“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.”
“A recent survey of design professionals by Adobe finds more than half, 62%, expressed interest in AI and machine learning and what they add to the creative process. AI and machine learning will have a “democratizing effect on creativity” in applications and products.
Eliminates one-sided testing approaches. “AI deals with the A/B testing, which considers a majority of votes rather than individual opinion,” says Morgan.
AI applies user behaviors. “AI algorithms simplify and ease out the process of improvised user experience by utilizing the information derived to revise user behaviors,” says Morgan. ‘This settles down in more personalized designs that are able to provide, the better individual user experience.'”
“This is a key focus that is being recognized by the industry and brands as a whole, with customer experience consultancy, Walker, revealing that, by the year 2020, customer experience will overtake price and product as the key brand differentiator.
Permanent uplift in conversion is a by-product of improving the user experience, which leads very neatly to the question that every e-commerce team should be asking: What is a good UX worth and how much does bad UX cost? A study by Momentum Design Lab back in 2014 found a good user experience is estimated to add between $500m and 1.4bn to the earnings of industries like retail and insurance.“