Managing digital conduct risk with customer journey analytics software
During the product development stage, many considerations must be taken into account in order to create a product that will perform well in the digital marketplace and meet the needs of the targeted consumer base. Understanding potential conduct risks and managing them is a key component of the developmental stage because it is something that will have to be addressed once the product hits the digital market and consumers begin engaging with it. Customer journey analytics software possesses the technology needed to pre-emptively predict conduct risk issues while also providing solutions to mitigate them. It can accurately pinpoint two crucial areas where conduct risk may occur along the digital customer journey: poor material interaction and the management of information.
Avoiding poor material interaction
Once a company’s product hits the digital marketplace it becomes imperative to follow the customer journey from beginning to end. How a consumer interacts with the information on each page of the journey towards purchase or in the event that it does not lead to a purchase must be analysed. Conduct risk can easily occur during the journey if consumers are having difficulty synthesizing information or it is provided in an illogical format that may not accurately address or reflect their needs. If a consumer is being bogged down with extraneous information, or material that does not answer any questions they may have regarding services or quality, then their journey could be interrupted. A targeted consumer base is predicted to react in a certain manner on their way to purchase. Customer behaviour analytics can quickly pinpoint where in the journey problems have arisen which may have led to a lack of purchase and work to remediate the problem before further transactions are lost.
The proper management of information
It is impossible to plan for all eventualities, so once a product has been placed in the digital marketplace it is important to not simply know how the consumer base is interacting with it but also how they are interacting with digital managers involved with conduct risk.
While a consumer will actively click through a website, they may also have questions regarding the product that cannot be found on the website, or the answers are not easily apparent. This means that either a chatbot technology or a physical response is needed to provide customer service. If personalized answers are being provided then every response has to be monitored and stored to ensure that conduct risk is managed. Each online product producer has to remain compliant and ensure that the information they are providing does not create any digital risk or non-compliance mechanisms via the information provided to consumers. Digital risk management and compliance transformation can both easily be managed and tracked through customer journey analytics software. All of the information pertaining to this can be stored in the Cloud technology and accessed on an as needed basis to ensure that all online protocols are met and to pinpoint any conduct risk that may have occurred along the way. The digital customer journey is the key to ensuring product development, purchasing goals, and compliance are met.