The face of vulnerability is changing. Nearly every household is battling the cost of energy, fuel, foods and other products – all set against the backdrop of rising inflation and stagnant wages.
This means we need to better understand and interpret data to ensure CX management can meet increased demand from our customers and communities. This means we can help to support growth opportunities.
As we head deeper into 2023, Capita has been examining the impact of the current crisis and how we might better manage it from a CX perspective. We’re looking at three crucial areas: consumer reaction to the cost of living; organisations’ response to the same; and the transformative role of data and AI.
Consumer reaction to the cost of living
How is the cost-of-living challenge affecting people’s behaviours? What can we conclude about the differences between people? For instance – is there a difference of attitude between the different generations, or the differing places people live?
There is a clear correlation between financial resilience and well-being and health. We must be able to describe this in terms of segments and their size, if this information is to help us put the impact of cost of living into a national context.
There are clear sustainability benefits coming from consumers adapting to the cost-of-living crisis. These are bringing an opportunity for organisations to be proactive in encouraging these new habits going forward.
Organisations’ response to cost of living
It’s essential to understand how the current situation impacts the ongoing challenges brands are facing. Those challenges in terms of purchasing behaviour and brand loyalties.
We are seeing changes in how customers and organisations engage. For instance, financial services firms are being motivated by their ‘duty of care’ legislation. Also, vulnerability has become a catch-all for greater empathy across every sector.
The cost and availability of customer facing teams remains an ongoing challenge. In one of my previous articles, I wrote about how brands can respond to the challenge of scaling empathy. While the cost and availability of customer-facing teams remain an ongoing challenge, new technologies and people skills are at our disposal.
The transformative role of data & AI
Recent large-scale crises such as the pandemic and now the cost-of-living crisis have shown the importance of rapid response and early invention to mitigate the worst effects. It’s crucial to collect data, but what does the data tell us about how the UK will experience the rest of 2023 in terms of the impact of cost of living – will it be better, the same or worse?
In this context, how can data and AI be used as part of the solution? What are the challenges of delivering actionable insight to time and quality? And what lessons can the private sector take from public sector organisations, in terms of pooling data and collaborating across functional silos?
We all recognise the importance of empathy in CX. Questions are now being asked across industries. Is it too early to bet on generative AI as a credible alternative to the human touch? Or at least questioning for technology to take on a bigger role.
Learn more today!
Join the discussion and share your views at Capita’s upcoming event. We will be exploring these issues with an expert panel. Join the event and get registered today:
Reality Bites: Data, Vulnerability and The Opportunity for Growth