Innovations using improvements in communication and data technology are providing the insights into customer segments. The intelligent application of analytical engines has enabled the constriction of customer segments to what were considered impossible granular levels. The ideal of driving to a segment population of one, with appropriate offers and incentives no longer appears to be out of reach. Now the real work begins.
“Customers today expect intuitive, proactive, and personalized service all the time, regardless of the communication channel,” says Olaf Rehse, senior partner and managing director[Boston Consulting Group]. “That expectation can be met by using modern technologies that enable businesses to offer services that are more individualized, faster, and much less expensive.”
Mercator Advisory Group’s findings around how consumers are interacting with financial institutions demonstrate there exist an opportunity for these same institutions to recast themselves as trusted resources and away from the perception as a necessary evil. Applying heightened personalized service and flexibility to accommodate individual circumstances will go a long way in doing so.
Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group
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