Connect with us

Politics

The Role of Advanced Tech in Modern CX

Published

on

Deanna Ritchie


While customer experience (CX) will always require a human touch, there’s something to be said about technology and its role in keeping customers happy and engaged. And if you look at the current landscape of business tools, you’ll see that there’s never been a better time to focus on modern CX.

What is Customer Experience?

Customer experience might sound like a buzzword or fancy term that Silicon Valley startups paste into PowerPoint presentations when raising a fresh round of capital. Still, it’s a tangible concept that has a real-world impact on your business (for better or worse).

According to HubSpot, “Customer experience is the impression your customers have of your brand as a whole throughout all aspects of the buyer’s journey. It results in their view of your brand and impacts factors related to your bottom line including revenue.”

Modern CX is especially important when you think about the sheer volume of options the average customer has to choose from. With so many similar services and products being sold by competitors, you need something that sets you apart. A positive customer experience can help you do this. Likewise, ongoing CX impacts loyalty, repeat purchases, customer lifetime value, and more.

Customer experience is created and influenced by two primary touch points within your organization: Your people and your products. If you’re going to enhance customer experience, start by thinking about (1) how you can improve the way your people interact with and serve your customers, and (2) the quality, utility, and perceived value of your products by the customer.

Exploring High-Tech Approaches to Customer Experience

If you want to elevate the customer experience and grow your business, you must reduce friction. And the best way to reduce friction is by streamlining your approach using technology and innovation.

Here are several technologies and approaches that successful companies rely on (and you can too).

1. IT Help Desk Software

If you’re still using a basic ticketing system to handle support tickets and IT requests, you’re playing from behind. Not only are your customers extremely frustrated with the slow pace and poor service, but your employees are drowning behind the scenes.

IT help desk software decreases end-user confusion, streamlines problem resolution, and makes quick use of pesky tickets. Some features of IT help desk software could include the following.

  • Assign individual tickets to specific team members based on skillsets, certifications, experience, and availability. This ensures customers get the best (and fastest) support for their individualized needs.
  • Automatically and intelligently triage support tickets so that simple fixes can be automatically addressed without requiring manual input from a team member.
  • Get notifications and reminders on outstanding support tickets so that no customer request is left open for too long.

Most advanced help desk software is built on the cloud, which increases your team’s flexibility and allows you to provide customer support from anywhere (without being dependent on location or device).

It’s also entirely scalable, which makes it easy to continue providing great support, even as your customer base and volume of support tickets grow.

2. AI and ML Chatbots

People want as many different customer service options and channels as they can get. And they expect someone to be available to help them regardless of the time or day. From a company’s perspective, this creates a lot of pressure and expectation. Thankfully, technology comes to the rescue once again. This time, it’s in the form of artificial intelligence (AI) and machine learning (ML) chatbots.

AI and ML chatbots are essentially online chat technology with smart algorithms. Companies program them to understand and interpret customer questions. They can provide answers, suggest solutions, and/or triage customer support requests. Employees can then send tickets to the correct support person.

While some companies choose to develop their own chatbots, you can also leverage existing platforms.

3. 24/7 Social Monitoring

You can’t afford to clock out. While 9-to-5 may be standard work hours, companies with high modern CX scores are tuned into what’s happening with their customers 24/7/365…and you should be, too.

While 24/7 monitoring is important, you don’t have to physically park yourself (or employees) in front of a computer or phone around the clock. Using monitoring software, you can listen to what’s happening and gather insights about what people are saying on social media. You can also track, analyze, and respond to email and chat requests.

Some of the top 24/7 monitoring platforms on the market include Zendesk, Hubspot, LiveAgent, and Hootsuite.

4. Virtual and Augmented Reality

While maybe not as common as some of the other technologies listed in this article, don’t underestimate the rise of augmented reality (AR) and virtual reality (VR). We live in a virtual world where more of the buying process is happening at a distance. This is leading brands are always looking for ways to increase customer engagement and enhance the shopping experience. AR and VR are game-changers in this regard.

Amazon, which is always on the bleeding edge when it comes to modern CX – is a great example. Their new AR View technology allows shoppers to view items in their homes before purchasing.

Amazon’s technology allows prospective customers to view products in the setting of their own homes before they make a purchase. They can make their purchases based on how the product looks and fits their current setting, color scheme, and so forth. They no longer need to move furniture around once something arrives only to discover it doesn’t really work as they thought. Instead, they use a smartphone to boost confidence prior to purchase.

Aside from being interesting and unique, this “view in your room” technology serves the distinct purpose of reducing the friction that shoppers often experience when they don’t know what a product will look like in their home and/or if it’ll fit the space. Customers who use this augmented reality technology end up happier with their final purchases and are less likely to return the products they purchase.

Measuring Customer Experience

If you’re going to commit to strategically improving your CX, you want to make sure you’re measuring it. (This is the only way to track progress and know if you’re getting the results you’re searching for.) Again, there are several ways you can do this, including the following.

  • Start tracking your Customer Satisfaction Score (CSAT). This is basically a measurement of how happy your customers are with your products and service.
    • To calculate a CSAT score, you simply send customers a one-question survey after a purchase or support interaction that asks: “How satisfied were you with [company/product]?”
    • Typically, you ask customers to rank their satisfaction on a scale of 1-10 (with 10 being the most positive).
    • Over time, you can track your CSAT score and watch as it moves up or down. This will give you some context for how customers feel.
  • It’s natural to have some churn. However, tracking customer churn rates will help you understand when and why customers are leaving.
    • Dig in and analyze the data. Determine the reasons for the churn and any actions you can take to reduce future churn.
  • Engage with customers and proactively gather feedback. If possible, meet with customers face-to-face or have extended open-ended discussions via phone or video conferencing.
    • This allows you to measure both the experience and the sentiment. (You can tell a lot through tone of voice, inflection, word choice, etc.)

Adding It All Up

Customer experience is more than a buzzword. It’s a tangible measurement of the way customers feel about your brand and its products.

By prioritizing modern CX with the right high-tech investments, you can improve your results and experience success.

Featured Image: CottonBro; Pexels.com. Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Politics

Fintech Kennek raises $12.5M seed round to digitize lending

Published

on

Google eyed for $2 billion Anthropic deal after major Amazon play


London-based fintech startup Kennek has raised $12.5 million in seed funding to expand its lending operating system.

According to an Oct. 10 tech.eu report, the round was led by HV Capital and included participation from Dutch Founders Fund, AlbionVC, FFVC, Plug & Play Ventures, and Syndicate One. Kennek offers software-as-a-service tools to help non-bank lenders streamline their operations using open banking, open finance, and payments.

The platform aims to automate time-consuming manual tasks and consolidate fragmented data to simplify lending. Xavier De Pauw, founder of Kennek said:

“Until kennek, lenders had to devote countless hours to menial operational tasks and deal with jumbled and hard-coded data – which makes every other part of lending a headache. As former lenders ourselves, we lived and breathed these frustrations, and built kennek to make them a thing of the past.”

The company said the latest funding round was oversubscribed and closed quickly despite the challenging fundraising environment. The new capital will be used to expand Kennek’s engineering team and strengthen its market position in the UK while exploring expansion into other European markets. Barbod Namini, Partner at lead investor HV Capital, commented on the investment:

“Kennek has developed an ambitious and genuinely unique proposition which we think can be the foundation of the entire alternative lending space. […] It is a complicated market and a solution that brings together all information and stakeholders onto a single platform is highly compelling for both lenders & the ecosystem as a whole.”

The fintech lending space has grown rapidly in recent years, but many lenders still rely on legacy systems and manual processes that limit efficiency and scalability. Kennek aims to leverage open banking and data integration to provide lenders with a more streamlined, automated lending experience.

The seed funding will allow the London-based startup to continue developing its platform and expanding its team to meet demand from non-bank lenders looking to digitize operations. Kennek’s focus on the UK and Europe also comes amid rising adoption of open banking and open finance in the regions.

Featured Image Credit: Photo from Kennek.io; Thank you!

Radek Zielinski

Radek Zielinski is an experienced technology and financial journalist with a passion for cybersecurity and futurology.

Continue Reading

Politics

Fortune 500’s race for generative AI breakthroughs

Published

on

Deanna Ritchie


As excitement around generative AI grows, Fortune 500 companies, including Goldman Sachs, are carefully examining the possible applications of this technology. A recent survey of U.S. executives indicated that 60% believe generative AI will substantially impact their businesses in the long term. However, they anticipate a one to two-year timeframe before implementing their initial solutions. This optimism stems from the potential of generative AI to revolutionize various aspects of businesses, from enhancing customer experiences to optimizing internal processes. In the short term, companies will likely focus on pilot projects and experimentation, gradually integrating generative AI into their operations as they witness its positive influence on efficiency and profitability.

Goldman Sachs’ Cautious Approach to Implementing Generative AI

In a recent interview, Goldman Sachs CIO Marco Argenti revealed that the firm has not yet implemented any generative AI use cases. Instead, the company focuses on experimentation and setting high standards before adopting the technology. Argenti recognized the desire for outcomes in areas like developer and operational efficiency but emphasized ensuring precision before putting experimental AI use cases into production.

According to Argenti, striking the right balance between driving innovation and maintaining accuracy is crucial for successfully integrating generative AI within the firm. Goldman Sachs intends to continue exploring this emerging technology’s potential benefits and applications while diligently assessing risks to ensure it meets the company’s stringent quality standards.

One possible application for Goldman Sachs is in software development, where the company has observed a 20-40% productivity increase during its trials. The goal is for 1,000 developers to utilize generative AI tools by year’s end. However, Argenti emphasized that a well-defined expectation of return on investment is necessary before fully integrating generative AI into production.

To achieve this, the company plans to implement a systematic and strategic approach to adopting generative AI, ensuring that it complements and enhances the skills of its developers. Additionally, Goldman Sachs intends to evaluate the long-term impact of generative AI on their software development processes and the overall quality of the applications being developed.

Goldman Sachs’ approach to AI implementation goes beyond merely executing models. The firm has created a platform encompassing technical, legal, and compliance assessments to filter out improper content and keep track of all interactions. This comprehensive system ensures seamless integration of artificial intelligence in operations while adhering to regulatory standards and maintaining client confidentiality. Moreover, the platform continuously improves and adapts its algorithms, allowing Goldman Sachs to stay at the forefront of technology and offer its clients the most efficient and secure services.

Featured Image Credit: Photo by Google DeepMind; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Politics

UK seizes web3 opportunity simplifying crypto regulations

Published

on

Deanna Ritchie


As Web3 companies increasingly consider leaving the United States due to regulatory ambiguity, the United Kingdom must simplify its cryptocurrency regulations to attract these businesses. The conservative think tank Policy Exchange recently released a report detailing ten suggestions for improving Web3 regulation in the country. Among the recommendations are reducing liability for token holders in decentralized autonomous organizations (DAOs) and encouraging the Financial Conduct Authority (FCA) to adopt alternative Know Your Customer (KYC) methodologies, such as digital identities and blockchain analytics tools. These suggestions aim to position the UK as a hub for Web3 innovation and attract blockchain-based businesses looking for a more conducive regulatory environment.

Streamlining Cryptocurrency Regulations for Innovation

To make it easier for emerging Web3 companies to navigate existing legal frameworks and contribute to the UK’s digital economy growth, the government must streamline cryptocurrency regulations and adopt forward-looking approaches. By making the regulatory landscape clear and straightforward, the UK can create an environment that fosters innovation, growth, and competitiveness in the global fintech industry.

The Policy Exchange report also recommends not weakening self-hosted wallets or treating proof-of-stake (PoS) services as financial services. This approach aims to protect the fundamental principles of decentralization and user autonomy while strongly emphasizing security and regulatory compliance. By doing so, the UK can nurture an environment that encourages innovation and the continued growth of blockchain technology.

Despite recent strict measures by UK authorities, such as His Majesty’s Treasury and the FCA, toward the digital assets sector, the proposed changes in the Policy Exchange report strive to make the UK a more attractive location for Web3 enterprises. By adopting these suggestions, the UK can demonstrate its commitment to fostering innovation in the rapidly evolving blockchain and cryptocurrency industries while ensuring a robust and transparent regulatory environment.

The ongoing uncertainty surrounding cryptocurrency regulations in various countries has prompted Web3 companies to explore alternative jurisdictions with more precise legal frameworks. As the United States grapples with regulatory ambiguity, the United Kingdom can position itself as a hub for Web3 innovation by simplifying and streamlining its cryptocurrency regulations.

Featured Image Credit: Photo by Jonathan Borba; Pexels; Thank you!

Deanna Ritchie

Managing Editor at ReadWrite

Deanna is the Managing Editor at ReadWrite. Previously she worked as the Editor in Chief for Startup Grind and has over 20+ years of experience in content management and content development.

Continue Reading

Copyright © 2021 Seminole Press.