CustomerXPs, an IP based software Product Company is bringing human sciences like sociology and psychology to redefine CRM systems and bring in the Kirana shop-like experience into banking.
Customer XP, a Bangalore-based software company has introduced a new line of software products that incorporates human sciences like sociology and psychology into existing CRM systems to give an intelligent ‘human like’ experience to customers.
“Certain kinds of business like banking and telecom require a personal connect. Back in the days this was easy to provide since customers would visit the branch office and the branch manager would have built a relationship with the customers. But today as customers are spread across, customer relationship has become transactional,” explains Rivi Varghese, founder-CEO, CustomerXPs.
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In a report titled, Answers To Five Frequently Asked Questions About CRM Projects, Forrester Research presents evidence that under 50 percent of CRM projects fully meet expectations. “The CRM systems we use today were architected 10 years back. In those days there was no distributed computing and processing power was limited. But today thanks to cloud computing and other technology advancements we are in a much better position to gauge customer requirements and deliver it to them,” explains Varghese.
CustomerXPs was founded by a bunch of ex--Infosys employees from the banking business unit. In their own words, CustomerXPs uses a right-sided (creative) approach to the brain as opposed to the traditional left-sided approach. Using learning from various sciences such psychology, sociology, artificial intelligence they’ve design a system that goes beyond just data orientation. “This helps us bring in a human-like thinking and inferring ability into technology systems,” explains Varghese.
The products are not to be confused as business intelligence. “BI systems typically work with databases involving data warehousing and data mining. Our systems eliminate irrelevant data and parcel information to extract the real significance and convey that to the CRM, “explains Varghese.
He illustrates with an example. “If you’re standing under a cliff and huge boulder is hurling towards you, most systems will inform you of the magnitude of the boulder and the velocity at which it is approaching you. Out systems will just ask you to move.”
Varghese believes intelligent CRM systems like these will revolutionize the way business is done. “Our systems not only detect unusual behavior they also throw up all possible explanations for it. This is an excellent tool not just for fraud detection but also for more targeted cross selling or up-selling activities,” explains Varghese.
Through their line of products CustomerXPs intends to institutionalize the kiranashop-like experience into banking. “The sum total of the collective intelligence of the customer is encapsulated and available to the CRM. This is what helps us give our customer the Kiranashop-like experience. You’re local Kirana a shop knows that you pick up your provisions every Wednesday. Our products try to institutionalize that Kirana shop experience without actually seeing the customer."
The products sit on top of existing CRM systems, making integration easy and seamless.