Following up on our first Strategy Matters interview with Mike Gregoire, CEO of Taleo, we speak to industry veteran Marchai Bruchey, Senior Vice President and Chief Marketing Officer at Chordiant. Bruchey brings insights from 20 years in sales and sales management to transform market positioning into channel ready strategies that create buyer urgency.
“The customer experience.” It’s a widely spoken phrase, often used as a catch-all term for companies’ efforts to improve operations and rally employees and consumers. Most companies want to elevate the customer experience, but somewhere between the good intentions and actual implementation, many things can break down. The current state of the customer experience is not ideal.
Banks are using advanced collections systems to spot troubled loans before they go bad and to help their employees determine which borrowers might be receptive to…
Most of us would like to believe a new, brighter day has dawned. Part of creating that reality for banks requires improving collections systems to locate troubled loans that can be prevented from hitting the default dustbin, then helping overburdened staff reach a resolution that gets the borrower paying again. There’s also a bit of amnesia that has to be cured.
For the traditional retail banking industry, competition is fiercer than ever and one of the biggest battlegrounds is likely to be the retention and acquisition of customers. So what role does technology have to play in this fast evolving and customer-focused banking environment?
You never know what’s coming at you next, which is why process agility is so important. Your organization must have a ready response for anything. And you must make sure that every process participant can identify, at their level, what that response might be, so they can take appropriate action.
Traditionally, Customer Relationship Management (CRM) has not taken precedence within financial institutions and this has been further exacerbated by inflexible legacy systems which were not built with the customer in mind. To illustrate this issue, a recent study commissioned by Chordiant and conducted by Vanson Bourne found that that only 57 per cent of customer representatives questioned in the UK’s High Street retail banks had software that helped them suggest what products or services would be appropriate for an individual customer.
The rock band The Who is known for asking the musical question: “Who Are You?” But it is the insurance industry (and fans of the TV show CSI) that often echoes lead singer Roger Daltrey’s next line, “I really want to know.” So, how well do insurers know the people buying their policies? Not as well as they would like, as evidenced by the increasing amount of money being spent on customer service solutions.
Business intelligence (BI) has been a maddening capability for a long time. Sure, increasingly accurate, informative, and visually appealing reports now reveal where your most significant business challenges are, but by the time you have access to this insight, significant damage may already have been done. And looking at a problem, no matter how elegantly presented in a BI solution, is very different than solving it.
Knowing the future can make all the difference in the world, even if you just have just a 50 percent chance of being correct. That’s the realm of predictive analytics, being able to determine the best path forward based upon careful analysis of data. These days, predictive analytical models are making a huge impact across a wide range of industries, for companies large and small. Tune into this episode of DM Radio to find out how. We’ll talk to Jim Kobielus of Forrester, Eric Siegel of Prediction Impact, Rob Walker of Chordiant and a special guest. Attendees will learn: Best practices for designing predictive models; Proven use cases for predictive analytics; Pitfalls to avoid in implementing a program; How to balance different predictive models; Examples of adaptive models that work.
