GBS WORLD NEWS | WEEK 5 | MARCH 2023
Social media and the analyst community was abuzz with the news that Concentrix, a global provider of customer experience (CX) services and technology, announced its acquisition of Webhelp in a US$4,8 billion deal. The deal marks a key milestone for both organizations, as they share the same culture, footprint, capabilities and vision. Some of the strategic benefits of the merger include diversifying the Concentrix client portfolio, expanding into Europe, Central and Latin America (CALA) and Africa and boosting digital capabilities.
Another notable acquisition took place in Europe, where Accenture, a global professional services provider, purchased Optimind, a Parisian-based consulting firm specializing in business process outsourcing (BPO), human resources, accounting and risk services. The acquisition will enable Accenture to tap into Optimind’s risk management value chain offering and complement Accenture’s existing finance and risk management capabilities.
In the Middle East Emirates Development Bank received the ‘Best CX Digital Platform’ award in recognition of its digital ‘Business Banking’ app at the Middle East Banking AI & Analytics Summit. One of the development bank’s innovations contributing to its recognition was its EDB Business Banking app, which simplifies the process of opening a bank account for UAE-based SMEs and startups.
To address high rates of agent and employee attrition, call centers and BPOs in Southeast Asia are rapidly adopting new technologies and offering hybrid working models. Players like Singapore-based TDCX are leveraging artificial intelligence (AI) and other new technologies to automate manual processes and augment employees to be more efficient; therefore, boosting worker retention rates.
Approximately 87% of global shoppers believe real-life reviews have a significant impact on their purchasing decisions, according to research findings in a Harris Interactive report. The study explored consumer sentiment around social proof within the customer journey, helping brands develop long-term loyalty and conversions. It was also revealed that 54% of consumers always or regularly research online photos or videos of real people before buying an item.
Notably, the CX management market in North America is projected to expand from US$4,5 billion in 2022 to US$11,9 billion in 2028, according to the Insight Partners 2022 North America Customer Experience Management Market report. Various factors are propelling the market’s compound annual growth rate (CAGR) of 17.3%, including the rise in e-commerce and digital banking. As such, customers are increasingly turning to digital channels, allowing retailers to leverage AI-enabled virtual rehearsal rooms, chatbots and surveillance to capture and analyze customer behavior. Customer experience management, often called CXM or CEM, is a system of marketing strategies and technologies that focus on customer engagement, satisfaction and experience.