Following widespread industry deregulation, the energy and utilities sector has become increasingly competitive. With more and more choices available to customers, providing quality customer service is more critical than ever. Customer loyalty is no longer guaranteed, with negative experiences driving ratepayers to the competition: 43% of utility customers who have a negative experience are still members after a year, compared to 74% of those who’ve had a positive experience. It’s a perfect storm of high consumer expectations, a host of new challenger brands, and online price comparison sites.
In this new era, customer service has become the battleground for organizations in the utilities sector. Those that win on this front are retaining customers and growing revenue. Those who lose are losing big. For example, in 2018, British Gas announced the loss of 340,000 customers and a 20% drop in profits.
Those looking to regain some ground through their customer service offering must first equip themselves with the data necessary to make informed decisions. What metrics should you measure, though? Here are the four key performance indicators (KPIs) your call center must be tracking.
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Retail is transforming at an increasing rate, and more than ever. Advances in Artificial Intelligence (AI) are changing interactions between customers and brands and are allowing many of these processes to become automated. However, despite these rapid changes, many customers still prefer interacting with an actual person, whether it’s in store with a floor representative, or on the phone with a call center agent.
Text or talk? Voice conversations are still critical, but data shows that the former is becoming a bigger part of customer service interactions. This trend is driven partly by consumer preferences and partly by companies striving to lower costs. Companies are also leaning towards text because of the promise of increased automation, which is easier to do once a conversation has shifted to text.
Last week, Fonolo hosted an insightful live discussion on the current state of AI and Natural Language Processing (NLP). The expert panel discussed how NLP relates to the general field of AI, the pros and cons of different approaches to NLP, and more. To save you some time, we’ve extracted video snippets showcasing highlights from the discussion.
