Friday, October 4, 2019

Enabling Continuous Transformation of Customer Experience with AI driven Banking CRM


Insurance CRM, CRM for insurance, CRM in insurance
Buckle up, Bankers!

Artificial intelligence is delivering a thrilling customer experience across channels.


It is helping banks to know customers better than themselves and offer personalized, instant and convenient financial fulfillment.

Here's how you can use 'continuous intelligence’ to develop ‘continuous understanding’ of customers and create impactful customer experience in real time.

1. Design led digital journeys
'Experience' is the new digital currency. Customers are trading their hearts and wallets for convenience, personalized and contextualized engagment. Bankers can deliver that and more with intelligent drag and drop visual designers that create and weave together delightful digital journeys. Designing context responsive experience journeys builds long term trust, loyalty and stickiness.

2. Proactive listening to the Voice of the Customer
An intelligent banking CRM platform will help bankers to identify customer sentiments and perceptions in real time. Collecting, combining and intrepreting direct and indirect feedback can help them turn customer intelligence into alerts, reports, customized dashboards and business-rule-based actions. A unified banking CRM platform with smart alerts can deliver this information to the right teams at the right time. The 'Voice of the Customer' can also be a beacon for driving investments in continous customer experience.

3. Cross selling with personalized offerings
Real time visibility of customer journeys allows bankers to instantly know when prospects have dropped their digital purchase journeys. They can then offer contextual, personalized offers, powered by intelligent algorithms, enticing them to complete the buying journeys. Personalized cross selling is a great conversion and stickiness booster. AI driven machine learning can comb through copious amounts of customer data and provide granular habit intelligence.

4. Omnichannel continuity
The three keywords for exceeding customer expectations are choice, context and continuity. This pertains to the ability of the customer to service/buy anywhere, anytime (choice), saving current journey state (context) and completing it on any device (continuity). Bi-directional integrations and single fabric UI will allow bakers and customers to view the same data and bring them both on the same wavelength. This matches customer expectations and experience.

5. Real time, AI driven assistance
Banks can provide real-time assistance to customers by incorporating chat-bots in their digital banking systems. These conversational virtual assistants can provide customer service service at the moment they need it. They can understand customer context and solve queries of customers quickly and are very intuitive with well-timed pop-ups. This will eliminate miserable wait in lines or holds before they get help from bank staff.

Augmented Intelligence can be used very smartly for uplifting of digital banking experience. Faster customer insights can be generated at real-time which will help in marketing the bank’s products accordingly and also customizing experience as per need. This is aimed at developing continuous customer understanding so that customer experience can get better all the time