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and means to access data and predict 2. Engage as per the need of the hour
customer needs, which are fundamental In the highly competitive world, retaining
to enabling proactive engagement. customers is one of the most critical
This, though, will change with the goals for enterprises, and delivering the
capability of AI and Machine Learning best experience is the key to customer
retention.
to carry out predictive analytics at a
larger scale, analyzing voluminous and However, customer experience is not
static, it changes with the context. For
varied data in real time to formulate instance, in an emergency situation,
accurate predictions on customer issues you may not want an Uber ride that
and needs. So, for example, looking is expected to come in 10 minutes,
at this in the context of banking, even whereas this would be acceptable for
before a customer realizes that his or your usual trip back home.
her account balance is getting low, or his Customer data can be mined with AI
investment portfolio returns are dipping, tools to understand such context-driven
the necessary action will be initiated to experience attributes more accurately,
proactively address them. thereby helping enterprises to deliver
the desired experience for that moment
of time.
Devising an engagement 3. Engage with a human touch, even
plan offering customers virtually
with products and services The treasure trove of customer data
tailored to individual persona provides unparalleled insights about
(like a music lover or sports customer behavior. The customers’
enthusiast) can lead to more digital footprint can reveal information
favorable responses and thus about their lifestyle, travel patterns, etc.,
more profitable relationships. and such patterns can collectively be
termed ‘persona’.
INSIGHTZ - VOLUME 03, 2018 11
