Telcos: The Importance of Customer Experience in Driving Loyalty Across the Subscriber Lifecycle

• The Onboarding Challenge:

  Onboarding in the telco industry is a complex process, in part because of the diverse needs of your customers, which can range from individual subscribers with little to no credit histories to large enterprises. Traditional (aka manual) onboarding methods often create bottlenecks, with lengthy wait times and inconsistent experiences – leading to customer frustration and increasing the risk of churn. And then there is the demand for real-time decisions, including credit assessments and fraud checks, which have to be handled quickly (and accurately) to keep up with increasingly high customer expectations. As a result, telcos are turning to automation to deliver a more seamless onboarding experience.

• Enhancing Subscriber Experience:

  Automation is changing the onboarding process, streamlining key steps that previously bogged down telco providers. One of the most impactful uses of automation is identity verification, which is a must-have step in every subscriber’s journey. Automated IDV tools can quickly and accurately collect customer data, reducing the need for manual paperwork that slows down the verification process. This speeds up onboarding of course, but also greatly enhances the accuracy of customer profiles, helping to ensure better service delivery right from the start.

  Another key aspect is real-time credit risk assessment. Automated systems can enable you to instantly evaluate a potential subscriber’s creditworthiness, delivering immediate decisions that eliminate manual reviews – and the long wait times that are associated with them. This allows for lightning-fast onboarding and minimal disruptions for your subscribers, while still ensuring informed risk decisions.

• Reducing Friction and Preventing Fraud:

  Fraud is especially rampant in the telco industry. Last year, telco fraud increased 12%, worth an additional $38.95 billion lost. As a provider, you have to balance the need for speed in onboarding, while effectively detecting and preventing fraudulent activities. AI-driven automation in your risk decisioning can play a pivotal role – minimizing friction for your legitimate customers and ensuring robust fraud prevention measures for those that aren’t. Intelligent fraud decisioning can analyze multiple data points in real-time to detect and prevent fraud before it happens, without causing delays or unnecessary hurdles for your honest subscribers. Reducing that friction enhances the customer experience, and reduces the likelihood of false positives, which can frustrate potential subscribers.

  When we’re talking fraud or other risk assessments, data integration is critical to creating a consistent, seamless onboarding experience across all channels. Whether your subscribers begin their journey online, in-store, or via a mobile app, automation in your data and decisioning processes ensures that all relevant data is collected and integrated appropriately. This level of orchestration and integration helps you provide a unified, personalized experience that results in an effortless onboarding experience in the eyes of your subscribers. And happy subscribers = long-lasting customers.

• Personalized Risk Decisioning:

  Your subscribers expert more than one-size-fits-all solutions, especially when it comes to financial decisions like credit approvals. For telcos, personalized decisioning will help manage your risk, but it’s also an opportunity to improve the satisfaction of your subscribers and build brand loyalty. Using real-time data to customize risk decisions based on individual profiles will allow you to offer a range of tailored options (including specific credit limits or repayment terms) that cater to each subscriber’s unique needs. Have high-risk customers? You can offer more cautious lending terms. Lower-risk subscribers? Give them higher credit limits or faster approvals. When individual financial situations are understood and accommodated, satisfaction and loyalty increase as a result.

• Building Loyalty with Flexible Financial Solutions:

  By offering more flexibility in your financial products, including personalized pricing and payment plans, you’ll further enhance the subscriber experience. You can leverage subscriber history and credit profiles to provide tailored pricing that matches a customer’s financial capacity, preferences, and risk tolerance. This kind of flexibility fosters a sense of fairness and transparency, building trust in your brand. But clear communication is essential in this process. When you provide your customers with choices (repayment terms, plan upgrades, credit extensions), you empower subscribers to make informed financial decisions that best suit their unique circumstances. This transparency strengthens relationships long-term – and these days, with the extreme proliferation of competition, you can never have too much brand loyalty.

• The Role of AI/ML in Intelligent Risk Assessment:

  Offering flexible, personalized options is easier said than done. That kind of agility requires advanced technology, including intelligent decisioning with AI/ML capabilities. By analyzing vast amounts of customer data, AI-driven risk decisioning technology can quickly and accurately assess the creditworthiness of your subscribers, making real-time decisions possible across the subscriber lifecycle. With the use of machine learning algorithms, you can refine your risk assessments over time, continuously enabling smarter and more efficient risk decisions and more easily identifying patterns that point to fraudulent activities or the need for financial support. The use of AI not only makes your risk assessments faster, but it helps create a strong foundation for sustainable subscriber growth. Faster, smarter risk assessments = the ability to better manage your risk and offer personalized products to your loyal customers. An intelligent, data-driven approach to decisioning ultimately means a more satisfying customer experience and a more nuanced risk strategy for long-term growth.

Discover how Provenir’s decisioning solutions can enhance subscriber experiences.

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