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The Integrated Customer View
Making customers happy needn't require a major overhaul or "big bang" budget.
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In response to consumer expectations reaching an all-time high, most companies have improved their customer-facing operations. With just a few clicks, customers can quickly find a provider's best price, determine product availability, and connect with a service representative—virtually or in real time. Completing the order? There are email, call center, and mobile app options; payment plans from credit to debit to PayPal; and delivery choices galore, often at no cost.
The wired planet has put today's consumers in the driver's seat. So why are so many customers still frustrated and unhappy? Certainly it's not because businesses haven't made many of the right investments. Mindful that the cost of replacing a customer is estimated to be five times as high as the cost of retaining one, enterprises have implemented a range of customer-centric improvements, from staff training to simplified work processes to social media engagement. Yet most of these improvements ignore a major flaw—the lack of an integrated customer view.
Consider banking customers. A customer with a checking account at a particular bank will logically consider applying for a mortgage, a credit card, or a car loan from the same bank. As an existing customer, he'll assume his basic account information will be available to the customer service representative handling the new transaction. Well, usually not.
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