I am motivated to see the level of innovation being shown by organisations in recent times, embracing channel shift and taking their customers on a digital journey. The end game is an environment where the customer can undertake a large proportion of (if not all) engagement with the organisation in a self-serve way.
The rewards are potentially substantial. One commentator recently suggested a target of 75% reduction in servicing costs within five years is not unreasonable, another citing existing costs of £10 for a letter, £5 for a phone call but just 30p for an online transaction. The business case for a digital transformation project can therefore be easily justified. A no brainer! However…
Focus has been on self-service
The focus of digital transformation initiatives, has perhaps not unsurprisingly, been largely on reducing the cost of delivery of traditional customer service transactions such as payments, service requests, viewing account details, statements and access to documentation (contracts, letters etc.) in a self-serve way. But, for some, there seems to be an obvious omission to the scope of their projects (and dare I say a potential opportunity missed), namely, to listen and act on the voice of the customer (VOC).
Don't forget the customer
There are many reasons to have a VOC dimension to your digital journey project. Not least that you cannot afford to fly blind if you want to remain relevant to your customers. You may be making massive changes and you will need to understand the effect of these changes on all of your customers. Understanding their feelings and attitudes will enable you to shape service delivery to better serve all of your customers.
There’s been a fair bit of discussion recently about Customer 4.0. Many of the characteristics of this new type of customer are rooted in the millennial generation. They have personal devices and use them to entertain, transact, research and educate. Although this specific group are potentially your customers of tomorrow they are influencing others such as Generation X, Baby boomers and even the Silent generation. Recent government figures show that 90% of UK households have access to the Internet and 70% of adults do so through a mobile phone.
Expect faster pace of change
I speculate that the future is one of rapid and frequent change, much more so than we have witnessed before. Customers expect to be able to transact online, and also expect (nay demand) a great experience akin to that they are getting from many other brands and service suppliers. They will also happily tell you, or others, if they’re not happy. Herein is the opportunity! You need to provide a mechanism to gather feedback, derive insight and most importantly take action and play back what you’re doing to your customers otherwise you will be missing perhaps the greatest opportunity your organisation has ever had of transforming itself to be a well-regarded, truly customer centric, and responsive, organisation.
Clearview has the tools to help you to augment a customer insight and action capability into your digital journey project. If this is something you’d like to explore further, then please get in touch.