intelligent
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HE LAST FEW years have
T been challenging in more ways than one and our economy has certainly taken a hit . With a constantly fluctuating GDP , soaring inflation rates and increasing interest rates in the United Kingdom , it is evident that a financial downturn may not be far away – and if organisations want to successfully get through it , they must prepare adequately . If done well , financial downturns can also present an opportunity for organisations to pivot operations in such a way that they win customers ’ trust and emerge stronger on the other side .
Customer experience ( CX ) leaders play a crucial role in this and can take various steps to strengthen their organisation ’ s resilience during times of financial turbulence . Let ’ s look at the four actions they should prioritise .
1
Identify new ways to listen and speak to customers
The reason financial downturns tend to be so unpredictable for organisations is that they are also unpredictable for customers . It is important , in such times , to understand what exactly customers expect and need , but organisations can be hesitant to outright ask for feedback so as not to burden them further . This is a great opportunity to try something different .
As a workaround to surveying their customer base , organisations can explore new ways to listen to customers – from capturing social media commentary to transcribing contact centre calls to be analysed for themes and sentiments through text analytics . At times of crisis , emotions can run high and solutions are wanted imminently . By being able to identify distress signals from customers at scale and pairing these insights with other operational data in real-time , organisations can act quickly to solve problems for customers – and do so in the way that is most helpful for the customer at that moment .
The power of these ‘ customer experience signals ’ is undeniable . During the Great Recession , a financial institution leveraged customer insights alongside operational data to quickly identify and put in place processes that allowed homeowners to avoid foreclosure . Organisations that can
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LEVERAGING ARTIFICIAL INTELLIGENCE AND MACHINE LEARNING CAN MAKE A REAL DIFFERENCE AT EVERY ONE OF THESE CRITICAL DECISION POINTS .
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