The largest analytics and marketing technology firm in Africa, Terragon, has announced the merging of two of its unique technologies that will allow banks to provide clients with enhanced customer experiences.
The features of the company’s Customer Data Platform (CDP) and Communications Platform as a Service (CPaaS) have now been merged into a single offering by the business. This offers a solution for integrated customer engagement data that provides an unrivalled experience for customers and enables financial institutions to shift their focus from being product-centric to customer-centric.
This business solution fosters deeper engagement and consistent user experiences across all omni-channels.
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According to the figures
A survey conducted by the Harvard Business Review found that 64 percent of respondents from financial services organisations believe that enhancing customer experience is one of the most important business priorities. In addition, a survey by McKinsey discovered that businesses that are excellent at personalising the content that they provide their customers create forty percent more money from those activities than are average players.
As a result of the fact that banks often have fragmented data across a variety of communication touchpoints, the delivery of excellent personalization and customer experience demands robust technologies that unite this unconnected data. This fact makes the solution offered by Terragon a timely one.
Regarding Terragon
The vast amounts of raw and unstructured data generated by banks as a result of their interactions with clients across a variety of online and offline channels can be harnessed by Terragon CDP through the utilisation of Artificial Intelligence (AI) and Machine Learning (ML).
These channels include traditional brick-and-mortar branches as well as social media, call centres, mobile, internet banking, USSD, and WhatsApp. These interactions are then translated into meaningful customer correspondence and insights that can be put to use.
The data that is generated is kept using cloud technology, and it is then analysed so that clients may be correctly identified and segmented across different channels, resulting in experiences that are both hyper-targeted and consistent.
Taking aim at the problem areas
Customers frequently experience communication gaps and disconnected experiences across multiple banking verticals, which contributes to a leading fall in customer trust and loyalty. These initiatives help to considerably reduce the pain points that customers face, which helps to lead to a leading loss in customer trust and loyalty. These problem areas often consist of:
The inability to maintain interactions with customer support employees across numerous channels in a seamless manner, receiving offers and promotions that are irrelevant to the customer’s needs.
The failure to get pertinent information and support when needed, as well as the incapacity of a bank or payment solution provider to answer customer queries or execute transactions.
Remarks From a Co-Founder of Terragon
When asked about the development of a banking solution that is the first of its kind, Deji Balogun, CTO and Co-Founder of Terragon, stated, “Our team has been focussed on one common goal; to deliver unparalleled customer experiences by helping businesses better understand their customers and offer the relevant services. We are thrilled with our latest iteration for banking clients. The combination of the value of both platforms is the ultimate game-changer for financial institutions as it provides them with unprecedented data-driven marketing capability for intelligent and omnichannel customer experiences.
As customers continue to embrace digital transformation, we are glad to have provided this outlet for banks to create meaningful and value-adding long-term relationships with their customers”.
As a result of the unified solution’s automation of operations, such as loan propensity scoring, next-best-action recommendations, and product recommendations, financial institutions are able to save time, cut costs, and boost profits.