Based on data from the US, Canada, Sweden and Finland, Hellon has identified opportunity areas for traditional banks. Even though some challenger banks are making everyday banking easy, there’s still room to innovate.
1. Understanding text
Qualitative data plays a significant role in CX research and design. There’s survey feedback, interview transcripts, and a whole host of other text-based inputs for the Customer Experience team to consume, analyze and take direction from.
Artificial Intelligence can substantially speed up the process of managing this data. Hellon’s AI tool, Aino, helps a designer read and organize thousands of customer sentences into clustered themes for insight gathering. It can even identify emotional sentiment and process multiple foreign languages, before translating it to the mother tongue of the team.
Neural networks are equally as impactful when it comes to text analysis and understanding. Imagine if a company could feed all of its written customer feedback into a machine learning system, mapping a neural network to visualize the most common pain points in the customer experience. Configuring the data in this way would identify opportunities for improvement at a scale that human analysis simply couldn’t achieve. Hellon’s system, Aino Reads, has been used to handle thousands of individual responses from large markets — delivering textual analysis, insights, and action points to improve product design and customer service.
2. Understanding speech
The above application of machine learning relies on qualitative data being written down — and that’s not always the case within an organization. Call centers, for example, are a goldmine for CX insights and service agents are usually too busy serving customers to identify insights and opportunities at the same time.
It’s here that machine learning tools can add value again. Seeing as all calls are recorded, AI can be used to analyze and measure what customers are saying and how they are saying it.
More than just fighting fires and solving complaints, the AI-driven insights can be fed straight into the sales and development teams too. What do customers say they want and where do the trends emerge? When measured at scale, Artificial Intelligence can be used to create a prioritized roadmap of new features and services — to be developed in direct response to the customers’ needs.
What customers say, however, isn’t always an accurate articulation of what they think. For example, customers can censor their thoughts to reflect the dominant norms in society — or to tell a researcher what they think you want to hear. So understanding the subconscious emotional response to a service becomes all the more crucial.
Can companies tap into subconscious opinions in the service development process? Absolutely, using AI. Neural tracking devices exist to monitor the activity taking place inside a customer’s brain as they read or observe a certain stimulus — this could be a storyboard for a new Customer Experience or any other audio/visual content. Using the neural tracking data, service designers can pinpoint the exact moments of positive emotional response and identify parts of the experience that deliver intended results.
4. Return on Customer Experience
Let’s say your CX team and AI have worked together to suggest a list of optimizations and adaptations for your customer experience design. How do you know if your investment will pay off?
Artificial Intelligence can be used again to determine the most impactful areas of a service in relation to the organisation’s strategic targets.
We applied machine learning in this way for our work with a retail centre; testing five main hypotheses for RoCX (Return on Customer Experience). Once customers had filled in a multi-page questionnaire exploring the hypotheses, an algorithm was used for textual analysis and understanding, revealing that of all five opportunity areas, one stood out as being far more impactful than the rest. This insight gave the shopping centre a clear direction for improving the customer experience, making the retail journey more enjoyable for its audience.