Regan Adams, CEO of financial services provider RCS. Picture: SUPPLIED
Regan Adams, CEO of financial services provider RCS. Picture: SUPPLIED

The more carefully data is analysed, the better the understanding of the needs of consumers – which ultimately improves customer experience (CX). Gathering accurate and reliable data is vital to this process.  As such, developing a data-rich strategy is central to determining how successfully data is transformed into actionable insights that can be used to benefit the customer. It also leads to data collection based on facts. Ultimately, customer-centricity and personalisation are key.

To create a positive CX experience, data must be used intelligently. Regan Adams, CEO of financial services provider RCS, argues that a universal approach to understanding the customer won’t work in today’s environment.  Instead, personalisation is what matters. Creating effective data-rich strategies is about using targeted data, relevant to the individual as opposed to a blanket approach. Targeted information allows for the transformation of data into tailor-made customer experiences.

The big take-out

Data-rich strategies that use an intelligent and targeted approach to analysing and personalising data are key to improved CX in the retail space.

Investing in innovation and creating experiences that stand out are vital components of CX, says Adams. He is particularly interested in start-ups, saying that local entrepreneurs could be the driving force behind the innovative technologies of the future, particularly when it comes to the systems and processes that are relevant within the financial services industry in SA.

There is little doubt that the retail environment will change significantly in the next few years – more change, in fact, than we have seen in decades – with the result that innovation in this space is more important than ever. “Our world has become fast paced, and the mindsets and expectations of consumers around convenience have made change a significant driving force,” says Adams, adding that retailers need to manage not only their in-store environments, but also focus on creating omni-channel experiences that will allow them to engage with consumers at any given moment, through the channel of their choice.

“Managing a retailer’s virtual image is just as important as managing the bricks and mortar elements of the business,” he says. In a world where social media conversations have the ability to make or break a brand, digital has become the driving force for innovation. CX solutions need to be applied where the customers are, which is largely in the retail space,” he concludes.