In today’s fast-paced, digital-first world, customer experience (CX) has become a critical differentiator for businesses. In a roundtable hosted by ETBFSI, with Centelon Solutions and Salesforce, a detailed discussion by these thought leaders ensued, which covered the whole gamut of personalization. Companies are striving to offer hyper-personalized and frictionless experiences to meet the ever-evolving expectations of their customers. This approach not only enhances customer satisfaction but also drives loyalty and business growth.
This, in effect raises several points to ponder about. How to create data-driven personalized experience with 360 degree view of customer? Is technology leveraged to achieve this objective?
In many ways these are time immemorial questions. As companies are privy to so much data and with the introduction of Digital Personal Data Protection (DPDP) Bill, the way to understand a customer assumes a new meaning. Srinivas Jain, Director, SBI Funds said: “As our customers are primarily B2B, our focus on customer experience is primarily targeted at B2B customers, instead of B2C.
In many cases, the last mile creativity was not appealing to many customers and that seems to be a sore point for many organizations in India. “Some amount of last mile testing has helped us. We have a marketing automation tool, a CRM solution, and a dozen such solutions which we have stitched together. All these form some kind of a 360 degree customer view.”
Companies are looking to build a data lake and once this data lake is in place, some unstructured data can be analysed. A case in point is SBI’s partner app, website and such channels. We have done hyper customization in areas to understand wallet share of our customers. For example, in a particular pin code, can you get an idea of what the other distributors are doing?
“We have built an entire standardized API stack in those areas and in the coming days we will integrate AI with it,” says Jain. Employing algorithms to predict customer needs and preferences, enabling proactive and personalised engagements are key focus areas of AMC’s.
When it comes to investors, the effort that we put today is the one that makes their journey smoother with a click of a button. “When an investor puts in money, can I get it in one swipe, under a minute is something we are constantly working on,” says Kanish Kapoor, CIO of Taurus Asset Management Company.
Hyper Personalization
Hyper-personalization involves leveraging advanced data analytics, artificial intelligence (AI), and machine learning (ML) to deliver tailored experiences to individual customers. Unlike traditional personalization, which might segment customers into broad categories, hyper-personalization focuses on the unique preferences, behaviors, and needs of each customer.
Another area that AMC’s are looking at to have a powerful user experience is in providing services across multiple languages. “The ability to reach a customer through personalized content is something we have been working on since the last couple of years. We have captured customer journeys with the help of MarTech,” says Reena Nathani, Chief Business Officer, Quantum Mutual Fund.
The ultimate goal in all this is to have a unified customer profile which helps in better understanding customer needs. This involves ensuring consistency and continuity across all channels, including online, mobile, and in-store interactions, according to K S Rao, Aditya Birla Asset Management.
“Integrating this data in real-time to provide up-to-date insights into customer behavior,” points out Bhavit Godiwala, Head of Asia Middle East and Africa, Centelon Solutions. Centelon Solutions partners with a variety of industries such as banking, insurance, non-profit organizations, government, media, and energy and utilities. This diverse client base highlights its capability to adapt and provide tailored solutions across different sectors.
A frictionless customer experience aims to remove any obstacles or difficulties a customer might encounter during their interaction with a company. “It’s about making every step of the customer journey as smooth and effortless as possible,” says Kishen Kumar, Group CTO, ASK Asset Management.
A frictionless customer experience aims to remove any obstacles or challenges that customers might encounter during their journey with a brand. This seamless experience spans the entire customer lifecycle, from initial discovery to post-purchase support, stated Rashida Roopawala of Edelweiss Mutual Fund.
Customer experience is no longer a good to have but has become an essential element in a company’s business lifecycle. “With GenAI, and other upcoming technologies there will be a necessity for customer360. This will become the hygiene factor for organizations regardless of size,” says Pranay Sinha, Account Director, Salesforce.
Salesforce is the world’s leading customer relationship management (CRM) platform, known for its innovative use of artificial intelligence (AI) and comprehensive suite of products that integrate sales, service, marketing, commerce, and IT functions. Founded in 1999 by Marc Benioff, Salesforce has grown into a powerhouse with a wide array of tools designed to help businesses of all sizes enhance their customer interactions and streamline operations.
Leveraging AI-driven chatbots and virtual assistants to provide instant support and resolve issues quickly are becoming the norm. at the same time, ensuring human support is readily available for more complex inquiries, maintaining a balance between automation and personal touch need to be kept in mind.
In the final analysis, creating a hyper-personalized, frictionless customer experience is essential for businesses looking to thrive in today’s competitive landscape. By leveraging advanced technologies and focusing on the unique needs of each customer, companies can deliver exceptional experiences that drive satisfaction, loyalty, and growth. The essence of customer experience is in seamless integration of personalization and frictionless interactions, making every customer feel valued and understood at every touch point.
The key lies in effectively managing customer data, deploying intelligent analytics, and ensuring seamless interactions across all channels. With the right strategies and tools, companies can achieve a customer-centric approach that sets them apart and secures long-term success.
(Disclaimer: The above content is non-editorial, and TIL hereby disclaims any and all warranties, expressed or implied, relating to it. This is a Brand Connect Initiative.)
