In the words of Jeff Bezos, “If you do build a great experience, customers tell each other about that. Word of mouth is very powerful.”
It was stated in a report by EY that 71% of customers decide whether or not to trust their financial services provider based on how they’re treated, while 50% of respondents cited communications as a major factor that shapes their trust.
According to the experts at Forrester Research, there is a direct correlation between client satisfaction and increased revenue.
The importance of having happy, contented clients cannot be underestimated.
Now, picture your client receiving her quarterly portfolio statement in the following format:
Can you be sure that she has understood what exactly all those numbers and financial terms indicate?
Such reports don’t do much to help clients figure out where their investments are heading. They feel less informed about their financial choices and need to rely heavily on agents in case they decide to get a clear understanding. What clients expect is a personalized outreach.
narrative’ of this kind empowers the client. It gives a voice to the data. It is self-explanatory and presents all that the client needs to know, in a language that’s simple and comprehensible. It accomplishes the actual purpose of sending out a quarterly portfolio statement – improving client engagement, explaining fund performance, and telling them how exactly your firm is helping them progress towards their financial goals. It helps them connect with you better.
If a wealth manager was to provide such a tailored portfolio commentary to each investor, it would mean a great deal of time spent analyzing raw data and writing. The task is an arduous one and scalability would always be an issue.
This is where Natural Language Generation platforms step in. They automate the task of analyzing client profiles and generating personalized narratives in conversational language. What’s more, these platforms are secure, reliable, and seamlessly integrate into your existing architecture to produce well-researched output within seconds. They are fed in with the domain knowledge of your experts and can be configured to reflect the tone and style of your organization. With data analysis and report generation now faster, automated, and simplified, your analysts can concentrate on higher-value activities that involve strategic planning and decision making.
Intra-organization, such platforms also serve as data analysis tools by deriving insights on the fly and helping organizations make data-driven decisions better and faster.
AI-backed solutions like vPhrase’s self-service BI platform PHRAZOR are leading the way in this domain. They use a combination of augmented analytics, natural language generation, machine learning, and other core artificial intelligence concepts. With these, organizational productivity and customer satisfaction shoot up significantly.
Leading firms are realizing that to outshine their competition, they not only need to attract new customers but also work harder to retain the existing ones. And increasingly, they are discovering that one of the keys to doing so is by raising engagement through high-quality, personalized communications.
Say yes to embracing innovation to catalyze growth and have happy customers over!