Customer Experience (CX) is at the center of every organization's growth strategy and technology is significant in transforming it. Here are a few innovative ideas to improve customer experience with Artificial Intelligence (AI) and Robotics. Customer experience is the most important and challenging element of an organization's business strategy. Market dynamics and varying customer expectations make it challenging for marketers to identify customer wants and needs. Hence, arises the need to innovate and improve customer experiences.
Where appropriate, we brought back trends from previous reports, once they had hit tipping point or promised new value.We looked ahead to predict which consumer segments will be most affected by the trend, how it will evolve, and identified brands that are leading the way. They are the early adopters of new technology. Millennials – those born after 1982 – are adept at making the most of technology to create a world of difference for themselves. Technology has given them the freedom to redefine the way they work, play, shop and to take control of their daily activities. Their dependence on their smartphones and other new technologies sets their expectations for how they want to engage with brands. Generation Z – defined loosely as those born after the late 1990s – are the first true digital native generation, and are the native speakers of the digital language of computers, video games and the internet.
Providers have no alternative to fully understanding each consumer they serve. The future of engagement is not about points and discounts, but about making banking easier and providing personalized experiences that respond to financial needs in real time. Subscribe to The Financial Brand via email for FREE!Banks and credit unions are increasingly adopting a more personalized approach to connecting with consumers across all media channels, according to research from the Digital Banking Report. To stay ahead of the competition, financial services companies are making efforts to build human connections with consumers and trying to build a more emotional style of consumer engagement. This is impacting all customer-facing components of the retail banking organization, from marketing to product development, to back-office operations, channel management and innovation.
Gartner has identified four technologies it's claiming have the capability to transform how marketers run technology ecosystems and, ultimately, deliver meaningful customer experiences. According to the analyst firm's latest Hype Cycle for Digital Marketing and Advertising 2019 report, artificial intelligence (AI) for marketing, customer data platforms (CDPs), blockchain for advertising, and real-time marketing are the technologies earmarked to make a difference to marketing into the future. Gartner also recommended marketers continue to monitor and be aware of other technologies, such as conversational marketing and multi-touch attribution, which are high impact and moving forward. "Marketers today must strike the right balance between delivering meaningful customer experiences that differentiate their brands and focusing on providing real value to the business," a vice-president analyst in Gartner's Marketing practice, Mike McGuire, said. "Event-triggered and real-time marketing will have the biggest impact on marketing activities in the next five years. However, before marketers can realise the benefits of these technologies, they must first become proficient in predictive analytics and delivering personalised communications."