• Friday, March 01, 2024
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BusinessDay

Terragon’s new solution to transform consumer experience in financial services

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By combining its Customer Data Platform (CDP) and Communications Platform as a Service (CPaaS), Terragon has introduced an integrated customer engagement data solution, empowering financial institutions to deliver unparalleled experiences and shift towards a customer-centric approach.

Deji Balogun, CTO and Co-Founder of Terragon, expressed his excitement about the establishment of this first-of-its-kind banking solution. He highlighted the company’s unwavering commitment to delivering unparalleled customer experiences and assisting businesses in better understanding their customers and offering relevant services.

He said “The combination of both platforms marks an ultimate game-changer for financial institutions. It provides unprecedented data-driven marketing capabilities for intelligent and omnichannel customer experiences. By embracing digital transformation, banks can create meaningful, value-adding, and long-term relationships with their customers.”

However, the importance of customer experience (CX) cannot be overstated, as highlighted by a Harvard Business Review survey where 64 percent of financial services respondents considered it a top priority.

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Also, a McKinsey report revealed that companies excelling in personalization generate 40% more revenue. Terragon’s solution comes at a crucial time, addressing the fragmented data challenge faced by banks and enabling exceptional personalization and consistent experiences.

Terragon’s CDP, enhanced with Artificial Intelligence (AI) and Machine Learning (ML), effectively harnesses the vast amount of raw and unstructured data banks acquire from customer interactions across various channels.

From brick-and-mortar branches to social media, call centers to mobile and internet banking, Terragon’s platform seamlessly translates this data into coherent correspondences and actionable insights. The cloud-based technology securely stores and analyzes the data, enabling accurate customer identification and segmentation for hyper-targeted engagements.

By adopting Terragon’s consolidated solution, banks can overcome common pain points experienced by customers, such as communication gaps and disjointed experiences across different banking services. Seamless conversations with customer service personnel through multiple channels, relevant offers and promotions, easy access to information and support, and swift resolution of queries and transactions all contribute to building customer trust and loyalty.

Terragon’s consolidated solution goes beyond customer engagement by automating processes such as loan propensity scoring, next-best-action recommendations, and product suggestions. This automation saves banks time, reduces costs, and ultimately boosts profitability. With streamlined operations, financial institutions can focus on providing personalized experiences and building strong customer relationships.

Since its inception in 2009, Terragon has leveraged data and technology to empower brands in reaching and engaging African consumers on their mobile devices. Their technology capabilities enable businesses to merge online and offline data, digital footprints, and activities for marketing intelligence. With this latest solution tailored for banking clients, Terragon continues to drive industry impact by facilitating real-time behavioral insights and taking Omni-channel messaging to new heights.