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A few days ago, Geoff Teehan, Product Design Director at Facebook, posted an update on the UX Fund experiment he and his former company (Teehan+Lax) conducted 10 years ago. For those of you unfamiliar with the UX Fund, it was essentially a stock portfolio comprised of the 10 publicly traded companies that embodied user experience (specifically on the design side) above all else. The experiment consisted of buying $5,000 in stock for each of the 10 companies,...

Automation is the name of the game in 2016. Companies like Domino’s and Macy’s are increasing efficiency by using bots as a part of their customer service process. In fact, you’ve likely interacted with one while trying to reach a desired party through an automated phone system. Through an Interactive Voice Response (IVR) system, callers can often access the information they desire without having to talk to a real person. Before you start worrying about bots...

According to the most recent Accenture Global Consumer Pulse Survey measuring the experience of 24,489 customers in 33 countries across 11 industries, “52% of consumers have switched service providers over the past year due to poor customer service”. In the United States alone, Accenture claims that the estimated cost to companies for customers making this switch is $1.6 trillion in lost revenue. But, what do these customers mean when they cite poor customer service as the reason...

Retail banking (or consumer banking) accounts are a large part of any bank’s portfolio. While corporate accounts come and go with the ebb and flow of today’s market, consumer accounts can be relied upon to provide stability for a bank through the ups and downs of an ever-changing economy. BAI  claims that “For most banks, their retail franchise is the most valuable part of the company.” For this reason, it is no wonder that there is so...

Over the past few years, fintech has disrupted traditional financial services by putting customers first. According to a PwC report, 53 percent of financial institutions see themselves as customer-centric compared to more than 80 percent of fintech companies. As one global banking executive says, “We thought we know our customers, but fintechs really know our customers.” Emphasizing a seamless customer experience is growing even more important as services become more automated and individualized. Here are a handful of...

Earlier this month, Apple opened a new branch of its retail stores in southern Manhattan. Apple World Trade Center welcomed huge crowds of zealous fans and customers, elated at the chance to sample the newest offering from the company. Considering the hype and magnitude of runway for any new Apple product, the enthusiasm displayed at the grand opening wasn’t unexpected. The cheering crowds, meticulous building architecture, and grinning employees remained synonymous with the brand. Only one thing...

These days, consumers are becoming more and more connected to non-stop content that is based on their personal preferences. This flow of information spills out to people on their phones, tablets, and other machines. To get access to these data-driven solutions, customers must provide personal information. It’s easier for users to give up personal details when they trust the names of the providers. Names like Siri, Alexa, and Cortana would have seemed like characters in a Greek...

Successful companies understand that the customer experience doesn’t end once the sale is completed. Although not as sexy as marketing and customer service, the customer support center is an important but often overlooked means of improving the customer experience. Companies that offer a multichannel customer support strategy (two or more avenues of contact) are off to a good start. However, an omnichannel approach allows for holistic, smooth contact channel transitions and integrates customer information for an overwhelmingly...

Research has shown that adding video chat to your existing sales process can foster many benefits: longer customer visits and positive brand association, reduced drop offs, declining return rates, and even an increased likelihood of customers leaving product reviews. Right now, video chat for companies is largely an untapped resource. However, experts believe usage of video chat as a sales platform will explode within the next several years as video calling adoption rates among consumers have skyrocketed....

What is the 7% rule? Believe it or not, only 7% of all communication is conveyed verbally. That might sound very low, but factoring in vocal tonality, body language and other subtle cues this rule seems more plausible. There are various perspectives on the validity of this rule in relation to customer success. UCLA professor Albert Mehrabian developed the 7% rule in 1971 when writing a book discussing his research on nonverbal communication. The conclusion from his...