World of uncertainty has settled in among customers and companies alike.
Manual loan processing in the financial services industry always tends to be time-consuming, error-prone, and labor-intensive. You’ll need to employ highly skilled professionals to organize, understand, and analyze loan applications without missing anything. As pages of documents come rolling in for processing, human beings can do only so much before productivity flies out of the window.
Here is where Automated Processing steps in to save the situation. By the end of this article, you will understand the benefits of Artificial Intelligence and automation in the financial services industry.
Read on via our latest brief here:
Meanwhile, B2B customer service is far more complex than B2C and carry far greater costs when it fails. That’s because the average customer spend in B2B firms is typically far higher than the average consumer spend for B2C firms. Hence, losing clientele due to poor service has a far greater financial impact on B2B firms – in addition to the impact / disruption it creates for the customer.
This means that the modern B2B service leaders must go beyond following the lead of their B2C counterparts. Rather, they must establish their own priorities and masterfully align strategy and technology to achieve these goals. Aberdeen surveyed 859 businesses (of all sizes and all industries and around the world) regarding their customer experience (CX) and service activities. I've attached how they defined Best-in-Class below and have attached this powerful new brief as well for your viewing pleasure:
Definition: Best-in-Class For the purposes of this research, Aberdeen makes the following categorical definitions for B2B service organization performance:
-Best-in-Class: Top 20% of all B2B service organizations -All Others: Remaining 80% of all B2B service organizations Aberdeen used five key performance indicators (KPIs) to gauge performance in B2B service. Those metrics and the performance of Best-inClass versus All Others in each are as follows:
-Customer retention rate: Best-in-Class: 80% vs. All Others: 53%
-Year-over-year (YoY) change in customer satisfaction rate: Best-inClass: 35.5% vs. All Others: 2.5%
-YoY change in annual revenue: Best-in-Class: 33.1% vs. All Others: 5.8%
-YoY improvement (decrease) in response time to customer requests: Best-in-Class: 31.0% vs. All Others: -0.7%
-YoY change in average customer profit margin: Best-in-Class: 23.0% vs. All Others: 1.6%