COVID-19 is driving more people to interact with financial institutions solely via an app or the Web. While more consumers are using these virtual payment methods, the spike in demand is exposing problems with their systems. If financial institutions do not become aware of these glitches and fix them promptly, it could cost them business.
The market for analyzing how people behave virtually is enormous. And the competition for market share between two companies — IBM spinoff, Acoustic, and startup, Glassbox — suggests to me that the advantage goes to the company that can get their system up and running fastest.
Customer experience (CX) technologies — which companies use “to provide a better experience for their customers and to differentiate themselves from their competitors” — was a $508 billion market in 2018 and was expected to grow at an 8.2% annual rate of $641 billion by 2022, according to IDC.
Tracking customer engagement is the biggest problem that CX technologies will solve. Craig Simpson, IDC’s research manager, Customer Insights & Analysis said that the most important uses of this technology include “customer care and support followed by order fulfillment and interaction management” while growth in enterprise spending on the technology will be fastest for “AI-driven engagement, interaction management, and ubiquitous commerce.”