New market research launched today reveals the five new rules of customer engagement that will satisfy the demands of the new and growing generation of less-loyal and self-service customers of the future
More than two thirds of organizations across Europe, the Middle East and Africa (EMEA) admit being challenged by the process of integrating multi-channel customer acquisitions. The revelation comes as Experian outlines its Decisioning Vision for 2020 (DV2020) in EMEA (www.decisioningvision.com), revealing the new rules of customer engagement that will enable financial services and telecoms organizations across the region to meet greater customer expectations over the next five years.
The new market research analyzed findings from 255 key decision makers from 195 telecoms and financial services organizations in eight regions across EMEA.
The market research warns that in order for EMEA organizations to achieve the ultimate customer experience, they must refocus their priorities on five key areas.
- Attain multiple and new sources of data: The survey revealed that 68 per cent of financial services and telecoms organizations in EMEA recognized the need to attain more data sources and planned to do so in the next five years. Organizations will need to ensure depth, breadth and quality of data, whilst respecting privacy, data policies and regulation on data security. This will require both structured and unstructured data, as well as the integration of internal and new external sources.
- Achieve a holistic customer view: The research found that most organizations (90 per cent) were aware of the importance of a 360-degree view of customers and admitted they could be more customer centric. Internal silos were recognized as a barrier to achieving this by 42 per cent of organizations who plan to focus on eliminating data silos over the next five years, in order to bring together multiple data sources for a holistic view of customers and their circumstances.
- Provide real-time, consistent and pre-qualified decisions: Delivering real-time, reliable decisions that meet increasing customer expectations was recognized by 82 per cent of organizations as a factor in improving the overall customer experience. Yet, just over half of those (43 per cent) rated their ability to provide real-time decisions as poor/significant room for improvement. The systems used for such decisioning will need to be easy to integrate into existing IT infrastructure. This will make decisions easy to push out to all channels and customer touch points.
- Use multi-channel automation across all customer touch points: Integrating multi-channel applications was recognized as a top challenge by 69 per cent of organizations. Automated decisions should be applied across all channels and throughout the customer life cycle to enable positive customer experiences. These can be easily integrated with existing infrastructure and deployed across new and emerging technologies.
- Embrace advanced analytics across the entire organization: Advanced analytics provides a real opportunity for competitive advantage as recognized by 35 per cent of organizations who plan to outsource advanced analytics to a trusted partner in the next five years. Advanced analytics should be used across organizations and the customer life cycle to improve profitability, understand lifetime value and open up big data to drive good decision making.
Organizations can read the full EMEA report and also use Experian’s interactive tool to find out if they are ready for 2020, by visiting www.decisioningvision.com.
Experian’s Decisioning Vision 2020 report summarizes the data extracted from responses to a survey of 255 decision makers from telecom and finance sectors from eight regions in EMEA during October and November 2014.