This is the third blog post in a nine post series for IBM by Evan Carroll and I focused on the intersection of customer experience and technology, data and analytics. This post covers the First R of relationship and the concept of personal data and its impact on behavior change.
Some might argue that technology is making us less human. Others would argue just the opposite. No matter which opinion you share, you can’t dispute the rising trend of personal data collection and its effect on behavior change.
TrendWatching.com coined the term ‘data myning’ in 2010 and included it in their 2013 trend report. The intentional misspelling highlighted how individuals, not just companies, are impacted by the awareness and ownership of their own data.
Data myning, as it pertains to customer experience, is about empowerment. Companies who use personal data to empower their customers have the opportunity to create transformative change for those customers.
Case Study: Dollar Bank
Dollar Bank is the largest mutual savings bank in the United States. Today, the bank delivers a comprehensive range of retail and commercial banking services to customers across Pennsylvania and Ohio.
The challenge: With the popularity of its digital services booming, Dollar Bank wanted to drive customer retention and acquisition by ensuring seamless customer journeys online.
The solution: The bank implemented IBM Customer Experience Analytics solutions, enabling its contact center to replay digital customer journeys, identify any sticking points and resolve customer queries quickly and effectively.
The benefits: The bank can now identify and implement experience improvements online – boosting first-call resolution by 30 percent and lifting customer satisfaction.
Blue Goldfish Case Study: Southern California Edison
Southern California Edison saw the opportunity to provide customers with additional insight into their utility bills following their rollout of smart meters. In one test, the company identified 30,000 customers whose bills were on track to be significantly higher than expected. Ten days into the billing cycle, the system sent an email with the header, “Your bill is going to be higher than you expect and we’re concerned.” More than 50 percent of customers opened the email. Compared to a control group, satisfaction rose by double digits, energy usage fell and customer calls decreased.
Takeaway: The lesson here is that customers love to learn more about themselves and especially through data. This empowers them to change behaviors that may be costing them money or making them less healthy. Companies who offer this type of empowerment are in a great position to improve customer satisfaction and their bottom line.
Today’s Lagniappe (a little something extra thrown in for good measure) – Check out this slideshare on the concept of the Blue Goldfish: