Digital transformation in financial services: This is where banking, insurance, and wealth management are heading
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Customers expect their banking, wealth management, and insurance experiences to be as intuitive and seamless as their favorite apps and online shopping experiences. This new standard requires technology that is seamless, frictionless, and practically invisible.
COVID-19 has made digital channels, products, and services a must-have—not only to serve existing customers, but to attract new clients and grow. In a survey of 2,500 enterprise decision-makers, we found that 95 percent of financial services respondents agree the coronavirus hastened their organization's digital communication transformation effort—and by an average of nearly six years.
The organizations that survive and thrive will use this moment to rethink their business …
Think outside the big box: What SMBs can learn from leading retailers' COVID-19 response
COVID-19 has made all businesses—no matter the size—reconsider how they attract and retain their customer base.
Some big-box stores have been quicker on their feet than others in responding to the crisis. The credit, in part, goes to the marketing and customer experience strategies implemented beforehand, and the agility to react to rapidly changing customer needs during the crisis.
Meanwhile, small and medium-sized businesses are having a more difficult time pivoting with fewer resources, short staffing, and smaller budgets.. Despite these limitations, SMBs also can be more nimble and have a greater chance of recovery once the risk from the virus subsides.
In some ways, it’s easier for smaller and medium-sized businesses to do what big brands are able to do; for example, a small business can test different channels for customer engagement and make their customer experience highly customized, instead of being held back with generic, one-size-fits-all solutions.
Igniting change and breaking down barriers to innovation: Survey reveals how COVID-19 impacts retailers’ digital communication strategies
COVID-19-induced shelter-in-place orders and social distancing have driven a drastic increase in online shopping and remote shopper engagement since the onset of the novel coronavirus.
And the trend toward online, omnichannel retail experiences shows no signs of slowing down: consumers intend to continue to shop online even as the crisis subsides, with some shifting almost entirely to online. Many have also adopted more digital and contactless services, including buy online-pick up in store (BOPiS) along with curbside pickup, delivery, and drive-through.
To better understand the effects of COVID-19 on businesses, Twilio surveyed 368 retail and ecommerce enterprise decision makers in the US, UK, Germany, Australia, France, Spain, Italy, Japan, Singapore about how COVID-19 is impacting digital engagement strategies.
Overall, responses indicated a few main themes:
- Digital transformation was accelerated, in some cases drastically, in response to COVID-19: 70 percent of retail leaders say the pandemic sped …
Building your own video app: Key considerations, and why going custom is worth it
In the midst of coronavirus, video conferencing has quickly become a centerpiece of business continuity plans. Whether it’s distance learning, telemedicine, or recreational e-visits, COVID-19 has meant an abrupt transition to fully embrace video conferencing.
A lot of organizations have transitioned to well-known solutions like Zoom or GoToMeeting, or other industry-specific providers like Doxy.me. While some out-of-the-box providers might meet certain needs, there’s flexibility and user experience control in building your own solution—and it’s not as complicated as you might think.
With more people than ever before turning to video to communicate with businesses and keep in touch with friends and family, there are key considerations to keep in mind for creating a reliable video conferencing solution, and why custom often makes more sense, especially in times like these.
What to consider when building your own …
Call centers: Enabling a previously-impossible customer experience via the cloud, from Sheila McGee-Smith
I left business school in the early 1980s when two technologies under development for decades were about to become mainstream.
The first was the cell phone. Before 1973, mobile telephony was limited to phones installed in cars and other vehicles — devices that weighed a couple of pounds, delivered about 30 minutes of talk time, and took 10 hours to re-charge.
Being the daughter of a life-long Western Electric manager, I read with some skepticism articles in the company magazine discussing cellular technology that would eventually mean everyone would have a mobile phone in their pocket. The promise was of pocket-sized phones that would transparently know where you were—anywhere in the world.
The other technology was personal computing. In both college and business school, I used punch cards to feed data into mainframe computers to perform statistical analysis for research projects.
Even after I took my first job at AT&T …
What conversational messaging means for business
Today, the four largest messaging platforms, including WhatsApp, Facebook Messenger, and WeChat, have more active users than the four largest social media platforms, Facebook, Twitter, Instagram, LinkedIn –– 4.1 billion versus 3.4 billion.
It’s a sign of the times. A decade ago, the rise of social media pushed communications into the public sphere, incentivizing businesses to broadcast content to their followers. Now, consumers prefer secure, 1-to-1 communication, or group channels.
Overwhelmed by as many as 63.5 notifications per day, they’re muting notifications from non-essential mobile apps providing a singular function or one-off transaction. Only 12 percent of consumers prefer a company’s mobile app for receiving communications from a business. These shifts in technology and preferences are driving consumers to seek out more secure, authentic communications.
A powerful opportunity to engage
For companies, this shift represents an opportunity to transform how they connect with customers through personalized, context-rich conversations. …
Legendary omnichannel customer engagement: 3 brands that are doing it right
The data and trends are clear: companies need to provide an omnichannel customer experience if they want to succeed in 2020.
Yet, countless companies struggle to grasp what omnichannel engagement even means, let alone provide it to their customers.
Let’s look at a handful of organizations that are crushing it on the omnichannel front, but first, we’ll explore what omnichannel is — and isn’t — in today’s landscape.
Omni- vs. multi-channel engagement
Fundamentally, omnichannel means a multi-channel approach to customer engagement that is integrated. That means that whether they are interacting with your business on social media, your website, via an AI-powered chatbot, in-person at a brick and mortar store… their experience is seamless and connected, and they are recognized as the individual they are at each of those touchpoints and beyond.
A multi-channel customer experience, on the other hand, may include wonderful experiences at each of the touchpoints …