2021. What an interesting year. With the world turned upside down by a pandemic that seemingly had its sights set on...
IR: Providing the insights required to improve customer experience
News of chip shortages is hitting the American consumer hard. Take a drive around Denver where the IR Americas’ head office is located and you can see the impact disruptions to the supply chain are having on many industries. Perhaps there is no industry suffering from the disruption more than is evident with auto manufacturers. Walk onto any lot and look for a new car and you will be disappointed. When it comes to popular American cars, be that the Ford F150 pickup or the sporty Chevrolet Corvette and the news is bad. There are dealerships taking orders only to come back to the customers with news that shipment of their chosen car or truck may not happen before late 2022 or even early 2023.
The customer experience is taking a very big hit. Common knowledge tells us that good customer experiences create customer loyalty whereas bad customer experiences tend to end customer relationships. Who wants to look at web sites liberally sprinkled with images of what is shiny only to be informed that purchases of such shiny objects is not possible at this time. In the world of finance, customer experience comes with even more consequences. With so many competing institutions all it takes is a few simple strokes on a keyboard and the financial institution sees the customer walk. Not literally perhaps but the results are the same in today’s digital world.
Customer Experience (CX) and the understanding the importance of CX is proving to be crucial in determining the impact delivering new services is having in the marketplace. With a global pandemic continuing to influence many business decisions, it’s hard to argue with the impact it has had on the economies of financial institutions, indeed on business everywhere. “The pandemic has changed the economy, and the organizations that are not only surviving but thriving, have recognized that it is now a consumer-driven, digital-first world. From a CX perspective, it’s vital for businesses to prioritize how they integrate new digital technology into their broader customer engagement and payment strategies,” according to IR’s Jason Krebs in his post of April 6, 2021.
Furthermore, “CX is not just about a customer’s experience in the moment, it’s about how the individual touchpoints align with the context of their end-to-end journey,” said Krebs. For all those waiting for the new truck or car, this is all too true today and their CX is souring by the day. In order to gauge the depth of emotional discord or indeed, excitement being created, it’s important to have access to key metrics. For financial institutions, it is now all about payment analytics and having visibility into what steers the CX away from souring on a product or service and to where that excitement is being created. What might look like a winning strategy or even an emerging trend on a whiteboard or in a PowerPoint slide might prove too complex for any measurable customer engagement.
IRs Transact product portfolio simplifies the complexity of managing modern payments ecosystems. Bringing real-time visibility and payment monitoring to your entire environment, Transact uncovers unparalleled insights into transactions and trends to help you streamline the payments experience, turn data into intelligence, and assure the payments that keep you in business. As IR has observed with IR Transact, proactively preventing issues before they impact customers, with payment monitoring, troubleshooting and alerting in real time, “ensures your business is doing everything it can to manage risk and deliver a seamless payments experience, every time.”
“Payment analytics show transaction and related event data across all payment channels, thereby providing a single, consolidated view of a business’s payment processes,” said Krebs. “Leveraging transaction analytics can boost your business. Accessing your data, your way can provide powerful insights with which you can streamline the entire payments experience and nurture customer experience in a way that will help you build lasting, loyal consumer relationships.” Perhaps even more important for financial institutions is how CX, “has become the spearhead of brand identity. Businesses who use metrics to optimize and fine-tune the customer journey and create frictionless transactions, have increased Net Promoter Scores (NPS) and Customer Satisfaction (CSAT) scores,” said Krebs
If you would like to know more about the importance of CX and about the contribution today’s IR Transact is making on better ensuring the CX is to your advantage, you can read the full post by following the hyperlink above or by simply cutting and pasting the following url into your browser:
For more information about managing modern payment ecosystems make sure you check out the IR web site and visit the IR Transact page (and yes, watch the video as well), Payments Transaction Monitoring in Real-Time with Transact. We may not be able to help you with your purchase of a truck or car or help with the CX in those industries but when it comes to payments, IR has helped many financial institutions through the years to better understand the needs of their users.
To find out more about how IR helps understand CX and to read even more about the analytics that are supported today as part of IR Transact, don’t hesitate to reach out to your IR sales team. We look forward to addressing any topic that may be of interest to you and your enterprise.
VP Sales – Payments Performance Monitoring