Category Archives: Changing Technology

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The Importance of Customer Experience in the Superannuation Industry

By | Changing Technology, Customer Experience, Digital Customer Engagement, Superannuation | No Comments

The superannuation industry is a highly competitive one and it’s important to differentiate yourself from your competitors if you’re going to keep customers and bring in new business at the same time.

This can be challenging when you’re already trying to keep up with regulatory changes, against increased competition from other financial and banking institutions and the challenges of new technology. How do you find the time to market yourself and take care of your customers’ needs amongst everything else?

One area that is often overlooked by organisations is customer experience. Building a brand that excels in customer experience is one of the best and most effective ways to drive customer retention and brand loyalty, which will in turn grow your super fund.

Churn rates are often high in the superannuation industry and this is why it’s so important to focus on providing an excellent customer experience. If you can keep your existing customers, you can build a solid base to act as a platform for future growth and expansion.

A few tips to help you create a great customer experience

Here are a few suggestions to help you create a great experience for your customers by meeting and exceeding their expectations:

  • Integrate your digital platforms to provide a seamless experience across different channels and devices. Customers want to be able to use their tablet, mobile and desktop computer to manage their account. By providing them with systems that enable them to do this, and switch between devices in the process, you’ll be providing them with a fantastic experience they won’t easily give up.
  • Responsive customer service. Whatever platform your customers use to get in touch with you, make sure you are there and respond quickly and effectively to their requests or comments. When they see that you are invested in providing them with a good quality of experience this will go a long way to gaining their trust and loyalty.
  • Provide your customers with relevant information. Giving your customers up to date information that’s useful to them is a great way to differentiate yourself and build long lasting relationships with them.

While it does take some effort and time to create a great customer experience it’s well worth your while if you want to build a strong base of customers and truly differentiate your superannuation fund from the rest.

Want to learn more about creating a great customer experience for your fund members? Download our full e-book today.

Why You Should Use Mobile Technology to Engage Customers

By | Changing Technology, Customer Engagement | No Comments

In case you hadn’t noticed it, mobile is here. The switch to mobile has been taking place over the last few years but in spite of mobile’s widespread use, a surprising number of organisations are still not using it to its fullest potential.

Often this is due to the challenge of switching their customer communications to a mobile-based platform. At other times it could be because of out-dated assumptions and beliefs or just a lack of understanding of how important mobile is to customers, and how that will increase in the future.

If you’re not sure whether it’s worth investing the time and money in mobile customer communications, according to opentext.com, here are a few of the benefits you can expect if and when you do:

  • Reduced costs. This is a big priority for many organisations. While there may be an initial investment involved in setting up mobile systems and migrating to them, once they are up and running there is far less need for printed communication, and thanks to automated features that make up a big part of many mobile platforms, you can also reduce staffing costs.
  • Better customer engagement. An engaged customer is usually a happy and loyal one and this is important as we move into a more competitive business environment in the future. More and more businesses are focusing on customer experience and mobile lets your customers interact with your organisation wherever and whenever they like. If they aren’t on mobile already, chances are your competitors will be soon and unless you can keep up, you’re likely to fall behind.
  • Easier agility and innovation. Innovation is the key to standing out among the crowd and mobile lets you be more innovative in your customer communications. Mobile platforms are also easier to scale and they are generally more agile, meaning you can respond to changing customer expectations faster than using a desktop based customer communication platform.

Engaging your customers through mobile technology means you can offer a much higher quality of experience and interact with them on a whole new level.

There are so many reasons why you should be using mobile now, and in the future we will no doubt see many more. Instead of asking yourself whether your organisation can afford to connect with your customer over mobile, it might be better to ask if you can afford not to.

Digital Transformation Appliance

CoTé’s Digital Transformation Appliance

By | Changing Technology, Digital Transformation, Uncategorized | No Comments

CoTé Software & Solutions is proud to announce the launch of its latest product offering a Digital Transformation Appliance – The NextUs™

Using patent pending technology the CoTé NextUs™ connects into a companies network and automatically starts to transform any business from Analog laggard to digitally connected brand.

“Plug it in and watch your business transform”

Our unique artificial intelligence and chat bot technology discusses the necessary changes with Employees, Managers and Executives in order to make a digitally savvy business. The NextUs™ integrates with many of the latest HR systems in order to make the decisions necessary to staff and organisational structure changes. Its open architecture assists with cultural change and reducing organisational silos.

The NextUs™ will connect all the legacy and modern technologies via API’s to provide a seamless integrate digital customer experience at the click of a button.

Deployment of the appliance has never been easier, it can be offered into on premise data center or as a cloud service, Hybrid, Hybrid private, public or even private public hybrid.

OK you got us, it’s the 1st of April  – There is no Appliance for Digital Transformation, no silver bullet.

However we did build Virsaic™ it help orchestrate and converges all your customer interactions and communication into one platform.

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Virsaic™ is its independent digital offer. A true ‘Platform as a Service’ (PaaS), Virsaic™ is digital by design empowering organisations to deliver digital engagement first; Mobile, Web, and email, followed by the traditional more expensive print and mail channel. Virsaic™ enables rapid implementation using configuration based template creation through your browser rather than code.
Virsaic™ represents the convergence of digital customer communication management and business process automation and is ideally suited to industry sectors where information management and customer engagement is a competitive advantage.
Virsaic™ can be deployed as components or modules that are added to other applications to form part of a broader digital customer engagement solution such as various CCM, CMS, CRM, ECM and BPM all delivered as a service. Virsaic™ is also an end to end solution; including content management, communication management, archival, workflow, distribution (Physical and Digital) and reporting. Virsaic™ modules are outlined below;

 

virsaic modules

 

Virsaic™ leverages the power of Microsoft Azure cloud in Australia and provides services to some of the largest Insurers, Wealth, Super and Banking Companies in Australia.

What to know more? Contact us today!

For more information, visit www.cote.com.au or www.virsaic.com.au

 

 

What does the Future of Customer Communications Look Like?

By | Changing Technology, Customer Communication Management | No Comments

Customer experience is more important than it’s ever been before and this has led to the development and widespread use of new technology solely for the purpose of providing a better experience for customers.

More and more organisations are making customer experience a priority and this, along with the rapid pace of technological development, means that the future of customer communication will probably look very different than it does now.

So what can we expect to see in the world of customer communication in the future? According to Scott Draeger from GMC Software, over the next decade or so we can expect the following:

  • Ultra personalisation. Customers will be able to receive contextually appropriate messages at the exact right time thanks to the development of greater personalisation.
  • New devices made possible by the Internet of things. We could see customers receiving messages through their clothes, glasses, cars or other personal items instead of just through phones, tablets and computers.
  • Communication will get faster. While we might think today’s technology is fast, that’s nothing compared to how things will be in the future. With expected developments in processing technology it won’t be long before today’s fastest devices look like dinosaurs in comparison.
  • Robots and other services will manage the information that customers receive, and that organisations send. This will free up time for customers and also mean that organisations can use their resources more effectively.
  • Communication will be useful, but not intrusive. Filtering technology means that messages which are not valuable will be filtered out and only the relevant ones will get through. Organisations will need to tighten up their act and make sure they are sending messages that are useful and relevant to their customers if they want them to be received.

While many of these changes will relate to technology in general, they all can and probably will be applied to customer communication technology and practices. Customer experience is already becoming a focus for many organisations and this is only going to increase in the future.

The decisions you make for your organisation today will have a direct impact on how well you are able to meet your customers’ needs in the future. By keeping up to date with the latest technology and where we are headed in the future you can make decisions now that will stand your organisation in good stead as these changes happen.

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How Changing Technology is Impacting Customer Service

By | Changing Technology, Customer Service | No Comments

Customer service is the mainstay of your organisation’s reputation. Looking after your customers is paramount if you want to remain in business but over the last few years, customer care has gone though a number of changes. It’s now easier than ever for customers to share negative feedback online and switch providers but there are also more great ways that organisations can meet the needs of their customers and exceed their expectations.

Changing technology has had a huge impact on customer care in recent years. Here are a few of the most significant changes that have taken place according to Toolbox.com:

Predictive analytics

We might not yet have a crystal ball to tell us when something is going to go wrong with a product or service, but predictive analytics is the next best thing.

Anticipating customer issues and taking proactive steps to fixing them is one of the best ways to build customer loyalty and a great customer experience, and with predictive analytics this process is much easier. With the Internet of things, products can be connected to the Internet so they can let organisations know when there is a problem, before the customer does.

Chatbots and artificial intelligence

While we’re not quite ready to replace human customer service agents, we are seeing an increase in automated chat services that can take care of routine queries, leaving human customer support agents to tackle the more complex issues. Robot customer support is cost effective and available 24/7 and it means that human customer support agents can be utilised where they are most effective, building relationships and helping customers with more complex issues.

Readily available feedback

These days there is no excuse not to know exactly what your customers think of your organisation and products. Technology has given us a multitude of different ways to gather feedback in real time and use this insight to improve processes and products.

Not only is it important to seek out feedback and act on it, your business reputation depends on it. With social media and review sites it’s now very easy for a negative review to go viral and this can cause untold damage to your reputation if it happens.

Technology is coming to the forefront of customer care in many organisations and there are numerous ways that new technology can help businesses better meet the needs of their customers. Keeping up to date with the latest developments in customer care technology lets you find new, innovative ways to keep your customers happy and ensure their loyalty in the future.