Connects employs five functional areas of technology and analytics to anticipate and meet customer needs:
- Needs identification—Supplies customer information derived from digitally-sensed consumer behavior, financial planning, intelligent surveys, digital process abandonment, online appointment requests, and staff input.
- Quantification—Measures items such as purchase propensity, attrition risk, and customer value index. Purchase propensity is a probability metric based on consumer intent signal strength, derived from tracked website behavior patterns. Customer value index is an indicator of a customer’s potential lifetime value to the organization.
- Decisioning technology—Determines the best engagement path based on purchase propensity and accumulated customer knowledge base information such as market segment and historical events and behaviors.
- Engagement actions—Include digital and human responses initiated throughout the customer journey, beginning with pre-fulfillment through post-fulfillment service requests and relationship expansion.
- Customer knowledge base—Stores, retrieves, and analyzes consumer institutional knowledge accumulated throughout the customer journey.
Connects technology digitally “listens” to customers beginning in the early awareness and consideration stages of the customer journey to identify signals, learn about customer interests, and understand needs.
The benefit to the institution comes from translating customer needs knowledge to action. Connects CE:
- Automates engagement plan deployment tailored to meet specific customer needs through a variety of channels over time;
- Prioritizes and routes complex needs and high value customers to institution staff;
- Preserves and expands customer relationships by predicting and preventing attrition;
- Discovers new product needs based on goal achievement or life events;
- Supports long-term customer needs such as education and retirement saving;
- Improves customer experience by providing relevant and timely assistance.
For more information, download the “Proactively Meeting Customer Needs” interview with David Engebos, President and COO of ARGO.
