If you consider the relationship between people and cars to be extreme today, wait until cars are no longer just a means of transportation. Cars are fast turning into smartphones on the move. Here are a few proofs that the smartphone and the car are merging.
Given the advancements in the modern car so far, it is startling when experts say that the new generation of connected car is yet to arrive. It will carry screens and sensors capable of feeding data on driver behavior and other driving aspects.
Car data promises to be an area of great interest for various industries looking to enhance customer loyalty and promote their brand. Adding car data analytics to your marketing strategy can give your business the propulsion it needs against heightened competition.
It’s been a Long Journey
In the past, a regular client- let’s refer to him as Paul – would have to physically visit the local financial institution or wait for days for a transaction to process. The institution manager knew Paul personally and had packaged products to suit the customer. This model worked for many years and helped sustain customer loyalty.
Today, Paul is always traveling across continents. A single manager can’t keep in touch with him to understand his needs. But with big data, the institution can maintain contact with their customers and offer custom services.
While communication trends driven by big data have infiltrated most industries, some like insurers were slower to adopt the trend. Fortunately, they have awoken and are prioritizing the provision of excellent customer experience. As they use the available technological solutions to achieve better engagement with customers, it is worthwhile to consider adopting the power of car data.
Impact of Connected Car Data
Individualized customer experience starts with grasping as much data about the customer as possible. Car data can help companies communicate better with customers to share available services and products.
One area that the connected car data can improve is payments. Imagine a scenario whereby the car is a smartphone, so it stores the driver’s profile. The car is capable of identifying the driver’s routine and thus streamline payment requirements. That will be the reality in less than a decade, according to experts.
Managing your finances behind the wheel is possible, thanks to the connection. The nature of society today, especially in Europe and America, makes this form of operation inevitable. People spend a lot of time inside their vehicles.
Tech and auto companies must strive to develop an app that will take services to the people in cars. Challenges are there for this kind of app- it has to be eye-free and hands-free for road safety reasons, but the impact is too substantial to be ignored.
Communication and Big Data
People have consistently complained about companies, especially in the financial sector, relying too much on email for client communication. Many companies were forced to rethink their operations amidst COVID-19 and inevitable unavailability of some services. These institutions had to go digital or vanquish.
Email may be a preferable form of communication for many clients, but communicating in a more personalized manner is important for customer relations. A McKinsey research reinforces this argument with a revelation that personalized financial offers on various channels are more likely to get a positive response than single-channel offers.
Connected cars handle a large amount of data that can be useful even without the kind of app suggested above. Companies can use this data for enhanced communication, provided they adhere to related regulations, such as consent from the car owner.
Due to the changing lifestyles and heightened competition, modern businesses cannot afford to overlook the sizeable car data available from their customers. This data is largely unexploited, yet it carries deep insights into customer preferences and behavior.
Many institutions already have enormous amounts of client data from online payments, withdrawals, and so forth. They have also invested heavily in data management technologies, for instance, Business Intelligence. They use this data to create products and communicate with customers.
However, more data is essential, especially if it entails the driver’s transactions while on the road. The information can help in the provision of attractive and individualized offers using available communication channels. Example: According to car data, the car owner regularly buys movie tickets in town. It appears he would be pleased to get exciting discounts for his entertainment. For the marketing communication team, this is an ideal contact point for deals and discounts from the lender.
Whatever advanced features the connected car will present, the availability of car data offers the potential to deliver super-customized experiences for customers. The opportunity to communicate effectively for long-lasting customer relations is slowly appearing.
For insurers, OEMs or car financers looking for a competitive advantage, the focus on data analytics has never been sharper. Our team knows this well, so it is ready to support you with the necessary data science and technology for better decision-making. We will help you create strategies hinged on deep insight into the client’s data.