Efficiency to empathy: Customer experience in cost-of living crisis
Summary
UK retail sales decreased by 1.6% in August 2022 versus a 0.5% forecast; banks are withdrawing mortgage offers as interest rates are expected to rise by several more percentage points; and many people are left wondering how they will afford basics like heating and food as gas and product prices soar. Chatbots based on conversational artificial intelligence (AI) should form a core element of CX strategies, because they help lower call volumes into the contact centre and reduce operational costs, he says. Also, CBA used the same decisioning capability to deliver product messages that might help individuals and businesses, including deferring payments on loans and mortgages, reducing rates and fees, and accessing cash through secured and unsecured lending. “The key is to recognise the needs of each vulnerable individual and have the ability to handle them empathetically, understanding them on their own unique merits and providing solutions that make sense for them at the appropriate time.” Virgin Atlantic has already undergone huge changes to its customer experience offering in response to the Covid pandemic, which sets the firm in good stead to deal with ongoing cost-of-living issues. Moving forward, we plan to develop the AI capabilities of the chatbot, which will further reduce the need for agent assistance.” While the economic situation could lead to a further rise in rebookings, Virgin Atlantic is already focused on supporting the more exacting demands of digital-first consumers.
