The customer is always right is a slogan used often to exhort service personnel to give a high priority to customer satisfaction. But, whether or not they are right, it is important to remember that customer satisfaction should be an ultimate goal.
That said, customer satisfaction is heavily reliant on how well the customer experience is.
A study conducted by the Harvard Business Review showed that improving customer experience is a top priority for 64% of financial services firms. Another study by McKinsey revealed that personalizing a customer's user experience can lead to a 40% increase in revenue.
That's why Terragon, a leading data and marketing technology company in Africa, wants to transform the way customers are served using a new solution for banks that aims to create a single system that helps banks understand their customers better and provide improved experiences.
The solution uses Artificial Intelligence (AI) and Machine Learning (ML) to make sense of the vast amount of data banks collect from various sources, such as branches, social media, call centres, and mobile banking. By analyzing this data, the system can identify patterns and trends, segment customers, and deliver personalized and consistent interactions across different channels.
Teragon claims that the solution addresses common issues faced by customers, such as difficulties in continuing conversations across multiple channels, receiving irrelevant offers, and getting timely support.
It is expected that the solution would enable banks to build stronger relationships with customers, make smarter decisions, save time, reduce costs, and increase profits.