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Changing Digital Expectations and CX Trends in 2020

By Mandy Reed, Global Head of Marketing

As with many other aspects of life and business, customer experience trends and expectations have been greatly impacted by the global health crisis this year. The closing of physical store and office locations, restrictions on in-person activities, new guidelines to keep contact centre agents safe, rapidly changing information – these challenges and disruptions to business-as-usual have forced organisations to adapt quickly and re-evaluate the needs of their customers.

CX Network’s The Global State of Customer Experience 2020 report breaks down insights from customer experience (CX) experts, looking at the opportunities and hurdles over the first half of 2020 as well as forecasts for the remainder of the year. Survey respondents’ observations about customer behaviour present a very telling story about the challenges of CX today:

  • 68% strongly believe that expectations from customers are rising
  • 52% believe customers are more willing than ever to switch brands if unsatisfied
  • 49% believe there are clear trends in customer segments that prefer certain contact channels
  • 47% believe it is getting harder to please customers
  • 43% believe that customers are more impatient than ever before

For years there have been predictions about when CX will overtake other factors, such as price and product, to become the number one way companies differentiate themselves from competitors or when CX will become the most important consideration for customers when making purchasing decisions. Regardless of whether we’ve reached that point, businesses can’t ignore the facts that customer expectations are rising and that failing to make changes to meet those expectations negatively impacts customer retention and spending.

The global pandemic that the world is dealing with right now has further shone a spotlight on CX, particularly on the importance of a quality digital experience. It should come as no surprise that in CX Networks’ survey, digital transformation and digital customer experience ranked high in responses from CX practitioners, solution providers and industry commenters when asked about top trends.

2020 cx trends

Organisations that already had a focus on their digital CX prior to the start of 2020 had an advantage as they adapted to COVID-19 related restrictions and changes. For example, those with existing virtual agents or chatbots were able to relieve pressure from their contact centre by proactively encouraging customers to self-serve. Branded virtual agents around the world saw a massive spike in usage during the first half of the year, further proof of the importance of digital customer care.

The survey also asked participants about challenges companies are facing when trying to close the gap between customer expectations and the reality of the experiences being delivered. ‘Building a customer-first culture’ was in the top three responses for all three groups and ‘Siloed customer data’ also ranked high in the answers selected.

2020 cx challenges

Both of those challenges can directly impact the creation and success of digital transformations and digital customer experience strategies. Having a customer-centric culture is essential for selecting and implementing the right digital changes and tools to address the real needs and preferences of customers. However, achieving success can also be derailed by having siloed customer data, incomplete customer profiles and disconnected customer experiences. Creating a single source of truth for customer data requires time and resources but is a necessary and worthwhile investment to create seamless, omnichannel customer engagement.

While it’s impossible to know exactly what the future holds for customers and businesses, what has become clear is that delivering positive digital and self-service experiences is going to continue to be important to a company’s bottom line. Check out this three-part blog series for more insights and tips:

As customer expectations and preferences continue to evolve, smart organisations will evolve with them. They will find ways to meet customers where they are, whether that be in-person or on digital channels.

Virtual Agents in 2020: Usage Spikes and the Banking Sector

By Mandy Reed, Global Head of Marketing

There have been lots of discussions, articles and analyst deep dives into companies’ digital transformations being driven or accelerated by the COVID-19 pandemic and the associated shutdowns and mitigation efforts. Many individuals have also undergone a digital transformation of sorts in their own lives, relying more on options such as FaceTime and Zoom to keep in touch with family, friends and work colleagues and increasing time spent on social media and mobile messaging apps. These digital changes in behaviour have, as you’d expect, also impacted the interactions individuals are having with businesses.

Back in April I took a look at the impressive spike in virtual agent traffic starting in late February and early March that surpassed anything Creative Virtual had seen in over 16 years of being in the industry. By 12 April 2020, those virtual agents had reached nearly 50% of the total traffic they had recorded for all of 2019 despite being only about a quarter of the way through the year.

Now that we have reached the halfway point of the year, I was curious to take another look at our virtual agent traffic and once again enlisted the help of my colleague and analyst guru, Lester Lane. When we crunched the numbers, we discovered that those virtual agents have now recorded approximately 75% of the total transactions from last year and are well on their way to a record-breaking 2020. This is mostly due to a sustained increase of traffic through the rest of April and much of May. Towards the end of May, we started to see a drop-off to more average traffic levels as you can see from the usage of the self-service virtual agents included in the graph below.

virtual agent usage

Looking at overall traffic figures gives insights into general trends, but it’s also interesting to dive a bit deeper into individual industry sectors. At Creative Virtual, financial services is one of our biggest industries and one that our team has extensive expertise in collaborating with on virtual agent solutions. In fact, our very first enterprise customer was a large financial services group – and they are still a customer today! (Side note: My colleague Laura Ludmany wrote a great two-part blog series about helping financial organisations deliver customer support during the coronavirus crisis – check out Part 1 here and Part 2 here if you haven’t already.)

When we break down the total traffic figures into a handful of sectors, we see that they all experienced a spike in March and April before most levelled off a bit. However, the Banking sector has continued to see increased usage throughout May, June and the first week of July compared with the first two months of 2020.

virtual agent usage

This sustained increase for the Banking industry isn’t a surprise given the essential nature of many banking activities combined with the temporary closure of branches and people staying home. More people were forced to do their banking online – perhaps for the first time – and took advantage of the instant self-help offered by virtual agent tools on websites and in banking apps. Plus, there was the added support needed for various government schemes and programmes. One of our banking customers’ virtual agent set a new record for highest number of saved calls in April and then doubled April’s total usage in May.

I’m curious to continue to watch how virtual agent traffic fluctuates as coronavirus-related restrictions change. Banks tend to be early indicators of upcoming general trends, so it may be worth noting the spike of activity at the beginning of July. Will there be another surge as companies and their customers experience further digital transformations? Only time will tell.

If your company is looking to add an AI chatbot or virtual agent to your customer service strategy or is struggling with a self-service tool that can’t meet increased demand from users, you’ll want to take a look at the Neutrino release of V-Person™. Introduced to the market in June, Neutrino provides the right tools and guidance to deploy conversational self-service quickly, easily and at large scale.

Hindsight May Be 20/20 But CX Needs a 20/20 Vision

By Mandy Reed, Global Head of Marketing

They say hindsight is 20/20, but companies can’t afford to rely solely on hindsight when it comes to their customer experience (CX). They should, of course, learn from past successes and failures and pay attention to the feedback from both customers and employees. However, that’s not enough to attract new business and build a loyal customer base. Companies also need to have a 20/20 CX vision.

Recently customer service and experience expert Shep Hyken tweeted his thoughts on customer service, pointing out the fact that “customers are getting smarter and expecting more”:

That “expecting more” includes effective service across touchpoints. For organisations, that means offering end-to-end engagement that blends self-service and human assisted support options. Just as each company is unique, so should be their chatbot, virtual agent and live chat strategy – there’s no one-size-fits-all approach that guarantees success.

Frost & Sullivan has identified 2020 as the year CX will overtake product and price as the number one way by which companies will differentiate themselves from the competition. There’s no avoiding the reality that it’s more important than ever to effectively serve and engage customers across touchpoints. It’s key that organisations work with a vendor that has the right tools and expertise to help them create and implement a chatbot, virtual agent and live chat vision that is unique to them and their customers.

To help get you started, the expert team at Creative Virtual has put together a new guide: Creating a 20/20 Vision for Your Chatbot, Virtual Agent & Live Chat Strategy. The guide includes:

  • Three steps for creating a successful chatbot, virtual agent and live chat strategy
  • A checklist for selecting and partnering with the right vendor
  • Tips for using existing chatbot projects and live chat transcripts to jumpstart your vision

The new year is all about looking forward, so learn from your 2019 CX hits and misses but also take the time to map out an updated vision for 2020. Make it your resolution to be one of those “great companies” Shep Hyken referenced in his tweet this year. Download this guide for creating a 20/20 vision to get the inspirational juices flowing with our actionable steps, tips and vendor checklist.