How customer value maximization helps banking to improve service quality?
One of the main strength & advantage of CVM is its optimized service quality.
Continuous prediction engine (CPE) is an algorithm based on which customer value maximization platform will run and help businesses to run Marketing campaigns and increase overall customer satisfaction and loyalty. One of the main strength & advantage of CPE is its optimized service quality. Below are service-quality benefits banking businesses can get to measure and optimize their decisions aligned to improve customer value using CVM platform:
1. Continuously match what customers’ requirements/expectations vs best suitable banking product/service. This will help the managers to align their thoughts to customers’ expectations while adhering to regulatory norms.
2. Continuously help matching Banks perception vs customer experience. Bank may be thinking that they are offering very good service to all segments of banking customers and the reality may be different.
3. Continuously match the delivery experience with specifications. CPE will send survey forms to the customer to measure and understand the experience they had with the bank. This will enable the bank to understand gaps in delivery experience. According to a research, 45% of dissatisfied customers will discourage their friends from using the bank.
4. Continuously monitor how 'marketing exaggerations' are harming 'customer perceptions' about its reputation and standards.
5. Continuously monitor the health of customer perception and expectations driven by traditional methods such as personal need, word of mouth and past experiences. Also, proactively helps to measure customer perceptions after delivery of customer experience.