Every customer is always right and is often used to tell service workers to prioritize customer happiness. But whether they are right or not, it is essential to remember that customer satisfaction should be the final goal.
A Harvard Business Review study found that the top goal of 64% of financial services companies is to improve the customer experience. Another McKinsey study showed that personalizing the user experience for each customer can lead to a 40% rise in sales.
That’s why Terragon, a leading data and marketing technology company in Africa, wants to change how customers are served with a new solution for banks. The goal is to build a single system that helps banks understand their customers better and give them better experiences.
The solution uses Artificial Intelligence (AI) and Machine Learning (ML) to make sense of the massive amount of data banks receive from different sources, such as branches, social media, call centers, and mobile banking. By looking at this data, the system can find patterns and trends, divide customers into groups, and give each customer a personalized experience across all platforms.
Teragon says that the answer solves problems that customers often have, like not being able to continue a conversation across multiple channels, getting irrelevant offers, and not getting help when they need it.
The solution is expected to help banks build better connections with their customers, make better choices, save time, cut costs, and make more money.