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Actively Listening to Customer Needs Requires Sensory Listening Technology

Actively listening to customer needs requires sensory listening technology

Sensory listening detectors listen to a customer’s digital behavior by monitoring activity such as website navigation and time-on-page. In addition, it senses potential issues to both responsively and predictively resolve them. It supports intelligent lead generation, customer engagement, acquisition, and fulfillment application solutions. Sensory listening can be deployed in conjunction with a decision management engine to analyze customer behavior and needs. Combined with accumulated knowledge of the customer, this strategy enacts the most appropriate digital or human-channel responses.

Sensory listening enables intelligent lead generation and detects and responds to customer abandonment.

Intelligent lead generation involves the strategic use of digital channels to engage consumers. This aspect of sensory listening detectors leverages derived and self-disclosed information after a prospect enters the website. It listens by detecting, identifying, qualifying, threshold decisioning, targeting, engaging, and tracking prospects early and throughout the customer journey. Intelligent lead generation allows much earlier prepurchase customer engagement. Institutions begin customer or prospect engagement in the discovery, awareness, and consideration stages, where consumers make purchase decisions. Results from sensory detector tracking allow banks to identify and quantify consumer needs and interests. Various signal strengths then trigger engagement responses.

Today, the industry suffers from nearly 80 percent abandonment rate for fulfillment functions. Besides being enormously costly, this generates customer dissatisfaction, resulting in diminished reputation. Consider a case of 1,000 new account attempts. Using abandonment rates commonly seen in the industry today, consumers abandon 800 applications and complete only 200 fulfillments. Instantly, the institution not only loses 800 possible accounts but also any new customers associated with them. Worse, its reputation diminishes.

Using an industry average annual per account value of $500, banks can monetize the impact. With a solution listening and responding to abandonment signals, successful reengagement campaigns can be activated. Assume the institution targets and captures 30 percent of the abandonments with quick recovery and engagement. Thirty percent times 800 lost opportunities yields an added 240 new accounts. At $500 per account, that’s an additional $120,000 in revenue per 1,000 attempts from abandonment detection, retargeting, and recovery.

For more information, download the Actively Listening to Customer Needs interview document.

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