PaymentsJournal
No Result
View All Result
SIGN UP
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
PaymentsJournal
  • Commercial
  • Credit
  • Debit
  • Digital Assets & Crypto
  • Digital Banking
  • Emerging Payments
  • Fraud & Security
  • Merchant
  • Prepaid
No Result
View All Result
PaymentsJournal
No Result
View All Result

When It Comes To The Customer Experience Everything Is New Again

By Joseph Walent
October 11, 2017
in Analysts Coverage
0
1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
customer experience

Various payment methods. Credit plastic card, online payment, ATM terminal. Elements for design.

The customer experience is a key priority for merchants as they seek to optimize consumer satisfaction. With digital transformation enabling brands to capture deeper insights and data, merchants are looking for new ways to leverage it to provide customers with more personalized experiences. Personalized experiences result in improved customer loyalty and greater overall satisfaction, so merchants should place a large emphasis on this aspect of the customer journey. Data is an essential tool for merchants as they strive to build better relationships with customers, develop more effective marketing strategies, and pave the way for continued growth.

The idea of performing analysis on smaller and smaller population to better understand how they will react to stimulus based on previous observations has only recently been made possible by increasingly robust computing power and increasingly inexpensive memory.

These goals, particularly when they support improving customer experience, translate into personalizing (or even individualizing) an offer for a product or service. Personalization involves increasing the speed, accuracy and context of interaction. For example, imagine a father who receives a stellar offer for a pair of noise-cancelling headphones on his mobile device shortly after purchasing an electric guitar and amplifier. That’s an offer that has the right speed (right after purchase), accuracy (mobile as his preferred channel) and context (knowing he may need the headphones to silence the noise coming from his teenage son’s room). This type of offer increases customer satisfaction as it is pertinent at the time of need. The end-result is a happier customer (this company understands me) and a happier brand (increased revenues.)

In the case of many financial institution and large scale merchants having these tools is nothing new, but it is the stand out organizations that we see employing them with the greatest effect, and it is usually those organizations that have the use of analytics at their core that are doing so. Amazon spring immediately to mind in this instance. It remains to be seen if the lead the early movers gained will be enough to stay head and shoulders above the fast learning incumbants.

Overview by Joseph Walent, Associate Director, Customer Interactions Advisory Service at Mercator Advisory Group

Read the full story here

1
SHARES
0
VIEWS
Share on FacebookShare on TwitterShare on LinkedIn
Tags: Customer RetentionMachine Learning

    Get the Latest News and Insights Delivered Daily

    Subscribe to the PaymentsJournal Newsletter for exclusive insight and data from Javelin Strategy & Research analysts and industry professionals.

    Must Reads

    commercial card, Allpay ClearBank Prepaid Payments, wealth transfer

    How Banks Can Capture the Wealth Transfer from Boomers to Gen Z

    June 20, 2025
    embedded lending

    Embedded Lending as a Growth Strategy for ISVs—How to Maximize Revenue Potential

    June 18, 2025
    merchant ai

    Merchants Find More Use Cases for AI Amid Risks

    June 17, 2025
    prepaid payroll

    Taking the Check Out of Paycheck: The Role of Prepaid in Payroll

    June 16, 2025
    Banking-as-a-service BaaS

    Remodeling Main Street: How Community Banks Can Leverage the Banking-as-a-Service Paradigm

    June 12, 2025
    How Employee Performance Enhances the Customer Experience

    Three Strategies to Maximize Loyalty in the AI-Driven World 

    June 11, 2025
    PFM tools

    How FIs Are Cutting Through Subscription Clutter with PFM Tools

    June 10, 2025
    child identity theft

    Stranger Danger: Protecting Your Children from Identity Theft

    June 9, 2025

    Linkedin-in X-twitter
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Commercial
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Digital Banking
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter
    • About Us
    • Advertise With Us
    • Sign Up for Our Newsletter

    ©2024 PaymentsJournal.com |  Terms of Use | Privacy Policy

    • Commercial Payments
    • Credit
    • Debit
    • Digital Assets & Crypto
    • Emerging Payments
    • Fraud & Security
    • Merchant
    • Prepaid
    No Result
    View All Result