Tag: customer expectation

Digital transformation is forcing companies to change their business models and adapt to the new market reality. This transformation is being driven by customers and the impact that the pandemic has on how, when and where they expect customer service and support to be delivered.

Businesses have been through a lot in the last 18 months. As we near the end of 2021, a year that has put many to the test, it is useful to pause and reflect on lessons learned that might be applied in the new year. There are numerous advantages to reflecting on what worked and what did not.

The implementation of digital technologies is driving massive positive changes for customers and providers in both the short- and long-term insurance industries. The recently released South African Insurance Industry Survey for 2021 has highlighted the role of disruption and innovation, with the majority of CEOs surveyed stating that they are looking to get on the front foot with regard to these twin challenges.

As consumer behaviour continues to change due to the impact the global COVID-19 pandemic has had both on business and individuals – retailers are increasingly having to position themselves to provide omnichannel services that can meet these evolving digital consumer expectations.

The insurance 'grudge purchase' can open a world of valuable personal engagement and revenue opportunities in a well-designed service ecosystem. As insurance products become more homogenous and industry competition intensifies, insurers need ways to differentiate themselves and stay relevant.

The trouble with following conventional wisdom is that it is always changing. Proximity to the branch matters. Branches are closing. Multi-channel. Omni-channel. Digital first. Digital only. Mobile first. Mobile only. Friction is bad for customer experience (CX).

In recent years, to meet customer and market expectations, supply chains have been reconfigured for agility, transparency and speed. Consumers want new and better products faster than ever. Consumers demand unprecedented real-time visibility into supply chains, whether to validate a product’s authenticity or sustainability credentials, or simply understand exactly when it will be delivered.

Whilst companies used to build one to three year transformation plans, today technological advancements and customer expectations are changing much faster. Everything companies do has to be driven by flexibility, agility and customer centricity.

Consumer behaviour is ever-changing, but several changes we’ve recently seen have and will alter the way brands do business and approach advertising. For one, consumers now have very high expectations for brands, especially when it comes to social, environmental and political issues.

The normalisation of remote working and increased business adoption of cloud technologies have significantly increased the cyberattack surface putting every company at risk of compromise. With more than 10% of internet user computers worldwide experiencing at least one malware-class attack last year and Kaspersky solutions blocking over 665 million attacks launched from online resources in various countries, cybersecurity skills are now more in demand than ever.