms, voice platforms, content management systems, etc.) or function (campaign management, data mining and analytics, etc.). This forces firms to set up complex processes and teams to stitch together the disparate and disconnected systems.
There is no comprehension of who, when and how to engage
There is an even larger issue at play here – a comprehension of how customer interactions truly come together. When customers walk into branches and yell, at least we know that a resolution is needed. What happens when there is simply a decay in frequency of interactions? When working with a set of disparate, digital, disconnected systems, the challenge is greater. It is like learning to read Morse Code. You communicate through emails, text messages, direct mail, Tweets, Facebook updates, etc. Your customers communicate through form fills, email responses, clicks, opens, website visits, text messages, 1-800 calls, etc.
How do you stitch these together to decipher all the signals and form an intelligent understanding of your engagement with your customer? Only when you are able to decipher this conversation and understand your connect with your customers, can you start responding more intelligently and deepen engagement. Tools don’t decipher this Morse Code yet. Google Analytics just tells you how many page views. Your emailing tools tells you open rate.
But, which tool tells you everything that customers do, in one view? This very thought is so radical and the problem domain so complex that it has never been attempted. You don’t need yet another pageview report, or call center performance report. You need a way by which page views are automatically linked to outbound messages, customer profiles are automatically enriched, and customer conversations are automatically generated for execution.
The complexity of having hundreds of conversations simultaneously is mind-boggling
The problem is not just the tools. Where do you find team members who have a holistic understanding of your firm’s revenue generating strategies and are able to take a multi-dimensional view of how to implement a relevant customer engagement strategy? And if you do manage to get one or two brilliant folks who can come up with the strategy, are they going to be able to implement something like this by themselves, or are other distinct skills required to pull this off? Even within your front-line teams, it is difficult to get two different teams to understand each other. So, how do you even find the talent to come up with a holistic strategy and then also implement and manage them well?
So, what is the solution?
We believe that the Customer Value Maximization platform addresses all the challenges involved in truly maximizing value. It is designed exactly for that purpose. It puts the business users in the driver’s seat. It truly can transform the way you do business.
To know more about the platform and how it works, click here...