Utilities have undertaken a large transformation journey to leverage new technologies (such as AI, IoT, robotics, etc.) to achieve their digital innovation goals: seamless workflows, operational transparency, information transparency and automation – mainly focused on operations and maintenance. But what about customer experience?
With spreading deregulation and innovative new energy retailers entering the market, the risks of losing customers are at an all-time high. According to Forrester’s US Utilities Customer Experience Index1, Utilities ranked second to last in CX of all the industries they studied.
That’s a big problem, but also a big opportunity. Putting in the work to overhaul your CX not only defends against churn, but it can also increase profits and new customer acquisition. According to Forrester, out of customers who are happy, 81 percent will advocate for a utility and 63 percent plan to add optional services.
An additional wrinkle is that utilities now have to serve a much more diverse market. While “Ratepayers” – transactional consumers – continue to be prevalent, more and more consumers are taking a vested interest in the details of their electric/water/gas usage. Deloitte analysts have suggested that the market now has split into three additional groups, each with increasing demands for greater visibility, more choices, and smart metering technology.
So how do you improve your customer experience to meet their customers’ needs?
Offering a consistent and satisfying customer experience is an essential element of Utility companies, which they can achieve with:
- Better information about bills and payments, and additional actionable information about energy consumption
- An efficient customer service
- A personalized data-driven experience across all channels.
OpenText supports Utility providers in their customer experience with its Experience Platform for Utilities.
OpenText™ Customer Experience Platform for Utilities offers the tools to meet customer expectations and create digital experiences that help win and retain them. The solution helps providers differentiate themselves from the competition with personalized and relevant interactions through the customer journey, from onboarding to service, while meeting changing regulations for utility compliance.
- Forrester, The US Utilities Customer Experience Index, 2020: How US Utilities Brands Earn Loyalty With The Quality Of Their Experience, Rick Parrish, Ron Kapavik, and Sam Karpinski, September 28, 2020.