Customer satisfaction and retention are an integral part of any business. The more satisfied your customers are, the less likely they will leave or switch to a competitor. It can be challenging to keep up with all the data for each customer, though.
Oracle Flexcube universal banking lets you manage all of this data in one place so that you can quickly see how satisfied your customers are and find ways to serve them better. With Oracle Flexcube, it’s easy to set up dashboards that provide insights into customer behavior across channels like email, social media, phone calls, etc.
In this article, we’ll talk more about why customer satisfaction and retention are essential, what Oracle Flexcube does to help with this area of business, how it makes it easy to manage data across the organization, some benefits of using this software solution, steps you should take before implementing or after implementation for success.
Why customer satisfaction and retention is vital for businesses
Customer retention is a top priority for businesses, especially in the age of online shopping. Customers have more choices than ever before, and companies need to work harder to prove their value proposition.
Another reason why customer satisfaction and retention are essential for businesses is because companies are working hard to create unique value propositions, offering exclusive products or services. These efforts can go a long way in improving customer satisfaction, but the cost of making these unique offerings may be very high. This means that companies need to focus on retaining customers as much as possible.
What is Oracle Flexcube?
Oracle Flexcube is a customer data engine that provides the capability to create one complete record of each unique customer across all channels and lines of business. This gives companies visibility into their customers’ behavior to better serve them.
Why use Oracle Flexcube?
The main reason businesses should implement an enterprise-wide Customer Data Platform like Oracle Flexcube is its ability to manage data across the organization efficiently. It includes pre-built connectors for over 30 different applications, including CRM systems such as Salesforce or NetSuite; ERP/Financial Systems such as SAP or Lawson; PIM solutions like Office 365 or G Suite, etc.
Accessing real-time cross-channel insights allows organizations to deliver exceptional experiences at scale while effectively managing costs.
To ensure success, organizations need to get started with Oracle Flexcube by implementing a detailed data mapping plan and standardizing the organization’s customer identity across all systems of record.
As well as investing in an effective Customer Data Platform like Oracle Flexcube 14.x, companies should also look into creating a Single View of the Customer view that brings together disparate customer information from various sources into one place while ensuring privacy compliance.
This will enable businesses to improve their service quality while accelerating insight-driven decisions using real-time analytics on big data sets through advanced predictive capabilities and machine learning and forecasting algorithms. It can help teams become more agile to deliver personalized offers at scale within each channel – web, mobile, social, store, and customer service.
What Oracle Flexcube can do to help with customer satisfaction and retention
Oracle Flexcube’s capabilities include:
Flexible and agile customer journeys that you can personalize across channels to create a seamless experience. A single customer view makes it easy to respond with relevant offers based on real-time business insight.
Personalized promotions, product recommendations, and targeted marketing efforts will help businesses increase revenue while improving retention rates among customers who appreciate their offerings.
Optimized loyalty programs that reward customers for every transaction they make will also ensure brand advocates are retained as loyalists who prove most profitable.
Data-driven insights about critical trends in consumer behavior so management teams know what is working or not when it comes to offering products/services consumers want or need at any given point in time during their journey with your company. This insight is beneficial to the business at every level, from top executives and key decision-makers to frontline employees who can take action on important information.
Flexcube’s platform allows for easy accessibility of data no matter which device or operating system a company member uses because it integrates with Oracle Cloud. This feature makes it easier than ever before to share vital customer insights across teams in real-time. Hence, everyone knows what they are working towards together as one unit, even if their tasks are separate on paper. It also ensures that these same individuals have access to accurate information about customers when they need it most instead of waiting hours, days, weeks, or longer for critical updates about former clients’ current statuses along their journey with a business.
How Oracle Flexcube makes it easy to manage data across the organization
It has an integration with Oracle Cloud. This feature makes it easier than ever before to share vital customer insights across teams in real-time. Hence, everyone knows what they are working towards together as one unit, even if their tasks are separate on paper. It also ensures that these same individuals have access to accurate information about customers when they need it most instead of waiting hours, days, weeks, or longer for critical updates about former clients’ current statuses along their journey with a business.
There is no limit to the number of people who can log into Flexcube universal banking at any given time, which means employees will not be limited by individual subscriptions and licenses but rather by how many users actively want immediate access to all data simultaneously. Flexcube can also be accessed from any device, which is a huge plus given the number of people who use smartphones and tablets to stay connected on the go.
As far as data management, Oracle has made it incredibly easy for users to organize information so that they can quickly find what they need within seconds versus hours or even days with other systems. This makes it easier than ever before for clients and customers alike to feel satisfied by not only the product or service being offered but how their needs are met throughout each stage of their journey with a company.
How to get started with Oracle Flexcube
The process of implementing this software generally begins when an individual joins one’s, business team. Hence, they have access to all necessary resources while ensuring everyone else knows new updates will be forthcoming.
Once the system has been installed, several additional steps need to be taken, including creating user accounts for each individual involved in the process and customizing all layouts. Hence, it works best with their workflow processes.
It is also important to note any updates or changes made within Oracle Flexcube will automatically apply to everyone, which saves time while ensuring no one falls behind when it comes to using this new tool every day.
What steps should you take before implementing this software or after implementation to ensure success?
It is essential to take the time to understand how each component works so thoroughly you can be sure it will meet your needs both now and in the future.
While Flexcube’s functions are straightforward, ensuring that all employees know exactly what they need to do when using this software could help prevent issues down the line.
Once implemented, additional training might also help ease anxiety among employees who feel like only specific groups should handle data management tasks.
How long does implementation typically take?
Depending on which layer of business you use it for (sales or marketing), Flexcube implementation times tend to be reasonably quick. Everything is already set up with pre-existing accounts for each departmental function, including email addresses, phone numbers, and data record entry information.