- Firm to use service from NICE Nexidia Customer Journey Optimization (CJO)
- This will bring machine learning-fuelled insights into why customers do what they do, and pick out trends
- “With the power of CJO, we are able to leverage these new capabilities to seamlessly drive efficiency within our organisation, which ultimately results in improved customer satisfaction”, said a Western Union spokesperson
Globally-recognised payments platform Western Union has announced that it will be partnering with a machine learning firm to help improve its customers’ experiences.
The firm will use a product from NICE Nexidia Customer Journey Optimization (CJO). This product’s key selling point is that it uses machine learning to help explain how customers move from one stage in the business to the next.
It is understood that the product will introduce opportunities for the organisation to improve its offering. It is expected that it will highlight trends in Western Union consumer behaviour too.
It reflects a growing trend in the industry towards using new technologies, such as blockchain, to find ways to improve.
According to Western Union’s chief customer officer, Stanley Yung, the aims were varied – and included goals to “define, track, analyse and improve” customer pathways.
“At Western Union, customer experience is our top priority”, Yung said.
“NICE Nexidia Customer Journey Optimization provides innovative new technology that enables visibility into our customers’ paths in order to define, track, analyse and improve the processes.
“With the power of CJO, we are able to leverage these new capabilities to seamlessly drive efficiency within our organisation, which ultimately results in improved customer satisfaction”, he added.
Barry Cooper, President of NICE Enterprise Group, described his firm’s product as something that “ingests non-personal data”.
“One of the biggest challenges when trying to achieve superior customer experience is to determine exactly where the common pain points are”, he said.
“NICE Customer Journey Optimization ingests non-personal data from various customer experience solutions and identifies opportunities for improvement.”
This is a catch-22 situation. In order to grow and expand and retain customer support, you have to know your customer better than ever. However, in order to be big enough to afford a service like this as a firm, you have to be established and successful.
Western Union is reaping the rewards of being the world’s most famous online money transfer provider, only corporations with strong cash reserves can have the strategic license to invest in this kind of service.
Paying for this kind of high-level insight into what makes its cross-border payments customers tick is only likely to entrench WU’s position as the default payments brand of choice for consumers. Smaller competitors and challengers will be wishing that they could understand their customers’ journeys using artificial intelligence.
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