“Customer experience will overtake price and product as the key brand differentiator by 2020. ”1
The pressure to grow, innovate and engage effectively with consumers is particularly prevalent within the telecom, cable and utilities industry. Competition is at an all-time high — new entrants, deregulation, infrastructure improvements and consumer expectations all put pressure on a provider’s ability to turn consumer insight into new or loyal business.
Still, when asked how effective they were at keeping pace with consumers’ rapidly evolving expectations, only 4% of telecom marketers reported positively on their organization’s ability to deliver a seamless, personalized customer experience across digital and traditional channels.2
What seems to be the problem?
Many providers I work with have a ton of data that may, or may not, be implemented beyond risk assessment and general pricing strategies. Translating that data into deeper insights using predictive analytics, can enable you to offer innovative products and services through enhanced customer understanding, interaction and loyalty — areas where traditional processes fall behind.
Consumers today simply have more options than time. While expectations continuously evolve, a positive customer experience demands:
- Engagement that’s seamless, on-demand and consistent across channels
- Offers that are relevant, personalized and price appropriate
- Experiences that are safe, efficient and consistent
91% of non-engaged customers leave with dissatisfaction.3 As a provider, you’re tasked to demonstrate your understanding of a consumer’s unique needs and preferences, even as they evolve, without them telling you. To achieve this level of service, you need a powerful decisioning platform.
Do you have a competitive edge?
- Does your current decisioning model give you flexibility—allowing for experimentation and fast strategy implementation?
- Does your decisioning platform allow you to easily integrate and test evolving data sources while limiting required operational investment?
- Is your credit decisioning platform system reliable, or are you turning away consumers or making default decisions that risk consumer experience and revenue loss?
- Can your current system verify identities in real time to mitigate fraud while ensuring a smooth customer experience?
Turning consumer insight into best decisions
Experiences that differentiate effectively deliver the right offer to the right person at the right time. That’s why a decisioning engine that empowers you to quickly respond to market changes by injecting consumer insight into your existing decision process is key. You need to be able to integrate new data sources and test new credit and fraud strategies within days, not months. Well-informed decisions can help you tap into the market segments most important to you and open new channels in a coordinated and proactive way.
Now’s the time to start looking at ways to improve operational efficiencies by automating business processes. Ease of integration into your sales channels is also an important factor to consider. Once implemented, you’ll be empowered to increase revenue from existing customers, rather than risk revenue losses from default decisions, friction-filled fraud mitigation and dissatisfied customers.
If your current decisioning platform is lacking in any of the above capabilities, visit transunion.com/decisionedge for more information and to request a demo.