Terragon, Africa’s leading data and marketing technology company, has announced the consolidation of two of its proprietary technologies enabling banks to deliver superior customer experiences to clients. The company has now combined the capabilities of its Customer Data Platform (CDP) and Communications Platform as a Service (CPaaS).
This provides an integrated customer engagement data solution that offers an incomparable customer experience and allows financial institutions to shift from a product-centric to a customer-centric approach. This enterprise solution drives deeper engagement and consistent user experiences across all omni-channels.
According to a Harvard Business Review survey, 64% of respondents from financial services companies say that improving CX is a top business priority. Furthermore, a McKinsey report found that companies that excel at personalization of customer content, generate 40% more revenue from those activities than average players. As banks typically have fragmented data across various communication touchpoints, the delivery of exceptional personalization and customer experience requires robust technologies which unify this disconnected data which makes the solution by Terragon a timely one.
Terragon CDP takes advantage of Artificial Intelligence (AI) and Machine Learning (ML) to harness the wealth of raw and unstructured data derived by banks from their interactions with customers across multiple online and offline channels. These channels include brick-and-mortar branches, social media, call centers, mobile, internet banking, USSD and WhatsApp, and translate these into coherent customer correspondences and actionable insights. The data generated is stored using cloud technology and is anatomized to accurately identify and segment customers across multiple channels, producing hyper-targeted and consistent engagements.
These efforts help to significantly reduce the pain points faced by customers who often face communication gaps and disjointed experiences across different banking verticals, contributing to a leading decline in customer trust and loyalty. These pain points often include:
the inability to seamlessly continue conversations with customer service personnel across multiple channels
receiving irrelevant offers and promotions
the inability to receive relevant information and support as and when needed
a bank or payment solution provider’s inability to resolve customer queries or complete transactions
Speaking on the establishment of the first-of-its-kind banking solution, Deji Balogun, CTO and Co-Founder of Terragon, stated, “Our team has been focussed on one common goal; to deliver unparalleled customer experiences by helping businesses better understand their customers and offer the relevant services. We are thrilled with our latest iteration for banking clients. The combination of the value of both platforms is the ultimate game-changer for financial institutions as it provides them with unprecedented data-driven marketing capability for intelligent and omnichannel customer experiences. As customers continue to embrace digital transformation, we are glad to have provided this outlet for banks to create meaningful and value-adding long-term relationships with their customers”.
The consolidated solution also automates processes such as loan propensity scoring, next-best-action recommendations, and product recommendations, helping banks save time, reduce costs, and increase profits.
Founded in 2009 by Elo Umeh and Deji Balogun, Terragon leverages data and technology to help brands intelligently reach, engage and deliver more meaningful experiences to African consumers on their mobile devices. The company has spent almost a decade building technology capabilities that allow businesses to merge their customers’ online and offline data, digital footprints and activities to gain marketing intelligence. The company has, since its launch, expanded its solutions to cater to the nuanced and specific needs of companies across various industries and verticals spanning FMCGs, banking institutions, SMEs and more. The recent update for banking clients is poised to galvanize financial organizations in keeping up with global trends by also incorporating the use of disruptive technologies to generate real-time behavioural insights and take omni-channel messaging to new heights