Tag: customer experience

Customer teams in Singapore face a complex challenge. Organisations recognise the significance of a distinctive customer experience (CX) and adaptability to market shifts in a competitive landscape. They also prioritise enhancing employee experience (EX) and reducing costs. Balancing these priorities requires recalibrating across people, processes, and technologies.

This underscores the pivotal role of data in CX transformation. When CX teams and contact centres prioritise data in all their initiatives, they gain deep insights into customer journeys, facilitating proactive service delivery, enhancing self-service mechanisms, and fostering genuine innovation in customer engagement.

Here are 5 ways organisations in Singapore can achieve these business objectives.

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Customer feedback is at the heart of Customer Experience (CX). But it’s changing. What we consider customer feedback, how we collect and analyse it, and how we act on it is changing. Today, an estimated 80-90% of customer data is unstructured. Are you able and ready to leverage insights from that vast amount of customer feedback data?

Let’s begin with the basics: What is VoC and why is there so much buzz around it now?

Voice of the Customer (VoC) traditionally refers to customer feedback programs. In its most basic form that means organisations are sending surveys to customers to ask for feedback. And for a long time that really was the only way for organisations to understand what their customers thought about their brand, products, and services.

But that was way back then. Over the last few years, we’ve seen the market (organisations and vendors) dipping their toes into the world of unsolicited feedback.

What’s unsolicited feedback, you ask?

Unsolicited feedback simply means organisations didn’t actually ask for it and they’re often not in control over it, but the customer provides feedback in some way, shape, or form. That’s quite a change to the traditional survey approach, where they got answers to questions they specifically asked (solicited feedback).

Unsolicited feedback is important for many reasons:

• Organisations can tap into a much wider range of feedback sources, from surveys to contact centre phone calls, chats, emails, complaints, social media conversations, online reviews, CRM notes – the list is long.
• Surveys have many advantages, but also many disadvantages. From only hearing from a very specific customer type (those who respond and are typically at the extreme ends of the feedback sentiment), getting feedback on the questions they ask, and hearing from a very small portion of the customer base (think email open rates and survey fatigue).
• With unsolicited feedback organisations hear from 100% of the customers who interact with the brand. They hear what customers have to say, and not just how they answer predefined questions.

It is a huge step up, especially from the traditional post-call survey. Imagine a customer just spent 30 min on the line with an agent explaining their problem and frustration, just to receive a survey post call, to tell the organisation what they just told the agent, and how they felt about the experience. Organisations should already know that. In fact, they probably do – they just haven’t started tapping into that data yet. At least not for CX and customer insights purposes.

When does GenAI feature?

We can now tap into those raw feedback sources and analyse the unstructured data in a way never seen before. Long gone are the days of manual excel survey verbatim read-throughs or coding (although I’m well aware that that’s still happening!). Tech, in particular GenAI and Large Language Models (LLMs), are now assisting organisations in decluttering all the messy conversations and unstructured data. Not only is the quality of the analysis greatly enhanced, but the insights are also presented in user-friendly formats. Customer teams ask for the insights they need, and the tools spit it out in text form, graphs, tables, and so on.

The time from raw data to insights has reduced drastically, from hours and days down to seconds. Not only has the speed, quality, and ease of analysis improved, but many vendors are now integrating recommendations into their offerings. The tools can provide “basic” recommendations to help customer teams to act on the feedback, based on the insights uncovered.

Think of all the productivity gains and spare time organisations now have to act on the insights and drive positive CX improvements.

What does that mean for CX Teams and Organisations?  

Including unsolicited feedback into the analysis to gain customer insights also changes how organisations set up and run CX and insights programs.

It’s important to understand that feedback doesn’t belong to a single person or team. CX is a team sport and particularly when it comes to acting on insights. It’s essential to share these insights with the right people, at the right time.

Some common misperceptions:

• Surveys have “owners” and only the owners can see that feedback.
• Feedback that comes through a specific channel, is specific to that channel or product.
• Contact centre feedback is only collected to coach staff.

If that’s how organisations have built their programs, they’ll have to rethink what they’re doing.

If organisations think about some of the more commonly used unstructured feedback, such as that from the contact centre or social media, it’s important to note that this feedback isn’t solely about the contact centre or social media teams. It’s about something else. In fact, it’s usually about something that created friction in the customer experience, that was generated by another team in the organisation. For example: An incorrect bill can lead to a grumpy social media post or a faulty product can lead to a disgruntled call to the contact centre. If the feedback is only shared with the social media or contact centre team, how will the underlying issues be resolved? The frontline teams service customers, but organisations also need to fix the underlying root causes that created the friction in the first place.

And that’s why organisations need to start consolidating the feedback data and democratise it.

It’s time to break down data and organisational silos and truly start thinking about the customer. No more silos. Instead, organisations must focus on a centralised customer data repository and data democratisation to share insights with the right people at the right time.

In my next Ecosystm Insights, I will discuss some of the tech options that CX teams have. Stay tuned!

In recent years, organisations have had to swiftly transition to providing digital experiences due to limitations on physical interactions; competed fiercely based on the customer experiences offered; and invested significantly in the latest CX technologies. However, in 2024, organisations will pivot their competitive efforts towards product innovation rather than solely focusing on enhancing the CX. ​

This does not mean that organisations will not focus on CX – they will just be smarter about it! 

The Banking, Financial Services, and Insurance (BFSI) industry, known for its cautious stance on technology, is swiftly undergoing a transformational modernisation journey. Areas such as digital customer experiences, automated fraud detection, and real-time risk assessment are all part of a technology-led roadmap. This shift is transforming the cybersecurity stance of BFSI organisations, which have conventionally favoured centralising everything within a data centre behind a firewall. 

Ecosystm research finds that 75% of BFSI technology leaders believe that a data breach is inevitable. This requires taking a new cyber approach to detect threats early, reduce the impact of an attack, and avoid lateral movement across the network.  

BFSI organisations will boost investments in two main areas over the next year: updating infrastructure and software, and exploring innovative domains like digital workplaces and automation. Cybersecurity investments are crucial in both of these areas.

As a regulated industry, breaches come with significant cost implications, underscoring the need to prioritise cybersecurity. BFSI cybersecurity and risk teams need to constantly reassess their strategies for safeguarding data and fulfilling compliance obligations, as they explore ways to facilitate new services for customers, partners, and employees.  

The primary concerns of BFSI CISOs can be categorised into two distinct groups:

1. Expanding Technology Use. This includes the proliferation of applications and devices, as well as data access beyond the network perimeter.
2. Employee-Related Vulnerabilities. This involves responses to phishing and malware attempts, as well as intentional and unintentional misuse of technology.

Vulnerabilities Arising from Employee Actions

Security vulnerabilities arising from employee actions and unawareness represent a significant and ongoing concern for businesses of all sizes and industries – the risks are just much bigger for BFSI. These vulnerabilities can lead to data breaches, financial losses, damage to reputation, and legal ramifications. A multi-pronged approach is needed that combines technology, training, policies, and a culture of security consciousness. 

Training and Culture. BFSI organisations prioritise comprehensive training and awareness programs, educating employees about common threats like phishing and best practices for safeguarding sensitive data. While these programs are often ongoing and adaptable to new threats, they can sometimes become mere compliance checklists, raising questions about their true effectiveness. Conducting simulated phishing attacks and security quizzes to assess employee awareness and identify areas where further training is required, can be effective.  

To truly educate employees on risks, it’s essential to move beyond compliance and build a cybersecurity culture throughout the organisation. This can involve setting organisation-wide security KPIs that cascade from the CEO down to every employee, promoting accountability and transparency. Creating an environment where employees feel comfortable reporting security concerns is critical for early threat detection and mitigation. 

Policies. Clear security policies and enforcement are essential for ensuring that employees understand their roles within the broader security framework, including responsibilities on strong password use, secure data handling, and prompt incident reporting. Implementing the principle of least privilege, which restricts access based on specific roles, mitigates potential harm from insider threats and inadvertent data exposure. Policies should evolve through routine security audits, including technical assessments and evaluations of employee protocol adherence, which will help organisations with a swifter identification of vulnerabilities and to take the necessary corrective actions.  

However, despite the best efforts, breaches do happen – and this is where a well-defined incident response plan, that is regularly tested and updated, is crucial to minimise the damage. This requires every employee to know their roles and responsibilities during a security incident. 

Tech Expansion Leading to Cyber Complexity

Cloud. Initially hesitant to transition essential workloads to the cloud, the BFSI industry has experienced a shift in perspective due to the rise of inventive SaaS-based Fintech tools and hybrid cloud solutions, that have created new impetus for change. This new distributed architecture requires a fresh look at cyber measures. Secure Access Service Edge (SASE) providers are integrating a range of cloud-delivered safeguards, such as FWaaS, CASB, and ZTNA with SD-WAN to ensure organisations can securely access the cloud without compromising on performance.   

Data & AI. Data holds paramount importance in the BFSI industry for informed decision-making, personalised customer experiences, risk assessment, fraud prevention, and regulatory compliance. AI applications are being used to tailor products and services, optimise operational efficiency, and stay competitive in an evolving market. As part of their technology modernisation efforts, 47% of BFSI institutions are refining their data and AI strategies. They also acknowledge the challenges associated – and satisfying risk, regulatory, and compliance requirements is one of the biggest challenges facing BFSI organisations in the AI deployments.  

Organisations are moving beyond digitalisation to a focus on building market differentiation. It is widely acknowledged that customer-centric strategies lead to better business outcomes, including increased customer satisfaction, loyalty, competitiveness, growth, and profitability.

AI is the key enabler driving personalisation at scale. It has also become key to improving employee productivity, empowering them to focus on high-value tasks and deepening customer engagements.

Over the last month – at the Salesforce World Tour and over multiple analyst briefings – Salesforce has showcased their desire to solve customer challenges using AI innovations. They have announced a range of new AI innovations across Data Cloud, their integrated CRM platform. ​

The Financial Services industry can benefit greatly from leveraging Data and AI technologies to enhance client value and innovation. BFSI organisations want to deliver AI-driven outcomes.​

However, many AI projects fail to deliver long-term business value. Leaders in the industry must overcome challenges such as​

• Converting proofs of concept to scalable implementations ​
• Deploying end-to-end AI and Data strategies​
• Evolving business requirements​
• Responding to emerging trends such as Generative AI.

As a technology leader in BFSI, here are ​5 ways you can help deliver on your organisation’s AI ambitions.

1. Think in terms of outcomes – not use cases
2. Identify and eliminate digital debt
3. Build the right data platform architecture
4. Adopt a dual AI strategy
5. Be part of an innovation ecosystem

Read on to find out more.

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The Retail industry has faced significant challenges in recent times. Retailers have had to deliver digital experiences and delivery models; navigate global supply chain disruptions; accommodate the remote work needs of their employees; and keep up with rapidly changing customer expectations. To remain competitive, many retailers have made significant investments in technology. 

However, despite these investments, many retailers have struggled to create market differentiation. The need for innovation and constant evolution remains.

As retailers cope with hypersonalisation trends, supply chain vulnerabilities, and the rise of ESG consciousness, the industry is seeing several instances on innovation.

In good times and in bad, a great customer experience (CX) differentiates your company from your competitors and creates happy customers who turn into brand advocates. While some organisations in Asia Pacific are just starting out on their CX journey, many have made deep investments. But in the fast-paced world of digital, physical and omnichannel experience improvement, if you stand still, you fall behind.

We interviewed CX leaders across the region, and here are the top 5 top actions that they are taking to stay ahead of the curve.

#1 Better Governance of Customer Data

Most businesses accelerate their CX journeys by collecting and analysing data. They copy data from one channel to another, share data across touchpoints, create data silos to better understand data, and attempt to create a single view of the customer. Without effective governance, every time create copies of customer data are created, moved, and shared with partners, it increases the attack surface of the business. And there is nothing worse than telling customers that their data was accessed, stolen or compromised – and that they need to get a new credit card, driver’s license or passport.

To govern customer data effectively, it is essential to collaborate with different stakeholders, such as legal, risk, IT, and CX leaders – data owners, consumers, and managers, analytics leaders, data owners, and data managers – in the strategy discussions.

#2 Creating Human Experiences

To create a human-centric experience, it is important to understand what humans want. However, given that each brand has different values, the expectations of customers may not always be consistent.

Much of the investment in CX by Asian companies over the past five years have been focused on making transactions easy and effective – but ultimately it is the emotional attachment which brings customers back repeatedly.  In creating human experiences, brands create a brand voice that is authentic, relatable, empathetic and is consistent across all channels.

Humanising the experience and brand requires:

• Hyperpersonalisation of customer interactions. By efforts such as using names, understanding location requirements, remembering past purchases, and providing tailored recommendations based on their expectations, businesses can make customers feel valued and understood. Understanding the weather, knowing whether the customer’s favourite team won or lost on the weekend, mentioning an important birthday, etc. can all drive real, human experiences – with or without an actual human involved in the process!
• Transparency. Honesty and transparency can go a long way in building trust with customers. Businesses should be open about their processes, pricing, and policies. Organisations should be transparent about mistakes and what they are doing to fix the problem.

#3 Building Co-creation Opportunities

Co-creation is a collaborative approach where organisations involve their customers in the development and improvement of products, services, and experiences. This process can foster innovation, enhance customer satisfaction, and contribute to long-term business success. Co-creation can increase customer satisfaction and loyalty, drive innovation, enhance brand reputation, boost market relevance, and reduce risks and costs.

Strategies for co-creation include:

• Creating open innovation platforms where customers can submit ideas, feedback, and suggestions
• Organising workshops or focus groups that bring together customers, designers, and developers to brainstorm and generate new ideas
• Running contests or crowdsourcing initiatives to engage customers in problem-solving and idea generation
• Establishing feedback loops and engaging customers in the iterative development process
• Partnering with customers or external stakeholders, such as suppliers or distributors, to co-create new products or services

#4 Collecting Data – But Telling Stories

Organisations use storytelling as a powerful CX tool to connect with their customers, convey their brand values, and build trust.

Here are some ways organisations share stories with their customers:

• Brand storytelling. Creating narratives around their brand that showcase their mission, vision, and values
• Customer testimonials and case studies. Sharing real-life experiences of satisfied customers to showcase the value of a product or service
• Content marketing. Creating engaging content in the form of blog posts, articles, videos, podcasts, and more to educate, entertain, and inform their customers
• Social media. Posting photos, videos, or updates that showcase the brand’s personality, to strengthen relationships with the audience
• Packaging and in-store experiences. Creative packaging and well-designed in-store experiences to tell a brand story and create memorable customer interactions
• Corporate social responsibility (CSR) initiatives. Helping customers understand the values the organisation stands for and build trust

#5 Finally – Not Telling Just Positive Stories!

Many companies focus on telling the good stories: “Here’s what happens when you use our products”; “Our customers are super-successful” and; “Don’t just take it from us, listen to what our customers say.”

But memorable stories are created with contrast – like telling the story of what happened when someone didn’t use the product or service. Successful brands don’t want to just leave the audience with a vision of what could be possible, but also what will be likely if they don’t invest. Advertisers have understood this for years, but customers don’t just hear stories through advertisements – they hear it through social media, word of mouth, traditional media, and from sales and account executives.