ESPRIT DE CORPS

Business Strategy 1
TEAM NAME: 3 MOSQUITOES
CAPTAIN NAME: HARSH PATEL
COLLEGE NAME: NMIMS, MUMBAI
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Emerging Technologies: - Click To Call

Click-to-call (CTC) is actually a misleading name for this technology in its most common
21st century implementation. "Click-to-call" technology now virtually always refers to a
means for a web consumer to ask a website operator to call her. In other words, "click-
to-call" would be more accurately referred to as "Request-a-Call”.

E.g. Amazon uses the click-to-call mechanism on its websites and apps worldwide.
Customers have to provide their contact number and click on ‘Call Me!’ leading to a call
from customer service centre in not more than 180 seconds.

US Click To Call Commerce Projections, in Trillions

US$ 2.00

1.94
1.75
US$ 1.50
1.55

1.23
US$ 1.00 1.12

US$ 0.50

US$ 0.00
2015 2016 2017 2018 2019

The above chart clearly displays the increasing trend in the usage of click-to-call as a
digital channel for customer service & queries.

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61% of mobile searchers say that click-to-call is most useful in the purchase phase.

YES NO 39%

61%

Emerging Technologies: - Social Media as a platform for

Enhancing Customer Services

Social behaviour has big implications for those of us who serve customers. Millennials
tend to make buying decisions collaboratively, and they do not consume food,
beverages, services, products or media in silence. They eat noisily (so to speak) and
very visually.

Organisations have been actively utilising social media for marketing purposes, they
have been unusually quiet on the customer service front. A majority of businesses in fact
choose to ignore customer service queries on social forums.

• 90% of businesses is estimated to use social media for customer service by 2020.

• Social media platforms (SMPs) are being increasingly used by companies to help
understand consumer behaviour, measure loyalty and emotions, forecast consumer
needs, launch influencer programs and deliver products.

• According to the Q2 2016 Sprout Social Index, 90% of surveyed consumers have
used social media in some way to communicate with a brand. What’s more, over a
third (34.5 percent) said they preferred social media to traditional channels like phone
and email.

• Research from JD Power finds that an estimated  67% of consumers  now tap
networks like Twitter & Facebook for client benefit.

• Twitter also says that leading B2C companies are responding to about 60% of Tweets
directed at their service accounts.

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• Customer service interactions have increased 250% over twitter in the last 2 years

• Gartner found that failure to respond via social channels can lead to a 15% increase
in the churn rate for existing customers.

• When companies engage and respond to customer service requests over social
media, those customers end up spending 20% to 40% more with the company, says
research from Bain & Company.

Example: Bank of America has a social intelligence team that monitors social media data
and provides business insights to the firm. The team produces around 1000 insightful
analytical reports annually based on social media data.

Emerging Technologies: - Digital Assistance

With the advancement of mobile technology and ease of knowing about that technology,
new and efficient ways of handling mundane jobs is getting replaced by Digital
Assistants (DA). Digital Assistants are omnipresent who do not need any salary,
vacations or medical insurance. This voice activated digital assistants are ubiquitous i.e,
every mobile has one. These DAs can perform variety of tasks from fetching weather
details and giving directions on the road to checking health parameters. Google’s
Assistant can even lead to hot debate between users. Facebook Integration and similar
third party applications are one of the key element that all the service providers are
working upon. Artificial Intelligence (AI) programming and deep learning techniques are
the building blocks for the functionality of DA. However DA has a much larger
implications: It will remove an entire low layer of white collared jobs and the global
economy will shift to a different skill based society.

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Some of the popular Assistants are -

• Amazon’s Alexa Apple Siri

Google Assistant
37% 34% Amazon Alexa
• Apple’s Siri Microsoft Cortana
Other
• Microsoft’s Cortana

• Mycroft.
19%
4% 6%
• IBM - Watson

• Digital Assistance market size is expected to be over USD 1 billion in 2017 with
34.9% CAGR estimation from 2017 to 2024. Following table deals about the rate at
which Intelligent Personal Assistant Market will grow in terms of different parameters

60%
58%

45%

40%
37%
35%
30%

15%

0%
By Service By Applicaton By End Use Asia Region

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Retooling technology in Retail Industry

With the advancement of machine learning algorithms and Artificial Intelligence,

solution providers can enhance their software offerings for the retail enterprises. While
retooling their technology organisations need to keep these as their broader business
objectives:-

-Accenture interactive Study says that 56% of the

customers was stores to recognise them by their
name

Total value of transactions made by tapping

a phone on an in-store terminal will reach
$210 billion in 2024, up from $15 billion in
2016.

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As more and more people are moving towards mobile platform it becomes relevant for
the service providers to focus their solutions in Mobile Application Developing. IBM
with its Mobile First Platform for Retail has already entered into this space by providing
solutions for the retail stores in an application bundle format which is backed by
technologies like IBM Watson (AI).

IMPROVING CUSTOMER EXPERIENCE THROUGH INNOVATIVE

CUSTOMER TOUCH POINTS IN RETAIL INDUSTRY

Employee Capability
Customer Expectations Stages
Requirement

Customer enters the stores and Furnish workers with the correct
is greeted as he enters gadget and instruments. For this
situation the store worker utilizes
a tablet to welcome Jim.The
tablet is preloaded with the
applications required to address
customer’s issues

While Working with the customer Analytics is used to provide

the employee has a service issue immediate solution

While at the store the customer The store employee is able to

asks about personalised new securely access the customers
product offers. data utilising the retailers
virtualisation solution

By viewing their personal data The transaction is securely made

status the customer elects to on employees device without
purchase further manual process

Customer browses the store Capture Customer’s activity and

thinking about future purchases push that to Marketing and CRM

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Retooling technology in Travel & Hospitality

Travel and Hospitality, a sector growing at a CAGR of 14.01% has a customer base
which is highly populated with Millennials. Currently, the most common tools used for
digitized customer services are 24 X 7 Customer Care (IVR), FAQs, Social Media and E-
Mail.

5% Leisure Business

Travel & Hospitality Segmentation

95%

RECOMMENDED RETOOLING:
The nature of business of this sector requires round-the-clock and abrupt resolution of
issues; hence it is very important for a company to reduce the Average Handling Time
(AHT). The AHT of a standard call center in India (having an IVR system) 8 minutes which
may or may not have resolved the issue faced by a customer. Also, customers may
require service at any place while they are travelling, hence a strong alternative to web
based service is also necessary. The following tools can be implemented to improve the
existing scenario:

1. 24 X 7 Virtual Assistant: Abrupt call back to customer (without IVR) triggered via a
click on website or a simple tap button in app (“Call Me!”) would drastically reduce
AHT and increase customer satisfaction. Additionally, a missed call given by a
customer to a toll free number would also act as trigger making the service
accessible without the internet. The call will be handled by a virtual assistant and
hence reducing customer care staff and cost in the medium run.

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2. E-Chat: To ensure that a customer who is travelling and faces a problem should get a
quick reply from the company’s side, a combination of machine learning, artificial
intelligence and agility is important. Chatbots connected to the master customer history
database and having a front end on both the website and the app are the perfect
solution.

Customer Database

Chatbot

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Retooling technology in Banking & Financial Services



Banking Sector should:
• Leverage Cloud, Big Data, Social Media, Internet of Things, and Mobility.

• Have outside-in approach to digital transformation involving all stakeholders.

Major Technological reforms:

• Actionable insights from big data by having data exploration teams/labs: KeyBank’s
business analytics team analyses its transaction data to better understand its
customers and to offer them differentiated and targeted advice to meet their needs.
Strategic decisions are made based on the analytical results and the bank saved $35
million in one year.

• Innovate products and services using Internet of Things: SBI is using sensors to
monitor its ATM operations such as card reader functioning, cash reserves, and ATM
power utilization. Any errors are immediately notified for further actions.

• Benchmark with technology leaders to provide superior customer experience:

Bankinter, a Spanish industrial bank, used Amazon Elastic Compute Cloud to perform
its credit-risk simulation application. This platform has unlimited and flexible
computational power, hence it is a good fit for the bank’s complicated risk simulation
process requirements.

Recommendations:
1. Implementing an integrated operational and analytical CRM program, which will
help them in their real time decision making in relation to customers’ queries,
requests and complaints.
2. “Ring Fencing” customers from multiple offers by tracking the number of offers
that have already been made to them and recording their responses to these.
3. Companies should have the ability to segment their customer base not just on
demographic data but also on psychographic parameters.

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