Increased consumer expectations are making old business models of engagement obsolete and driving newer transformations every day. Today, a product or service is expected to add value in a client’s life directly, and also be aligned to a company’s purpose. Digital has become, therefore a key differentiator in building competitive advantage. This means, it’s not enough to look at automation and bots as structures between you and the clients but proactively create a culture that is responsive to client needs and consistently questions the efficacy of a solution as it plays its role in the client's journey.

Banks and financial institutions around the globe are working towards being digitally transformed to deliver consistent and powerful client experiences whether it is online or retail.

What’s changing?

With the advent of predictive analytics and AI, businesses are diving deeper into data to target the right customers and provide personalized service and recommendations. Data-driven marketing has enabled personalized marketing, helps in improving products, and also results in effective cross-selling and higher conversion rates. Alongside the traditional contact centre channels, there are a host of platforms like Whatsapp, FB Messenger, and website chatbots, etc. that are enabling real-time response to customers at every touchpoint.

The speed and precision of AI technologies, in addition to human insights, are able to provide the continuous intelligence needed for CX. More brands are embracing messaging platforms to increase client engagement and strengthen customer loyalty. 

What are some of the developing trends?

More and more brands are looking to make a gradual shift from AR->VR->MR. MR, the latest immersive technology also referred to as hybrid reality has the potential to seamlessly shift functions to MR headsets or head-mounted displays providing effective, digitally focused CX.

In future, sensor-enabled data could combine to make buying a financial product a protective, frictionless process integrated into customers’ day-to-day lives. For example, autonomous cars could assess the damage and immediately file claims, houses can proactively monitor for leaking pipes or smoke, and wearables can immediately activate travel cover when one is abroad. Data could be gathered from smart homes, wearables, modes of transport to create personalized products

Organizations will further need to collaborate with startups and fintechs, which are already innovating with the technology needed for this new customer-centric and digital-first world.


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