customer experience

Przyklenk, senior manager, digital insights, for TDBank Group talks on why relevant data should be used for marketing rather than big data.

“You don’t need a lot of data to make decisions, just the right data” says Przyklenk.

TDBank Group, the second largest financial institution in Canada, began re-evaluating their customer data when branch traffic declined without a significant increase in digital transactions. Przyklenk talks about the challenges referred to 5 S’s the bank is facing while data analysis.

  • Siloed: multiple systems for different lines of business to connect to customers
  • Structured: several layers of data ownership, governance and access levels, requires vast institutional knowledge
  • Super-expensive: internal cost structures including chargeback models for processing time and bandwidth
  • Strange: systems are older than the analysts using them and the information generated is difficult to understand
  • Speed: financial institution mainframes offer faster processing speed but without structured data analysis cannot be effective.

A huge amount of unstructured data from multiple sources is dirty and data analytics cannot make sense of it. Prospects and customers expect personalized and relevant offers based on behavioral and relationship data, which cannot be achieved with the above challenges.

Przyklenk said among customer data collection and analysis, enterprise should invest in centralized data warehouse, data management platform and customer journey mapping.

Centralized data warehouse will consolidate all the customer data which in turn will help marketers spend more time on launching campaigns rather than consolidating data. This consolidated warehouse can also be integrated with other applications like CRM to make customer data available to all stakeholders. A data management platform and customer journey mapping will provide a single customer relationship across different lines of business with a personalized communication. Finally these changes in an organization will provide a 360 degree view of your customer.

 

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In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

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Forrester research shows that since 2007 the average customer experience in the industries has gone up and the number of bad customer experiences has dropped down to minimal. But according to the latest predictions, 2015 is not a good time to provide an average customer experience. Customers are empowered more than ever and they have been interacting with numerous companies to get the best experience.

Next year companies will invest more on technology to stand out of the crowd by having a superior customer experience and soon the average customer experience companies will not be appreciated. This digital race from good to great customer experience will hit the gas pedal, and government & public sector companies will also be part of it.

Forrester says the next level of customer experience is an emotional interaction. Analytics on customer data from extended sources like social media platforms, campaign management platforms, mobile apps, and loyalty programs needs to be used to provide a more emotional interaction with the customer. This data is further used to personalize interactions in real time to transform the needs and wants of individual customers. The battle ground is shifting to new areas based on customer needs and companies should be prepared to explore them.

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In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

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According to Gartner, by 2017 80% of consumers will collect, track and barter their personal data for cost savings, convenience and customization. Siloed approach, prevalent in many enterprises hinders the shift to a digital business. Evolution from a channel-centric, operational mindset to a customer-centric approach is critical for enhancing digital customer experience
Today’s systems need to be transformed to leverage a ‘unified data architecture’ wherein current data should be used to build an intelligence repository that powers innovation and governance in delivering a rich user experience.

The near future is all about personalization and user experience wherein sophisticated systems will need to be packaged into applications made accessible to end users to meet their customized business and personal needs making BI available at customer’s finger tips

BI focus is now centered in a ‘Sweet Spot’ where ‘Ad hoc Query’ meets ‘Dynamic OLAP’ leading to

– Data discovery technologies (on ‘Data Lakes’ -> fusion of     repositories, XML, NoSQL, and DB)
– Interactive reports
– Big data and real time data together, aiding decision making     systems

Enterprises can look for virtualization / cloud technologies for enhancing the customer experience. This will help lower the cost and help with integration, transformation and expansion of their current systems.

In10stech

Our enterprise software products are used globally by Fortune 500s for digitalization of customer experience life-cycle, resulting in greater customer-centricity and reduced operational expenses

More Posts - Website

Read more