Companies must balance human, automation services

Forty-nine per centof consumers across sectors have been with their service providers for more than three years, compared with 61 per cent from a similar study in 2015, according to a survey of over 36,000 consumers across 18 countries by customer engagement company Verint Systems Inc. While retention rates have fallen sharply across all age groups, the results for consumers aged 18-25 indicate cause for concern, as this demographic will become an even more vital and influential audience for organisations in 2030. Just 28 per cent of customers in this age bracket have been with their service providers for more than three years, and 14 per cent have been with their service provider for less than a year.

The study also found that 69 per cent respondents said a company’s ethics are a major deciding factor when choosing to engage with an organisation, and 49 per cent said they were more likely to switch providers for ethical reasons. While technology will continue to influence how customers engage with organisations, 76 per cent said they want human contact to remain part of customer service; 63 per cent said they are happy to be served by a chatbot if they have the option to escalate the conversation to a human. “The message for organisations is clear. Companies must be honest and transparent, both key qualities that must come through in every element of the customer experience,” said Ryan Hollenbeck, senior VP, global marketing, and executive sponsor of the Verint Customer Experience Program. “To excel, they need to ensure they have the right mix of digital and human engagement options to offer speed, convenience and the personal touch.”