One major takeaway that we’ve all learned from the COVID-19 pandemic is that people are resilient. And, as the world tries to re-establish normalcy, financial resiliency will continue to be a major key for growth and transformation. Organizations are especially focused on resiliency as they brace for the inevitable wave of customers experiencing post-pandemic financial struggles.
According to a 2020 study from the Citizen’s Advice Charity in the U.K.:
- The number of households in debt and unable to pay bills has risen by about 30% in the first year of the pandemic
- 62% of consumers have engaged with their supplier to seek help
- 16% of consumers have been contacted by their supplier to over help
Based in these statistics, customers are seeking support from their suppliers, but not receiving much help. It is important for organizations to empower their customer base to become resilient to unprecedented personal financial shocks, today and into the future. It’s beneficial for both the organization and the consumer to be protected from and prevent debt. There are two effective ways organizations can provide support: (1) intervene before debt arises and guide customers to prevent them from reaching the crisis point and (2) improve empathy within organizations and widen access to support for those in need.
Out with the old…
In order to build a financially resilient customer base, organizations need to ensure that their business tools and processes are modern and capable of managing customer needs in real-time. Modernization is key to business success and growth though many organizations are still using outdated solutions. These legacy systems are unable to provide personalized services to each unique customer lifestyle and need, this is a huge gap in protecting customers.
Predicting a customer’s need before it occurs may seem like unattainable futuristic technology, but it already exists. Rather than wasting time rebuilding models, organizations should seek out a solution that focuses on data science innovation, management, and operational execution.
In with the new…
Consumers want to feel safe and know that they can rely on their organizations, and organizations need to understand their consumers on an individual level to build trust and provide the best services possible. Being customer-centric means knowing your customers as individuals and providing personalized solutions and services. Instead of letting this wave of pandemic-related debt come crashing down, leaders can arm themselves with modern technology to protect consumers from debt and anticipate future incidents. Unlike legacy systems, modernized solutions are focused on empathetic customer service that’s customized and consistent across all channels.
Tools, such as Pega’s Customer Decision Hub™ (CDH), enable organizations and consumers to become financially resilient quickly and seamlessly. With CDH, organizations can use machine learning to help identify and distribute customized messaging strategies to the most relevant customers. By matching customers with personalized service offerings, they’re able to avoid financial pitfalls and are more likely to participate in those offerings. CDH helps customers prepare for financial shock by taking on an empathetic approach to customer service.
Find out how Pega and Pega Partners can help your organization build a financially resilient customer base.