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Day: December 3, 2021

Here’s how delivering personalized service over a digital platform solves traffic challenges for banks

Posted on by Imarticus Learning

Banks are experiencing a challenging time with the traffic because people are turning to digital platforms for their banking. However, banks can increase conversion rates by delivering personalized service over these digital platforms. This post will discuss how to provide personalized customer service over a digital platform so that you can improve your conversion rates and generate more revenue for your business!

The bank is providing personalized customer service over a digital platform.

This allows customers to receive information about their accounts, transfer funds, and make payments whenever they want from anywhere in the world without waiting for an agent or coming into the branch. Banks should also use chatbots as part of this strategy, as well as other AI technologies such as machine learning and natural language processing (NLP).

These can help banks meet customer needs faster by automatically routing requests to agents when necessary based on pre-defined rules using algorithms that process user data, including location, account data, history with the company, etc.

For example, if you are looking at your balance between sessions, it will be routed differently than if you send multiple messages during one session, which would indicate urgency so an agent can respond more quickly.

Another important aspect of providing personalized service over a digital platform is that customers should be able to access their accounts anytime, anywhere, which helps them avoid missing out on potential opportunities. For example, if the value of one’s investment portfolio suddenly increases, they won’t miss it because they will receive an alert instead, so they know what actions to take next.

This also goes for any fees or penalties due as well as security alerts such as suspicious activity, which may include unusual transactions etc., so banks need to ensure people are getting notified immediately about these things along with other issues via email and SMS messaging, in addition, to push notifications through chatbots and apps. They could even integrate this into Google Home or Alexa devices by having voice-activated banking so customers can do their banking in the comfort of their own home without having to be glued to a computer.

Suppose banks want to offer personalized service over a digital platform. In that case, they need to ensure that people have access no matter where they are, which includes offering support across all devices such as smartphones and tablets in addition PC’s and laptop computers along with other internet-enabled devices including smart TVs, etc., so it doesn’t matter what someone is using at any given moment because they will be able to get assistance when needed.

This means giving them an excellent customer experience that cannot just come from one channel but instead should include multiple channels working together (i.e. chatbots sending information directly into SMS messaging or voice-activated assistants like Amazon Echo), so there aren’t any gaps.

This is just the beginning of how personalized service over a digital platform can help banks increase their conversion rates and generate more revenue for their business!

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How big data analytics is used in social media

Posted on by Imarticus Learning

Almost all of us are familiar with social media in 2021. There are many social media platforms run by different companies in the world. Not to forget, the large number of social media users that have been added in recent years. With the rise of social media, the amount of data produced by different platforms is unmatchable. The likes, shares, and comments across social media platforms contain information regarding user behavior.

It is why business organizations are using big data analytics to make the best use of the data available on social media platforms. Big data analytics is widely used in social media to shape marketing strategies and much more. Read on to know seven ways how big data analytics is used in social media.

  • Omnichannel presence

Many business applications and websites have a social media integration. Customers can log in to a business application using their social media credentials. It helps businesses to collect customer data from social media platforms and use them to provide better services. You can get access to social media posts, browser history, and much more. Since customers have an omnichannel presence, you can collect data from all sources to know more about the preferences of customers.

  • Real-time activity monitoring

Social media is a place where you immediately get to know when someone has liked a post or shared a product link. Businesses monitor the activity of customers on social media to know about their current mood. If a social media user is liking your product posts, you can show them an email quickly to convert them into a customer. No other platform can inform customer preferences in real-time other than social media. Big data is used extensively to collect real-time activity reports on social media.

  • Forecasting

When big data is mixed with modern-day technologies like ML and AI, it can predict customer preferences. Based on customer habits on social media, AI/ML algorithms predict their demands. Businesses then focus on releasing new products/services as per the future demands. For example, when a customer buys something online, the chances of them buying similar products increase.

  • Security

Data vendors cannot illegally transfer customer data to the wrong hands. When customers share data on social media, that data can only be used for business purposes. Your social media data cannot be placed in the wrong hands by business organizations. Big data is used for enhancing the security of social media platforms based on customer suggestions.

 

  • Campaign monitoring

 

Marketers run social media campaigns to boost their ROI (Return on Investment). Using big data, marketers can know how well a social media campaign has performed. Young aspirants can go for big data training to know more about how to run social media campaigns and study high-end analytics.

 

  • Product pricing

 

When a firm launches its product on social media, customers give their valuable opinions. Social media is widely used to determine whether customers are satisfied with the pricing of a product or not. Big data training includes data collection from social media channels and how to analyze them.

 

  • Ad creation

 

Social media is used to collect info about customer preferences. Based on that info, targeted, and personalized advertisements are displayed on social media channels. Technologies like Hadoop programming and Python programming are also used by big data analysts in social media.

Young aspirants can go for the big data analytics programs launched by Imarticus Learning. Its PG Program in ML and Data Analytics can help working professionals in getting a raise. Start your big data course and learn Python and Hadoop programming!

Are Banks Doing It Wrong? What Do Investment Banking Clients Want

Posted on by Imarticus Learning

IB clients are dissatisfied with the services they receive from their banks. In a recent survey, 75% of respondents said that they were not satisfied with the service provided by their bank. The top three reasons for dissatisfaction included products:

  • Poor customer service.
  • Lack of attention to client needs.
  • An inability to provide solutions beyond traditional.

This blog post will examine what customers want and how banks can better serve them.

Banks Can Improve Service by Meeting Unmet Needs

According to the survey, 73% of respondents stated that their banking firm could not provide them with all the required products and services. Banks need to look at their service model and identify these gaps in products or services that they are not providing.

Banks should then find ways to provide the missing pieces, even bringing in an outside party. For example, by partnering with a trusted company, banks may offer trusts as part of their entire suite of wealth management products.

Banks Should Streamline Services to Help Clients

The survey also indicates that clients are frustrated with the amount of time it takes to get help from their banks. 60% of respondents stated that it takes too long to speak with someone who can provide timely advice or assistance, and 40% said they were dissatisfied because their bank had limited hours for customer service.

Banks need to look at their client services and determine if they can streamline them. For example, by offering extended hours or more self-service options such as mobile apps that allow clients to check account balances and view transaction history, banks can help clients complete tasks with less hassle. By streamlining service, banks can help clients save time and improve the overall customer experience.

Banks Should Streamline Processes to Improve Efficiency

Finally, according to the survey results, it is clear that banks need to improve their technology capabilities to offer better products at competitive prices. 69% of respondents stated that their investment bank did not provide them with advanced technological tools to help them manage their assets.

Banks should look at how they can upgrade and streamline their technology. Technology has improved dramatically over the past decade. Banks can take advantage of these advancements to provide better service for clients who are increasingly expecting banks to invest in technology that will allow them to work faster and more efficiently.

To better serve their clients, firms must meet client demands by providing more products and services while streamlining client service to help them save time. Firms should examine how they can upgrade their technology to make their services even more efficient. By doing this, banks will be able to improve the overall client experience and retain existing clients.

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