Making insight count by leveraging technology and analytics to build a 360° view of your customer

Our recent webinars considered the findings from Forrester Consulting’s research paper Winning in the Customer Era, in which 73% of the respondents stated that they believe the way in which they do business today will change radically over the next five years.

The main drivers for change are competition, particularly from fintechs and start-ups; regulation; the pace of technological change; digitisation; and threats from fraud.

Why customer insight is a top priority for today’s CXOs

As a result, 81% of CXOs surveyed placed customer insight as a top priority over the coming five years. They recognise that their current approach to customer management – from onboarding, to retaining customers, to collections – is falling short, because many organisations told us that they still lack the customer insight and tools needed to “connect the dots” across data and technologies to create a 360° view of the customer. Overall, 61% said their current approach was ineffective, 71% lacked the tools to mine the data they did have, and 40% say they’re still struggling to present a seamless friction-free experience to their customers. This is leading to missed cross-sell and up-sell opportunities, missed sales opportunities and greater risk exposure.

The result is that organisations are held back from delivering an optimised customer experience and driving revenue growth across the customer lifecycle.

For example, although you will have some data about each customer in the originations, the customer management, and collections phases, it may be incomplete and may be locked within silos. This means you might miss a signal during the originations process that this customer is in collections elsewhere within your organisation. Similarly, you may not spot an opportunity until it’s too late. If you don’t notice that your customer is spending more and paying on time every month, you might fail to increase their credit limit. Or you may be too aggressive with a customer who’s gone into default when that individual is actually a high-value customer elsewhere in your organisation.

This disconnected view means ill-informed decisions may be made about your customers, which results in lower customer satisfaction, lower profitability for you, and ultimately pushes customers to take their business elsewhere.

But with a 360° view of your customers you can capitalise on these insights to improve the customer experience and maximise profitability across the entire lifecycle.

How many organisations have a comprehensive 360° view?

A quick live webinar poll to gauge the level of confidence the audience had in their organisation’s ability to attain a single view of customers across their business also bore out the findings of the research, and our conversations with clients.

Only 15% rated their confidence level as high, meaning that they have a 360° view that enables them to track customers’ interactions across all departments. Most of the audience (65%) rated their level of confidence as medium, meaning that there is some visibility into how customers interact with their business across departments. Meanwhile, 19% of the audience rated their confidence level as low, meaning that they accept their organisation is siloed and they lack visibility into customers’ interactions across the business.

How can you achieve a 360° view?

Experian has identified five core capabilities that can help solve the challenge of building a 360° view across the lifecycle, offering you the full insight on your customer with a combination of data, advanced analytics, decision support, technology, and expertise.

  1. Data

You need data from a variety of sources, including internal data—customer transactions, marketing, etc.—external data from third-party bureaus, and specific data, such as fraud and social and other unstructured data.

  1. Advanced analytics

You need advanced analytics to transform this data into insights, so you can identify which customers will be your most profitable.

  1. Decisions

You need decisioning support to turn these insights into actions that maximise value at every point of customer interaction.

  1. Technology

You need technology to automate this in your real-time, digital environment to make it scalable, fast, and consistent across all channels and interactions.

  1. Expertise

And you need expertise to ensure you do this in the most effective way possible to maximise value and minimise risk.

Adopting this approach will help balance risk and opportunity and will allow you to unlock hidden value from your customers.

The result? You build a truly holistic 360° view of your customers, enabling you to make better, more accurate, consistent, faster decisions every time, and creating a world class experience for your customers at every touchpoint with you.

View the recordings and learn more here.