Customer 360

Customer 360

With the rise of the internet, smartphones, media and tech awareness, the channels to know your customer, deliver the relevant offerings, and interact with them is growing. More customers are interacting with their financial providers using online and mobile channels. In this fast-changing time, financial organizations are experiencing extreme difficulties to learn about customer behaviors and predict them. Without a basic understanding of customers, their behaviors, and their feelings, banks, and financial institutions can’t stay in business and grow. This is where Customer 360 comes to play.

Challenge In Industry

Struggling to provide Higher Customer Satisfaction?
Millennials are inclusive, fast learners, unfazed by mistakes and skilled technophiles but their preferences are changing at a rapid rate. Changing technology, social and economic patterns are further changing the landscape of customer's expectations from their banks and financial organizations. Hence, a failure to continually understand your customers in and out will lead to a loss in businesses and jeopardize customer satisfaction.
Are you losing customers?
Understanding your customers and creating a bond with the existing customers ensures that businesses are not losing their existing revenues and market share. This means that companies can persistently focus on acquiring new customers rather than worrying about losing the existing ones in lack of their customer loyalty and customer relationship.
Losing ROI based on Wrong Demographics Assumptions?
Product centric offerings for customers can not bring the much-promised ROI. Unless companies' offerings are not hyper-personalized and customer-centric its futile exercise to expect reliable returns. The biggest challenge in the industry is the ability to accurately do customer demographic analysis. Customer behavior can not be accurate and reliable when measured by simply categorizing behaviors into age groups, demographics, or social profiles based on superficial assumptions at high-level categories.
Are you failing to understand your customers?
There is a reason why Microsoft quotes that “By 2025, as many as 95 percent of all customer interactions will be through channels supported by artificial intelligence (AI) technology”. Companies in 2020 which are solely relying on call centers and support staff will fail to learn what are customer's motivations, priorities, and decision-making methods during their customer journey. Furthermore, they will struggle to align their core values with customer needs.

Benefits of 360 Customer Analytics

01.
Increase in Revenue
Organizations that leverage customer behavior data to generate behavioral insights outperform 60 % of their competition in sales growth. It’s important to know which products and services pair well together and can be subscribed by the customer based on their behavioral patterns. By compiling data and gathering insights on your retail banking services, one can determine where to focus your marketing efforts and which segments to target those marketing and sales campaigns.
02.
Greater Customer Insights
Legacy analytics technologies have helped businesses understand various data patterns related to past transactions and how their customers interact with their offerings to provide a more personalized experience. However, with increasing technology dependency the customer expectations to consume more and more value in their very smartphones are increasing, creating more pressure on businesses to achieve even greater customer insight at every interaction.
03.
Smarter Recommendations
Artificial intelligence based systems are data-efficient to handle analysis and make smart recommendations about a customer or prospect. This is possible because AI engines provide smarter recommendations based on the data collected in the Customer Management System(CRM) and other customer-related data repositories.
04.
Better Customer Support & Increasing Customer Satisfaction
Customer service departments are the firefighters of any organization. They are steadily receiving a lot of inquiries, problems, and support requests which are more often than not repeated in nature. AI in CRM and CRM support applications can alleviate the burden on support agents by predicting which group or agent is best equipped to deal with certain tickets. AI in Customer 360 applications can also automate the response process to immediately address the repetitive concerns raised by the clients leading to faster turnaround time and greater customer satisfaction.

Syctactic.AI Customer 360

Syctactic.AI tools are augmenting the capabilities and efforts of existing Data scientists and Data engineers to come up with customer analytics tools for a 360-degree overview of the customers. These Machine learning tools learn from customers & employee interactions which are augmented by data scientist inputs to achieve the best results and insights. Such collaborative AI automation effort brings the much-needed clarity to build a distinct customer profile and data-driven customer analytics for personalized banking.

Customer 360 degree valuable insights

Syctactic.AI tools uniformly deliver customer 360 degree valuable insights, eliminate human bias and errors in personalized offerings, and free up data analysts’ time for more valuable and skilled work. Syctactic.AI tools expand the AI capabilities by making it more reliable and efficient thereby making retail banking and financial offering more customer-driven.

Real Time Customer Analytics

Customer data are one of the primary tools for the enhancement of customer experience. These millions of transactional and social profile related datasets are unorganized, scattered and uncoordinated. Syctactic.AI tools using their models and applications, make it possible to categorize, organize and assess customer data in real-time to provide rich and real-time customer insights.

Customer-Centric Models

Syctactic.AI tools enable the existing CRM and customer recommendation system to be driven by dynamically changing customer-centric models. Such dynamic changing and recommendation models are the need of the hour to deliver valuable offerings to clients for their higher customer satisfaction. A CRM with embedded AI gives users things like Predictive lead scoring, Forecasting, Recommendations and many more crucial benefits for business to deliver deeper customer satisfaction while encouraging customer loyalty.

Granular customer segmentation

AI-driven customer analytics helps retail banking do more granular customer segmentation and customer-centric value positioning. With the help of Synctactic.AI tools and algorithms, one can segment customers effortlessly based on demographics, purchasing behavior, likes and dislikes, past marketing campaigns, sales patterns, support tickets etc. Synctactic.AI studies the past data on customer behavior and predicts their future behavior to provide personalized engagement and experiences.

To immediately leverage this power of AI on your existing financial and banking systems please connect with one of the data scientist members of the Syntactic.AI team.

Talk to our team!