Tailored, digital-first customer experiences are on the rise, and providing seamless products, services, and communications that work around the unique needs of different generations is rapidly becoming a business priority. That’s according to 86% of the executives surveyed as part of the research Chubb conducted in partnership with Accenture.
In fact, delivering this type of digital experience is one of the top priorities for small and medium-sized businesses. And it’s even more relevant in the wake of COVID-19, when finding new, virtual ways of reaching customers has become a business necessity.
Today's customers expect the businesses they deal with to be ‘always on’, and constantly evolving to provide the best possible service in a seamless, cohesive way. New digital technologies and multichannel communication systems make this 24/7 contact possible, but even the most sophisticated tools come with weaknesses that need to be addressed.
With services delivered on demand and in seconds, there’s a lot more scope for things to go wrong — especially considering the needs of different generations. The best way to talk to a millennial might not work for a retired customer, and there’s always a risk of sending out incomplete, incorrect, or inappropriate information en masse.
Even giving a customer access to support through an instant digital channel like web-based live chat has risks. If an ill-considered response is considered defamatory, a business might face massive reputational damage, or charges of libel or slander. Similarly, if a chatbot algorithm malfunctions, it may provide a customer with incorrect information. If this leads to a customer purchasing the wrong item, or using a product incorrectly, the consequences could include damage to themselves or their property, introducing another level of liability.
As an added danger, personalisation relies on data collection. This data is often personal or financial in nature and protected by laws like Personal Data Protection Act (PDPA) in Singapore. Breaching these regulations, even by accident, can open a business up to severe penalties and fines, as well as loss of business.
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Disclaimer - The content of the above article is not intended to constitute professional advice. Although all content is believed to be accurate, Chubb Insurance Singapore Limited (Chubb) makes no warranty or guarantee about the accuracy, completeness, or adequacy of the content of this article. Users relying on any content do so at their own risk.
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