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Banking Institutions Should Utilize Hyper-Personalized Strategies to Drive Growth

Hyper Personalization

Hyper-personalization is changing the banking landscape in many regards, customer acquisition included. We’ve long progressed into the digital age, and consumers expect banks to realize their needs in this economic setting. Every consumer has different needs, and due to social algorithms and targeted ads, we expect every business to engage with us based on the current context of our lives, lifestyle, events, and financial status included.

Most banking organizations have not missed this fact. New techniques and technologies have come to light that will help financial institutions assess how they can successfully create a hyper-personalized acquisition, but it starts with genuinely understanding the behaviors and lifestyles of their current and potential consumers.

From a Consumer Point of View

Since the COVID-19 pandemic, consumers adopting digital technologies increased, showing no signs of slowing down in the imminent future. Today, customers generally expect banks to know what makes them tick, encompassing their unique needs and personal expectations. Even ten years ago, we’d barely imagined the idea of technology understanding customers personally without ever speaking to them.

However, today many financial institutions are trying to see things from a consumer P.O.V., which is essential to the survival of every business. Gone are the days when services that human beings need can conduct business however they want and still retain customers.

Some (definitely not all) financial sector institutions continue to take a business approach that doesn’t focus on personalization, resulting in low consumer engagement and conversion rates. They are forever irritating their would-be customer base with irrelevant offers and communication products that will not suit their current lifestyle.

The bottom line: customers want to feel seen and heard, even by massive corporations. They also want offers that provide a solution to the current lifestyle struggles they’re facing, whether that be a tailored retirement savings account or zero money down for first-time homebuyers.

hyper personalization

A Look at Hyper-Personalization for Banking

Hyper-personalization in banking is becoming an integral component. This concept is not subject to banks only, as everyone that offers services in the financial industry should want to consider doing the same. Banks focus more on the customer experience than they ever have in the past, offering users tailor-made services that make an actual difference in their lives.

Modern consumers are more acclimated to hyper-personalized approaches than others. Companies of all sizes grow and expand because of their ability to offer a unique selling point to millions of people. A substantial number of banks have begun to utilize hyper-personalization, but others struggle to adopt the technology that can handle analyzing the vast amounts of data.

Hyper-personalization in banking is a distinctive approach that offers personalized products to its clients. The practice bases itself on behavioral science and AI (artificial intelligence) product recommendations compiled from the data collected from customer transactions, location, and shopping habits.

Artificial intelligence utilizes customer data to come up with complete profiles that banking institutions can later use to create product offers that cater to the changing needs of their consumers. It’s important to note that the future success of the financial sector likely depends on maintaining the balance between data protection and technology-based services.

Harnessing the Power of Technology-Based Banking

Modern banking is long past, entering a new era, and there’s no going back. Today, it’s common to combine AI and behavioral analytics to provide customers with the services they want through personalized recommendations. Unlocking the power of customer data means aggregating that data on cloud services across varying department sections.

Utilizing genuine customer profiles that reflect everything from financial capacity to spending habits makes it possible to get super personalized. Digital banking is now imperative, and to keep up, banks have to invest more time and resources into data management to maximize their digital modernization efforts.

Digital customer profiles, for example, can help banking systems determine which type of credit card offers will work best for specific individuals. These profiles can often alert banks to the right time to offer personal or business loans.

In short, hyper-personalization in the banking sector makes it very possible to serve thousands of individual clients while providing tailored services. Many industries are taking advantage of hyper-personalization, but it’s essential to examine how this type of technology can give power to the financial sector. Banks have a massive varying consumer base of all demographics, which makes harnessing the power of hyper-personalization imperative.

Implementing Hyper-Personalization

Customer adoption requires advanced digital technology. There is no way around digital transformation, and banks have to begin to see things from a customer perspective. Without question, hyper-personalization gives a competitive advantage to banking brands that want to reinforce their visibility while offering services that make sense.

For banks that want to drive growth through hyper-personalized acquisition strategies, the first step is to recognize the roadblocks in your current technology and set an increase in the IT budget. However, it takes time to understand how you can establish a level of communication with customers to create fully customized offers.

Here are a few examples.

HSBC

HSBC bank began using AI to predict the behavior of their customers through the redemption of earned spending points and then to offer them valuable rewards. Not surprisingly, HSBC noticed that their clients loved the personalization behind the new reward system and opened their company-sent emails more often. This rewards system is a fantastic example of how consumers increase their engagement when they feel heard by a larger institution.

Capital One

Another fantastic example that concerns hyper-personalization is Capital One and its method of sending clients notifications and assisting with simple tasks in managing personal finances. As you may have noticed, Capital One partnered with many retailers and utilized geolocation to prompt customers with purchase offers when they’re close to a particular retail partner. This approach is nothing short of genius.

Coming Up with a Plan

It should be clear to everyone why personalization is so effective. Pairing consumers with offers, products, and services they need drives revenue, customer satisfaction, and retention. Regardless of how well you might understand the approach, it can still be super challenging to provide impactful experiences.

One of the biggest challenges lies in learning what your customers want or need and how you can best offer those things to them. Personalization is a quick way to help your customers resolve relatively simple problems but make their banking experience difficult. Banks can try the following techniques.

hyper personalization

The Future of Hyper-Personalized Banking

Banks continue to invest in their IT budgets, which keep rising. There has been a surge of newly formed digital banks that aim at specific demographics or communities to provide more opportunities for their customer base, giving them access to a broad range of offered financial services.

Banks that deliver incredibly personalized services will gain an advantage now and in the future, which is why so many massive brand banking names focus on developing a new, hyper-personalized way of doing. Standing institutions will find competition in digital banks because they focus on their customer’s goals instead of pushing irrelevant products.

To remain applicable, banking institutions have to really embrace hyper-personalization and apply it to almost every aspect of their operations. When you tailor your offers to what your clients truly want, you’ll find that acquisition increases exponentially.

The Future of Design Operations

DesignOps

In recent years, the demand for a successful online presence has brought the need for a flawless customer journey to the top of the list for many companies regarding goals. Brand touchpoints placed throughout the user experience can help establish your brand, remaining at the forefront of customers’ minds when they need your products or services.

The rise of eCommerce and the current requirement to stand out among the competition has increased the workload for design teams and freelancers. With that increase came the revolution of Design Operations, often referred to in the industry as DesignOps.

What is Design Operations?

Design Operations can come in many forms. The position can exist as a single person, a remote freelance group, or an in-house team dedicated to planning, defining, and managing the design process within a company.

It’s important to note that while the responsibility of Design Operations is to manage the design department, they may not be designers. The job calls for more management and planning experience than it does actual design.

The role of DesignOps is to streamline the department processes and provide the design team with the tools needed to succeed. The specifics will vary from company to company. Still, for the most part, DesignOps will remove inefficiencies from the design approach and create operational workflows.

The Design Operations Process

A typical DesignOps team focuses on many workplace responsibilities, from managing projects to budgeting and hiring. They rarely have a background in design, as it’s not necessary to do well in the position.

The areas of focus for Design Operations do not have anything to do with the design itself. Most departments within any company have three overall focal points; people, business, and workflow. DesignOps is no exception to this rule.

People

A massive part of a successful DesignOps process is ensuring that the people, the designers, have what they need to work toward personal and company growth. A great Design Operations manager will help designers define their career path and identify any gaps in skills that need addressing.

The goal here is to build a world-class design team capable of bringing a brand to the next level.

Business

A mindset for business is necessary for DesignOps management. DesignOps can provide designers with the software and problem-solving tools required to do their jobs efficiently by determining and securing the proper budget for the design team. Working in Design Operations isn’t only about streamlining the process. It also means acting as the voice of your designers.

Managing Workflow

Any operations department is accountable for the workflow that exists within the department. As Design Operations continue to evolve, workflow responsibilities will begin to expand, and it’s imperative to set up sufficient design management software.

DesignOps should manage the workflow by concentrating on design research and scalable processes to contribute to company growth. The goal is a creative production flow that works regardless of company or team size.

DesignOps

The Importance of Design Operations

Staffing a Design Operations team wasn’t always necessary for running a successful business. Today, DesignOps are essential.

The days when success didn’t require a distinct online presence are long gone. Consumers expect to find prospects online for most industries, and eye-catching, precise design is the only way to grab their attention.

Design Operations act as a crucial piece of the design puzzle, ensuring that businesses deliver targeted content to meet market demands. Well-known companies are utilizing DesignOps on a global scale.

Still, smaller start-ups often can’t yet embrace the financial commitment that comes with staffing someone to handle the job of company-wide DesignOps. If this is the case, you can set up a design process that will keep your designers on task, eliminating their distractions and scaling their workflow.

Developing a DesignOps Mindset

To greatly assist your design team without hiring a specialized DesignOps manager, you’ll have to form your decisions and actions around a DesignOps mindset. Prepare to provide your team with full support, which can look different for every business but include the same basic principles.

The Objective

The objective behind your DesignOps team, or your DesignOps mindset, is to support your design team members fully. At the same time, they concentrate on consumer and business goals.

You can provide that support by giving them what they need to get their jobs done without asking them to complete side tasks or take meetings that interrupt the creative flow. It’s all about using the correct input to keep your design team consistent.

Provide Purpose & Obtain Talent

Please make sure the design teams know their purpose. When they understand why they exist, they can better ingrain themselves in company goals, aligning with success.

Create a workplace culture that makes your designers want to stay. Even if you don’t have the budget for a DesignOps team, take over that role until you do. Good employee experiences are the key to attracting top talent in the future.

Streamline a Process & Provide Tools

Even if you have the best talent, turning them into a team that functions seamlessly for day to day operations is a process. It allows for open communications and teamwork, allowing everyone to participate in team successes. 

Successful communication requires tools for collaboration. The right tools extend beyond just design software. They can remove any potential friction and roadblocks within the team design process. Think of anything that increases team communications and makes the job of your designers creatively easier as an effective DesignOps tool.

Focus on Structure

With proper structure within a design team comes the ability to act accordingly. The structure is crucial to the future of DesignOps, as it establishes communication methods and allows everyone to know how decisions are made and who will make them. It’s a massive part of leading any team successfully, primarily when the goal is an efficient workflow.

DesignOps Teams for the Future

It’s become increasingly clear that DesignOps is the future of design departments. It’s an essential piece of the puzzle, freeing up design teams and allowing them to do what you hired them to do; bring your brand design to the next level.

Keep Your Loyal Customers by Enhancing the Customer Journey Digitally

customer journey mapping

Customer Journey Mapping

There’s no doubt that a seamless customer experience creates a loyal and repeat customer using customer journey mapping. Digital transformations can completely alter your client journey and overall experience. 

Most businesses today are going through a digital transformation on some level, and it’s all with the purpose of refining how your customers can interact with your business. However, successful digital transformations aren’t easy to pull off without factual data and a knowledgeable development team.

Understanding the Customer Journey 

Before you begin your transformation expedition, it’s essential that you truly understand what the customer journey encompasses to stop losing customers to start-ups. In short, the stages of every customer journey, which differ according to persona and goals, follow the same general formula.

customer journey map

Mapping Your Customer Journey

When it comes time to begin mapping the customer journey, you’ll want to consider the specific stages (listed above) that your customer persona will go through. Next, brainstorm for your customer journey mapping session, and consider the following:

  • Define the profile of your consumer persona and define their goals
  • Set a clear objective for your map
  • List the customer touchpoints
  • Write out the elements that you’d like your map to showcase
  • Understand the resources you’ll need to solve customer pain points
  • Put yourself in the shoes of your potential customer
  • Make any changes necessary

Digital Transformation Improves the Customer Journey

Once you’ve established your customer persona and mapped out the journey, they’ll take with your brand. It’s time to put your plans into action. A company that has appropriately transformed digitally will have a much easier time at this stage than those that have not. Here’s a look at how to pull it off.

Transform Digitally While Continuing Operations

It’s impossible for you to successfully transform your systems while bringing operations to a screeching halt, even if your current systems don’t support an optimal customer journey. Your technology has evolved over the years, layered and stacked in stark comparison to cloud-based technology’s organized, sufficient container infrastructure.

Perceive the Customer Journey with a Modern Mindset

The customer journey map is still necessary, but it’s crucial to understand that, technically, the customer journey doesn’t end directly after the purchase. In most cases, post-purchase customer activities include sharing their opinion of your product and brand long after purchasing. 

It’s so essential to improve customer experience through digital transformation for this very reason. Word of mouth and online reviews carry a lot of weight regarding future potential clients’ decisions. 

Know Your Outcome

You can’t pull off a digital transformation without knowing precisely what you want from the change. If you’re unsure of what you want from your outcomes, you can generally focus on these aspects of enhancing your customers’ journey. The outcomes are a well-weighed balance of business, user and technology goals.

Security

Security comes before everything else. When you secure business and consumer data, you secure brand reputation. Your clients need to know that they can trust you, and adequate security measures are a massive part of digital modernization.

Speed

Speed is crucial to your digital transformation and your customer journey. You need to deliver content and your products and services at high speed with a very low risk, which is where security comes into play.

Analytics

Know your analytics and learn how to understand and analyze your data in real-time. Analytics help you know how your business is running and which marketing tactics are working and which are not. When you have instant access to such information, you can make the necessary changes right away.

Optimize IT Functions

Your digital transformation has to support your IT functions from end to end. However, it’s essential to keep your costs from getting too high. The cool part of optimizing your IT framework means you can look closely at which pieces of your business are working and which need integration.

Working with partners to digitally transform on an open scale can significantly help guide successful results. Your employees also need to be willing to change, probably continuously, as digital transformations occur. Optimizing functions throughout, and bringing in a third party to help, will make this process easier.

Stepping Back to Move Forward

Mapping the customer journey and transforming your company to serve the modern customer experience requires stepping back and looking at what isn’t working. Set your priorities and know your audience.

It’s crucial to review current processes to enhance your customer journey. If they do not, they should be reformed or eliminated. By moving forward on the right track, you’ll prevent losing your customers to start-ups that are already technologically advanced enough to provide outstanding customer service. 

The end game will always be the experience your customer has. Your customers drive your business, and the knowledge they have regarding your products and services has the potential to make or break you in the long run. Why not do everything you can to keep them coming back? It is the story of discovering and fulfilling the known needs better and giving the unmet needs life.

Why the Future of Digital Transformation Lies in Human-Centered Automation

digital transformation

Digital Transformation

Digital transformation is an ever-present entity in every industry across the globe. Companies and organizations worldwide are continually looking for ways to update their automation processes to keep up with the rest of the world.

The problem with current automation technology approaches is that they fail to center on humans, which though it seems counterintuitive, is actually an essential component of digital transformation. While it’s only natural that we embrace digital possibilities of all shapes and sizes, it’s crucial to remain focused on the part that humans play.

What is Human – Centered Automation?

Human-centered automation represents the evolution in current automation approaches. It investigates the automated workflows of companies and organizations today and focuses on how humans’ work will change and contribute to digital transformations.

Businesses must keep up with the automated pace of the current workforce. However, failing to implement how humans can assist in that progression, unlocking boundless potential along the way, is a huge business mistake. Automating specific tasks improves customer service experience while improving decision-making and response times, but including human capabilities in the mix will put certain companies ahead in the long run.

Human-Centered Automation encourages collaboration between humans and machines, but it’s so much more than that. The development of intelligent automation that focuses on the assistance of human beings to succeed contributes to a surge in digital transformation due to the existence of growing, AI-driven models that can effectively support it.

Essentially, humans and machines are learning to work together.  

Streamlining Operations 

The success of a business relies on many factors, including the balance between digital and human-centered automation. Achieving this balance helps improve user experience and streamline operations. Manual development approaches to the content that your customer base requires to move forward as your client are likely relatively slow.

Handwritten forms and emails to PDF files and other paperwork documents are necessary for user communication. Automating these tasks leaves room for next to zero errors and improves the customer experience without cutting out human interactions.

While automated systems are fantastic for loan approvals and lab tests, it isn’t easy to get a meaningful customer service experience without a human being. Consumers still want that connection, and human-centered automation focuses on not letting it go.

Creating a Human-Centered Automation Experience

For many companies and humans who work within them, going to work is about much more than a paycheck. People choose their careers based on the ideology that they can make a difference, whether within the workplace or the world. Instead of letting technology take over, we must use the desire for a better existence, for change, to drive us to grow with our technology.

Human-centered automation creates synergy between technology and humans. There is no question that both computers and humans have their strengths, and when we can utilize them to play off those strengths together, the business possibilities are endless. Business owners should gauge their technology and human employees’ needs and capabilities and assign tasks accordingly.

It’s evident that the way humans work will evolve as the need and demand for technology grows. This ever-growing need for technology is not something human employees should fear, primarily regarding the loss of their jobs, but instead harness, so backlogs and other tedious tasks that are better automated can ease employee stress.

Employers will never experience a more valuable resource than their employees. By adding in digital advancements, you’re freeing them from ongoing, repetitive tasks and allowing them to serve your customers and focus on the work that matters. Employee satisfaction is a top priority for every company within all industries, and automation assists significantly in achieving this satisfaction.  

Evolve and Upgrade Your Workplace 

Staying stuck in the past means the inability to keep up with your competition. Automation is inevitable, so make it work for you and your team. It’s unlikely that there is another company with the same processes and dynamics as yours, and it’s vital to ensure ease of integration for any automation you implement.

Not only do you want to maximize the return on your digital investment, but you’ve got to focus on limitless employee potential as these changes take place. Artificial intelligence is at its best when humans supervise, and this is a core concept of human-centered automation as the future of all digital automation.

 

Enhancing Your Customer Journey 

Automation isn’t only for making the lives of your employees more manageable, but it greatly assists in your customer journey. You can gather purchase intent and eventual conversions by optimizing engagement and personalizing relevant messages that hit on pain points and interests.

Digital automation leaves employees free to solve complex customer issues, creating a daily workflow that improves the customer and employee experience. When an automated CRM service handles most of your customer interactions, the integral pieces of your business are always taken care of by hands-on employees.

The Future of Digital Transformation

Many parts of our daily routine, both work and personal, are entirely automated, from when we wake up until our robotic home assistant shuts our lights off at night. While digital transformation proliferates in the workforce, it’s nothing without the humans who manage and co-exist beside it. Human-centered automation focuses on the concept of teamwork and taking technological advances to the next level through human implementation and management.

Adopting a remote work business model: What do you need to look out for?

Enterprise-mobility-roll-out-What-are-the-key-enablers

Developing and implementing a foolproof Enterprise Mobility plan involves a well-organized thought process that considers all the possibilities, technicalities, obstacles, and risk factors. So, what exactly do businesses need to know about a plan for business mobility? There are more than just a few factors!   

Mobility has changed the way businesses interact with their key stakeholders. While enterprise mobility is becoming a necessary organizational strategy, companies are finding it challenging to implement this across the board. Here are a few things to keep in mind while rolling out a mobility strategy in your organization.  

Always Keep the Big Picture in Mind   

Even before an enterprise mobility plan is put in motion, businesses should first ensure that they understand what business mobility is and why they need it. Around the same time, they need to assess how much experience they have in the area of emerging technology and what the organization will accomplish by implementing these innovations. It is important to determine the means of business mobility and understand what you want your end goal to be in terms of business outcomes. Switching to mobility is a change that involves a considerable paradigm shift, and it is important that the change takes place smoothly. It is also important to understand how your key stakeholders’ interface with your business and consume your business products and services, and then, understand whether mobility will give you opportunities best befitting the consumption.  

Identifying the Appropriate Approach  

The next step is to build a holistic plan that encompasses all the criteria and requirements of business mobility, including buy-in time and engagement from decision-makers as well. When the organization decides how business goals and priorities can be best guided by mobile applications that will help improve employee engagement and company sales, a program of strategies would have to be initiated. The mobility strategy for businesses includes clarifications on the company’s digital maturity level, company’s vision, employee training requirements, information and safety requirements, mobile technology implementation and incorporation, customer experience effect.  

There are three basic approaches to building a mobile app – mobile, native, or hybrid apps. Deciding upon which one works best will help in the transition better. For instance, if you’re taking your first step into the world of mobile, responsive websites are perhaps a better bet. While native mobile apps are custom made, they are a lot more dynamic and engaging. Hybrid Apps are a combination of native apps and mobile sites.

Ensuring Continuous Application Delivery  

It is important to understand that the mobile is a device that offers frequent updates that are consistent, for the end-user. Mobility will, therefore, require a good number of revisions, shorter development cycles, and support across a range of mobile platforms. An organization should have specialized personnel and technology infrastructure to develop the tools that can help make this transition better.   

Managing Data  

If your enterprise generates a large amount of data, building a mobile infrastructure around your existing data capabilities is critical. It is important to understand how your key stakeholders interact with their mobile devices and ensure that they have access to the data they require. Through mobile applications, data can be delivered anywhere & anytime thereby resulting in increased productivity and operational efficiency.  

Rely on an End-to-end Security Strategy  

As the workforce becomes mobile, it is more challenging for organizations to secure their data. Taking appropriate security measures is critical while implementing a mobile strategy. It is important to allow employees to access data when they need it, while not allowing them to store in their devices. While empowering workers to get the most out of their devices and applications, appropriate policies and security solutions should be enforced for users, applications, and devices respectively. Remote access for authorized users, encrypting information, data leakage protection, identity, and access management, policy management and compliance reporting are some of the key security measures enterprises should adopt.  

12 Customer Experience Trends that are ruling in 2020

https://tvsnext.com/blog/virtual-digital-assistants-is-it-the-rise-of-machines-already/

The world is constantly changing. You need to keep improvising in order to be competitive in the market. One of the principal aspects of improvisation is to gauge customer experience (CX). CX is going to be the defining factor in the future. Let us look at 12 Customer Experience trends that are ruling in 2020.

Mobile is the way to go

There was a time in the world when you needed computers to browse the internet. Subsequently, we had a time when websites had to be mobile friendly in order to be successful. Today, we’ve come a full circle with web developers creating websites, exclusively, to be browsed on mobile phones. The day has come when websites finally have to be computer friendly instead of being mobile friendly.

Bots are replacing people everywhere

Speaking with a customer service executive used to be a great pleasure – not very long ago. “Used to”, because as you read this article right now, thousands of customer service executives are being replaced by bots. Today, you have companies investing heavily in artificial intelligence and using bots for handling customer complaints. So, you do not know who is there at the other end of your Live Chat window.

Standing in long queues to pay your bills is one way out 

Standing in queues to pay for your shopping bills will soon become obsolete. Amazon has already taken the lead with their Amazon Go concept where all you have to do is to pick up the object of your choice and walk out from the store. They use Artificial Intelligence to determine the product you have chosen and thus bill your account directly. All you have to do is ensure that you have enough funds in your account.

IoT will make Data Analytics very easy

Today, it is possible to connect more gadgets and appliances to the internet. Ergo, you are able to understand customer behavior better, thereby putting you in a better position to interact with them in a smooth manner. This can help the manufacturers understand how customers use their products. Hence, they can make the necessary improvisations to the products.

Voice Controlled home assistants making life easier

With each passing day, our memory is becoming weaker. Mobile phones and other electronic equipment obviate the need for remembering trivial things like phone numbers. Voice controlled personal assistants like Siri and Google Assistant have made things simpler for us. It has now become easy for us to order these assistants to guide us to the nearest restaurant or make a call to our beloved without even touching our phone.

Judge emotions of people while interacting with them

You have seen bots replacing humans at the other end of your Live Chat window. This bot at the other end is a smart fellow. Judging your emotions from the tone and language you use is now possible. In case it becomes difficult for it to handle the matter, it has the capacity to transfer your call to the human customer service executive.

Track people real-time

GPS and Bluetooth have revolutionized communications a great deal. GPS allows you to judge the location of your customer thereby enabling you to target him in a better manner. You can send notifications directing him to your nearest retail outfit and thus convert such leads into business.

Reduce human errors a great deal

Robots use AI to do a variety of jobs even today. Their importance in the medical field is well known. Robots have assisted in various critical surgeries thereby reducing human errors a great deal. This trend is only going to improve in the future.

Personalized services are possible

AI helps you judge people’s preferences and helps businesses alter the way they deal with such customers. Based on your previous experiences, it is now possible to offer you things the customer prefers to have without asking for it. The entertainment and the hospitality industry can use this CX factor a great deal.

Easier conversion of leads

The latest technology has made it easier for the business to expect their customers to behave in a certain fashion. This enables you to understand your customer better and thus able to offer him a better deal. Naturally, you convert such leads into business easily.

Making it simpler for the customer

There are various aspects of customer service that begin after the customer makes the purchase. Integrating them into a compact service is now possible depending on the previous experiences of each customer. Thus you are able to do away with unnecessary bottlenecks and make it simpler for your customer to deal with you.

Secure the payments

Technology is available where the customers can directly scan the barcode and make the payment without having to swipe their credit or debit cards. This provides for a greater degree of security to the customer.

Conclusion:

You have seen 12 new CX trends that are going to rule 2020. The main objective of all these CX trends is to make it easier for the customer. The customer has never had such an easy time ever in the history of forever.

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How IoT is Improving the Quality of Healthcare

How-IoT-is-Improving-the-Quality-of-Healthcare

IoT is redefining Healthcare. Look around and you will find people with smart devices that track their every move, calculate their intake, and give them trends on this data.

Primitively caregivers and hospitals were using telemetry to remotely gather data for improving patient care. The primary aim of preventive healthcare was to deliver personalized care, improve patient care without spending a huge amount of money.

The Internet of Medical Things (IoMT) is driving the future of the healthcare industry. It can bring better outcomes; improve efficiency and make healthcare more affordable, as caretakers are increasingly resorting to more self-care due to increased awareness. To achieve this, healthcare providers must make use of the latest technology in a more systematic way.

The Scope of IoT is Getting Bigger and Better in:

  • Preventive healthcare: by use of wearables.
  • Patient tracking: in monitoring patient movement and health analysis.
  • Geriatric care: in tracking senior citizens which is a large market for IoT and medical devices.
  • Real-time location tracking: in tracking medical devices, people, and asset movement.

It is predicted that the revenue from smart wearables will increase to around $22.9 billion by the end of 2020. Experts from P&S Market research expect that the Internet of Things industry will grow at a compound annual growth rate (CAGR) of 37.6% between 2015 and 2020.

Wearables for Preventive Health Analysis 

Imagine a wearable is used for preventive health analysis. The term wearable in health parlance should not be restricted to just fitness tracking devices worn in the wrist that is used to monitor personal health.

The term wearables should go beyond the tracking of physical activities. It could be used as a communication device or it could even be a device that interacts with other devices like an Apple watch. It could be a device in the body, on the body or near the body like a medical app that helps track personal health;

Some of the leading medical apps that are already disrupting the healthcare market are:

  • Philips’ Medication Dispensing Service
  • Boiron Medicine Finder App
  • Future Path Medical’s Urosens

Digital Hospitals Making a Headway

The Healthcare industry is increasingly leveraging modern technology and digital hospitals are making headway such as the Humber River Hospital in Toronto Canada and the Medical Center at Mission Bay San Francisco. Innovative approaches towards engaging robots in the radiology and other departments are also disrupting the way healthcare is delivered.

Deakin University Australia, in partnership with Telstra Australia, has developed haptics-enabled robots that can perform ultrasound diagnostics remotely. This means the patient need not be in the same place as the sonographer conducting the ultrasound.

IoMT for Improved Healthcare

There are over 97,000 mobile healthcare apps as of 2019 and the mHealth app marketplace is expected to grow 15 times faster, according to a survey. Another survey indicates that users prefer digital services to communicate with doctors, monitor health, and collaborate with caregivers with ease.

Final Thoughts

IoT is clearly here to stay. With the cost of Hardware coming down, there’s no dearth in demand for wearables as this space is just short of an explosion, especially, in the mature markets.

IoT devices and apps are helping healthcare professionals in providing better care for their patients. There is definitely much scope for advancement for IoT in the healthcare sector.

Looking to leverage IoT technology for a healthcare solution? Kindly Contact Us here.

Customer Cognizance Through Omnichannel

Decor Cover

In the last decade, marketers have progressed slowly but steadily. It was not uncommon for marketers, 10 years ago, to focus primarily on their domain and use SEO and SEM for traffic management. Marketers cannot condone such a gap in their perception of the customer in today’s omnichannel environment. 

Omnichannel

Recently, marketers have also begun to use other channels such as mobile displays, social media, and programmatic displays. Initially, these channels have been managed independently to produce “multi-channel marketing,” but later, they integrated their channels to provide a “cross-channel” brand message. 

For companies that are focused on attracting and retaining consumers with more choice and higher expectations, omnichannel marketing has become a priority.  

Like other trades in the modern era, omnichannel is an area of tremendous potential, frequently debated, but seldom well accomplished. This practice includes addressing obstacles and uncertainties that hinder other businesses from making their true vision happen. 

There is no doubt that data is growing at an exceptional rate and, especially, the increasing number of consumer data fundamentally alters the way brands work in the region.  

Given the impending future without cookies, improvement in personalized targeting increased with consented customer information such as Consumer Data Platforms and Consumer Panels. The growth in 1st-party data provides marketers with an excellent view of the customers in their online world. Companies are also increasingly equipped to furnish marketers with offline customer data, such as Point-of-Sale (POS) systems, geofencing, and beacons. 

Impacts of Isolated Online and Offline Data 

The inability of a brand to integrate its data online & offline adversely affects the ability of a company to intelligently trigger the omnichannel, holistic strategic considerations, and exploit media usage nuances. Their value at a scale is all at the ultimate cost of the marketer’s desired return on media expenditure due to a lack of understanding and a lack of attribution between online & offline world. Silo-based media and two-dimensional digital media consumption are still high across the Asian Pacific both for online and selected offline outlets. 

Digital’s share of ad spend across the region will expand from just over 50% in 2019 to 59% by 2023, with online video contributing 20%, and although less spent on conventional offline media platforms in general, these traditional channels still account for a substantial proportion of promotional budgets. Out-of-Home, is still going strong in the South East Asia region, having grown +19% in 2019. In planning for these campaigns, brands are of course using the rich data for both their online and offline consumers to inform their segmentation and targeting. The issue is that both data sets live in isolation from one another, and media planning teams are unable to use online data to influence offline media planning and measurement, and vice versa. The lack of a bridge results in media planning that is divorced from the complex reality of how consumers behave across channels.  

Consumers aren’t two-dimensional, unlike our existing online and offline data usage. They do not live in online and offline siloes, and their purchases are no longer predictable.  

Most marketers are familiar with the all-round concepts of web-building (where consumers collect information about the goods online and then buy them offline) and showrooming (where consumers are visiting the stores physically to look and feel the product before making their purchase online), But even those concepts are oversimplified representations of how dynamic the purchase journey has become. Consumers do not flow constantly through a funnel but a maze of actions and connections with the brand in the path to purchase as they move through online and offline touchpoints. In fact, understanding this maze and getting a single view of the consumer when they seamlessly move online and offline is critical. 

Bridging the Gap Between Online and Offline Data 

Digital networks have been leading the way since they attempted to link or bridge the gap between offline and online platforms. Why is it required? Why cannot customers get a different experience for each channel? It is because, with the advent of digital platforms, consumer perceptions have changed drastically. 

omnichannel

Easier to communicate with brands using digital technologies led them to expect smoother and seamless offline/physical brand interactions. In short, they wanted an all-round experience that would blur the distance between offline networks.

Cross-channel marketing is all about delivering marketing strategies to consumers through different platforms both offline and online. 

The marketers must merge networks with each other in order to bridge the gap between the offline-online, to transfer data, and to process it from one channel to the other. Different technologies like APIs, RFID, etc. may be used. 

Vanity URLs often act as a cross-channel marketing tool that reduces offline distance. Such URLs are shortened web addresses that are easy for customers to recall. Using these URLs on offline assets like a flyer, print ad, or banner, consumers can be motivated to search the URLs on phones, tablets, or computers. 

Marketers will sell the goods online and have their customers picked up from the brick and mortar shop to create a seamless shopping experience.  

And salespeople can also allow products bought online to return to a physical shop. Items bought from physical stores can also be returned digitally by requesting a pick-up of the items. The cashback can also be credited directly to the customer’s bank account. 

There was one of America’s famous retailers who experimented in bridging the gap between online and offline data—Macy’s. The company noticed that consumers frequently review items on their website before visiting a physical store. The company thus wanted to give consumers exposure in the store in order to see if their favorite items were available in the nearest shop. Macy also offered various shipping options, such as home delivery, click-and-collect, etc., which really resonated with consumers and helped increase the company’s revenues. 

Marketers may use location-based targeting to drive consumers to purchase products while they are on the go. 

It can be achieved by providing a smartphone push notification when they enter or exit a geofenced area. They can also be monitored by beacons when entering the shop. Marketers use beacon technology to give customers a personalized experience while they shop. Therefore, the offline-online link is enhanced and at each stage of the customer journey, there is an interaction. 

For instance, a person enters the mall and triggers the geofence. An app pushes notification pops-up on his device about some exciting offer going on in his favorite store. The customers are encouraged to visit the store even though they do not intend to go to it in the first instance in real-time. 

Conclusion 

When consumers expect enriching experiences across all touchpoints, irrespective of online and offline platforms, marketers will strive to achieve that. A clear transition should be made from an offline to an online platform from the consumer viewpoint, and vice versa. To step up the ladder, marketers must follow omnichannel marketing strategies that primarily bridge the gap from offline online to provide consumers with a clear and seamless experience across all available channels. 

Emerging Healthcare Trends Post Covid-19

Emerging-Healthcare-Trends-Post-Covid-19

COVID-19 reveals how fragile many world’s health systems and services are, forcing countries to make difficult choices to best meet people’s needs. Though patient care systems have progressed long before coronavirus disruption, online health consultations, involvement of healthcare providers, and remote monitoring of patients are becoming increasingly accepted.

New approaches to delivering healthcare services

Improvement in healthcare can be achieved irrespective of geographies. New healthcare approaches are paving way with modern infrastructure, service requirements and analytics.

1. Enhanced pharmacy experience: Pharmacies are expanding their touchpoints to provide medicines and other healthcare services. Grocery stores are also being used to sell drugs along with other products to retain customers and give them single time purchase experiences. Many leading brands are exploring options to set up healthcare retailing and experimenting delivery of medicines using drones.

2. Increase in contactless experience: Coronavirus apprehension is more prevalent in clinics and hospitals. Technology-enabled workflows are used to improve patients’ registration before visiting a clinic. Facial recognition programs are used to remove the need of touch, requiring registration stands in hospital lobbies. Routine tests are also getting virtual, and many diagnostic procedures via remote-controlled devices are increasing. With the rise of bandwidth, modern mobile apps, and desire to isolate themselves from society throughout the pandemic, both clinicians and consumers are preferring virtual calls. Virtual video care is been initiated in many locations around the world to reduce long-distance travel for patients.

3. Big Data in healthcare: Big data uses the collection of all data points on COVID-19 from around the world. These data are used by mathematical models to identify geographic locations, establish mortality prediction models, estimate testing and test delivery requirements, and guide policymakers, healthcare providers, and other key players in decision making. It is essential to note that while big data gives us the perspective that we wouldn’t have otherwise, all variables required to make a specific decision are not automatically considered.

4. AI and data analytics: Health industry’s defensive line against COVID-19 was primarily helped by AI and data analytics. Machine Learning and data analysis have a significant role in understanding the spread of the disease and the efficacy of the different responses to the infection. Studies have utilized these methods for monitoring the capacity of hospitals to classify high-risk patients, and many agree that AI could be used to plan for similar situations in the future.

Conclusion

A seamless product design is to gain an intuitive understanding of the trajectory of patients in the modern post-pandemic period and to identify high-impact touchpoints for digital interaction. Every patient population varies in their digital communication preferences, whether by socioeconomic status or other demographic factors. Each health system must develop a digital environment suitable for its patients, while continuing to address the needs of caregivers who provide and maintain the environment

Disruptive Technology for Healthcare

Disruptive-Technology-for-Healthcare

With immense technological advancement, global healthcare industry will transform tremendously and move towards digital. Factors like increasing population, declining healthcare budgets, and rise of chronic diseases add pressure on healthcare providers and governments to shift to innovative technologies. 

Consequently, the global healthcare industry is ideal for driving new technological advancements like Internet of Things (IoT). Smart devices such as smartphones, smartwatches, and other new emerging technologies will act as driving forces of this revolution.   

Let’s discuss some of the technologies that could transform the healthcare industry in the future. 

AI and Machine Learning

Machine Learning is a form of AI that offers learning capabilities to computers without being explicitly programmed. It means that computers can teach themselves to modify according to the need when exposed to new data. With AI, there will be a considerable amount of data to explore. Several tech conglomerates like Google, IBM, etc. have already started exploring these technologies’ potential applications in healthcare.  

There are truly exciting possibilities for the application of AI/ML for such digital surgery robots. 

  • A software-centric collaboration of robots with the aid of massive distributed processing 
  • Data-driven insights and guidance based on surgery histories (performed by both machines and humans) and their outcomes (favorable or not) 
  • AI-generated virtual reality space for real-time direction and guidance 
  • Possibility of telemedicine and remote surgery for relatively simple procedures 

Digital Therapy

These are healthcare interventions delivered to patients through smart devices like smartphones or laptops. They combine medical practice and therapy in a digital form. Computerized Cognitive Behavioral Therapy (CBT) is a new group of automated digital therapies that aims to provide CBT at scale with better engagement.  

“Digital Therapeutics: Combining Technology and Evidence-based Medicine to Transform Personalized Patient Care” 

Digital therapies are disease-specific treatment tools. Often, they are a substitute treatment (or the only treatment) with sensory stimuli; in other situations, they support or enhance conventional medicine incorporating electronic usage with tools or medications.

For example, some devices complement conventional treatment by helping patients manage and control their conditions, providing indicators such as remembering when and how much medication to take.

Apps and Smartphones

The full potential of smartphones is yet to be perceived by the healthcare sector. Companies are making efforts to curate quality apps, such as the NHS (National Health Service) app library. With powerful processing capabilities, smartphones can serve as the hub for new diagnoses and treatments.

Although the use of mHealth devices and applications is already common in clinical trials, pharmaceutical companies are now concentrating on connected drug delivery systems that will automatically identify and monitor medication usage by patients to enhance adherence. 

Health apps and smartphones help to: track personal health data, real-time communication with your doctor or another healthcare provider, and improve the quality of life for doctors and their patients. 

Portable Diagnostics

With devices like portable X-ray machines, we can bring cutting-edge diagnostics at our doorstep. Doctors can provide better quality of care by more profound and meaningful engagements with patients. It also leads to the continuous capturing of crucial health-related information, which will eventually reduce the overall healthcare costs. Assistive devices like smart wheelchairs are used by patients with permanent disabilities, which help them perform specific tasks and gather essential health information. This information can later be used for modifying treatment procedures.  

Online Communities

Online communities and famous healthcare networks like MedHelp bring medical experts and patients together to share health advice and tips. They also serve as a platform for tracking health data, which helps people better manage their conditions.  

Advanced technologies like these offer new opportunities to the healthcare system in improving correctness and usefulness of medical information. It also provides new ways to prevent, detect, and treat diseases at early stages rather than reach the terminal phase.  

HealthTech

Implantable Drug Delivery Systems  

It is estimated that nearly one-third of all medication prescribed to patients with long-term health conditions are not adequately taken as recommended by the physicians. Emerging technologies could change this by enabling healthcare professionals with continuous monitoring capabilities.  

In the future there could be sensors that are tiny and can be swallowed along with drugs. As soon as the pill dissolves in the patient’s stomach, the sensor will get activated and transmit data to a smartphone app. Patients and doctors can see how well they are adhering to the prescription, though it raises questions about the patient’s privacy.  

Blockchain

Blockchains are decentralized databases that keep record of how data is generated and changed over time. The main feature of Blockchains is that it can be trusted, as the records are authentic without a central authority guaranteeing accuracy and security.  

Though Electronic Health Records are commonly used, they are usually centralized. Some analysts state that Blockchain would bring several benefits to patients and doctors as compared to other records.  

Genome Sequencing

Breakthroughs in genome sequencing and its associated field will help us better understand the diseases. Genome sequencing gives a genetic profile of a patient’s illness by which doctors can predict their treatment.  

Globally, several big projects are underway to understand the association between genes and health conditions. In the UK, the government is funding 100,000 Genomes projects. In the US, one company has promised to build a database featuring 1 million genomes by 2020.  

Conclusion

Maintaining patient care in today’s hyper-connected environment depends almost entirely on maintaining and leveraging their network and services. Network administrators need to be vigilant and disciplined – not just for performance, but to prevent security disruptions. 

CIOs and CCIOs (chief clinical information officers) in healthcare organizations face the urgent need to keep pace with technology. They introduce next-generation technologies in an attempt to improve overall efficiency, speed and safety. 

Healthcare is evolving, and modern technologies will transform human life for the better again, just as antibiotics and anesthesia have changed for decades. For hospitals and suppliers working together to protect data, the future seems bright. 


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