Digitization currently requires organizations to review its customer relationship models. Having thorough knowledge of your customer and their emotions through data are key success factors to long-term customer loyalty.
More than half of how a customer behaves relates to how they feel.
Whether we consciously or subconsciously recognize it, more than half of our behaviors are related to how we feel. Think about how you feel when you shop, eat, or exercise or generally spend your money. Which activities cause anxiety? What gives us joy? What are you looking forward to? Businesses across industries put the customer at the center of their business by focusing on getting to know them better, optimizing communication and generating value propositions that connect with their emotions. But often, companies overlook that emotions are a fundamental part of the relationship.
At what point did the financial industry forget that people have strong emotions to money? Today, consumers can feel this glaring oversight at every level of their interaction that build products with no consideration as to how the products emotionally resonate with consumers. Unlike physical consumer products, like an outfit, or shoes, insurance and financial institutions don’t utilize beacons to analyze human expressions around the services offered. An elated customer who just won the lottery will have a different response and wave of emotions from the moped customer who just received an unexpected bill. Can emotions like anger, happiness and anxiety be measured in numbers?
From our perspective, the emotional experience and data, through consumer digitization, are foundations of success
The digital customer is connected through various channels including mobile, web, app or a call center. They are demanding a personalized approach to cater to their personal needs. With these new expectations, companies must define a strategy that allow the customer to interact through various channels and create meaningful real-time interaction. It is necessary to monitor when the customer demands immediate attention, need to provide advice or empathy.
Today, the convergence of technologies and channels are analyzing the fingerprints of emotions we leave behind in the form of data.
Applying big data analysis from all the customer data touch points leads to a lot of information. Processing the appropriate data through data mining allows us to identify patterns of behavior. This will help banks better understand their customers and build long term relationships.