What can businesses learn from Westpac’s use of AI-enabled CRM?
MANAGING relationships isn’t only about keeping in touch and sending out newsletters.
Rapid advancement in customer relationship management (CRM) technology is looking to pay closer attention to how customers interact.
As a result, CRM technology now delivers hyper-personalization
In the fast-paced digital era, tailored and quick responses are the new standard of customer satisfaction.
Hence, not only do businesses need to act swiftly but also in a personalized manner — which will eventually lift sales figures as well.
According to a report, global AI-enabled CRM business activities will be worth over US$123 billion by 2024.
The same report also forecasted that AI in the CRM vertical within Asia-Pacific (APAC) will grow at the highest CAGR within the same timeframe.
This means to say that more businesses in APAC will be investing in AI-enabled CRM solutions to support their strategies.
How will AI-enabled CRM technology support sales and marketing
More businesses are turning to CRM technology to bolster their sales and marketing strategies.
The customer-centric digital tool can help sales reps achieve higher targets with data analytics.
Data captured by the CRM technology that Westpac New Zealand is using help the bank create more productive customer engagements that will lead to better sales.
Westpac’s Head of CRM Development David Quinn said that the technology will help them “better understand which banking and financial services each customer needs and what [Westpac] should be delivering to them.”
A CRM system can streamline all data from different contact points automatically.
So, the system dashboard will provide necessary information for decision-makers before they launch new sales campaigns.
Not only does it give leaders greater visibility but also helps execute sales campaigns faster. On top of that, marketing teams can do more with less as chatbots aid with automation.
More recently, Westpac Australia launched a new chatbot to all its customers.
Since its ‘soft launch’ in March this year, more than 70 percent of customers it interacted with had their problems solved and required no further support.
Westpac CEO Brian Hartzer said that “this means quicker service for customers and fewer calls to [Westpac] call center.”
Also, data captured through different chats will be integrated into the CRM system, providing leaders even more accurate representation of their customers.
The intel will be highly useful for future product developments that target specific groups.
This helps with increasing customer response rate and effectively targeting specific market groups.
In the end, all reports will show that business technology is growing at lightning speed.
However, not all businesses are ready for AI disruption in their day-to-day processes like CRM.
This is especially clear in Asia, where fragmented regulatory support for AI will impact many businesses. Despite that, the technology tsunami will not stop there.
Businesses can start by understanding how CRM technology can support their sales and marketing strategies first.
Then, there’ll be other bleeding edge technologies to help scale the digital maturity curve.