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Data analytics is fast becoming a strategic differentiator. As organizations strive to improve the digital experience for their customers, I get really excited when I speak to clients and see how they are using insights driven by data to make changes to their existing processes and accessing alternative channel to deliver a better experience for customers. What is even more motivating is when we work with clients to not only improve the customer experience but in doing so we help them drive costs down and attract a new generation of customers.
In today’s market, many businesses are finding that customer loyalty can be impacted, and have a big effect on profitability. In our recently published eBook on how Forms are Killing Your Business, we quote Sophie Schmitt from Aite Group, who states that banks that fail to migrate paper-based onboarding processes to web and mobile platforms will be left behind in their efforts to improve the client experience, reduce costs and meet regulatory requirements. In other words they risk being left for dead, they need to become a data-driven organization.
People are busy, so doing things quickly has become the norm; if something seems too hard then it’s likely they’ll look for an alternative or abandon the process rather than persevere – and that includes providing businesses with their data.
Customers complete forms all the time – when they obtain insurance quotes, when they apply for a home loan or when they register for a course at university. It’s is an essential part of business operations, and a prerequisite for the provision of many products or services. This experience needs to be simple, compelling for the customer, and needs to be as automated from end to end for the organization, reducing costs and improving the experience.
At Intelledox, we’re seeing that organizations are increasingly aiming to operationalize their insights; that is, use their insights to improve the customer experience and thus increase revenue for the business and drive customer loyalty.
Abandoned forms are commonplace when customers are challenged with poorly worded questions, or the user experience on their device is poor. Often they need to go and find supplementary information – such as driver license details, or passport numbers – part way through the process adding complexity to the process. As such, we’re observing a growing trend for organizations to tap into the capabilities of our Infiniti platform to extract data-led insights that provide some indication as to why.
The amount of time customers spend on each question could indicate how easy it is to understand; the digital platform or the device they use to complete the form could show the way they prefer to interact with you; and if many customers are abandoning forms at the same place then this could be a major cause for concern.
In a competitive environment, you increasingly need to collect vast amounts of data and use it in an intelligent way to retain or improve their standing in the market. So understanding the customer barriers to providing this data is imperative. Ultimately, customers are seeking a logical and straightforward experience that benefits them.
Data is fast becoming a differentiator in business and, analyzed properly, can deliver valuable insights that tell you what the customer wants. This knowledge enables you to make the most appropriate changes; ones that will really deliver the right outcomes for your business.
Learn more about the Intelledox Data Analytics module and let us know if we can help you gain greater insights.