“Combining insights from all of these touchpoints will create an even more robust profile of your customers that can improve engagement success. Remember, consumers no longer walk into a branch or pick up a phone to voice a concern or to make a purchase. Instead, they often interact on other channels hoping that their financial institution will “figure it out.”
“So anyone interested in CX trends should pay close attention to the latest Customer Experience Index report from Forrester Research. The annual survey asks nearly 120,000 U.S. consumers to rank 287 brands across 19 industries, focusing on how their company-specific experiences impact brand loyalty. The alarming surprise was that the aggregate measurement of customer experiences failed to improve, with more brands than ever ranked “mediocre.” Just 37 brands rose in the rankings; the remaining 250 stagnated or declined.
With the advent of artificial intelligence (AI), companies can now improve CX by learning more about the customer and anticipating their needs. Many CX-focused brands are deploying artificial intelligence technologies strategically at key customer touch points.
To illustrate what that looks like in practice, we’ve assembled five examples of AI-powered CX from five different industries—showing that 5-star customer experiences can be just an algorithm away for forward-thinking companies:
1. In retail, AI-enabled personalization unlocks access to the 1% customer.
Data shows thatthe top 1% of a retailer’s customers are worth 18x more than its average customer.
2. For a global bank, AI builds trust and loyalty.
Its approach was to leverage data intelligence into entirely new forms of customer contact.
3. For one airline, new data intelligence drives CX innovation.
Seeking to better understand its customer and, ultimately, improve its mobile app experience, the company deployed an AI and machine learning data analytics system that provided insight into customer behavior across digital and offline channels.
4. In entertainment, AI battles ticket bots.
Ticketmaster turned to AI to rewrite the rules using a machine learning system called Verified Fan
5. For one luxury hotel brand, new insight required new AI.
Until the luxury hotel brand Dorchester Collection did just that, creating a custom AI analytics system that is essentially a giant focus group operating continuously in real time.”
“Some predict that bots are the new apps…Consumers are overwhelmed with apps, and they prefer to converse on the messenger apps they’re already on. If you think about it this is a natural progression, considering that messaging is the root of all mobile communication. 50% of U.S. mobile users haven’t downloaded an app in the last year, but billions of people are already using messaging apps.”
“One of the reasons the chatbot has so much potential for businesses is its ability to scale. In 2016, 1.6 billion people used mobile messaging apps. That number is expected to reach 2 billion people, or 80% of all smartphone users, in 2018.”