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Global Brands: Improve Your Customers’ Experience, Or See Them Walk New Survey Finds 60 Percent of Adults Who Communicate With Major Service Providers on Regular Basis Have Switched Due to Poor Customer Service CUPERTINO, CA – March 18, 2008—As leading global brands in insurance/healthcare, telecommunications and retail financial services deal with increasing volumes of customers across multiple channels, the challenge is becoming clear: “Know your customer and every interaction you have with them, or be ready to see them walk.” A recent Harris Interactive® study, commissioned by Chordiant Software (NASDAQ: CHRD), surveyed over 2,000 U.S. adults who regularly interact with high-volume service providers such as credit card companies, mobile providers, insurance carriers or banks. Ninety-five percent of those who do said a “personalized” customer experience is at least somewhat important; 65 percent said it is important, and 27 percent said very important. Personalized is defined as the service provider “knows who I am, my buying history, past problems or complaints, preferences, and billing record.” Asked what they would do if they have a negative experience, 62 percent said they would be likely to cancel their service agreement. In fact the survey revealed 60 percent of these adults have already switched providers as a result of negative experiences. Eighty two percent defined a positive customer experience as “having their needs anticipated or met”. For the global brands handling millions of customers across multiple channels, such as Web, store or branch, agent or broker, while offering multiple products and services from numerous business units – the challenge is formidable. Knowing the individual customer and how best to manage and serve them becomes critical. Seventy percent of adults who communicate with any service provider on a regular basis had a negative customer experience with a telecommunications, credit card, and insurance or financial service provider. Of the 28 percent of these adults who have never switched service providers, a full 78 percent said they would switch if they experienced poor customer service. A recent Forrester Research “Customer Service Best Practice Adoption” report (January 10, 2008) echoed this: “Consumers are increasingly expecting their customer service experience to be seamless, and want the option to be able to transition from self-service to live-service in a single session with no loss of context or information. From a service provider point of view, multichannel orchestration increases the ability to achieve "one-call resolution" of an incident, a major driver of customer satisfaction, or dissatisfaction if not achieved.” “We all know what a poor customer experience looks and feels like, especially in today’s world of multi-channel interactions,” comments Steven R. Springsteel, chairman, president and CEO of Chordiant Software. “The opportunity before us is not only to eradicate poor customer experiences, but actually make the interaction as pleasurable and profitable as possible. For example, when I call my cell phone provider, it’s a huge plus if they proactively know I am eligible for a discounted new handset - or maybe recommend a change to my monthly rate plan because of my usage history. In these highly competitive market spaces, the need for our customers not only to abolish bad experiences but replace them with highly tailored, satisfying interactions becomes critical.” The ability to access individual customer information and interaction history in order to provide a more personalized experience is what customer experience technology is designed to do. Chordiant delivers a comprehensive suite of applications that enhance the quality of every customer interaction. These applications leverage predictive decisioning to assemble and analyze in real-time all the data companies need to anticipate and act on for customers’ needs, interests, and likely behaviors. From a single screen, Chordiant empowers contact center agents to take the Next Best Action™ in any situation during a live customer conversation. By centralizing decisioning technology and implementing a customer experience decision hub, leading global brands can take direct control of the customer experience and provide the personalized and satisfying experience that consumers increasingly demand. To learn more about Chordiant’s Customer Experience solutions visit: http://www.chordiant.com. * For the purposes of this study “Respondents” have been defined as: “U.S. adults ages 18+ who communicate with a service provider on a regular basis”. Survey MethodologyThe Chordiant Software study was conducted online within the United States by Harris Interactive between January 25 and January 29, 2008 among 2,621 U.S. adults ages 18+ of whom 2,047 communicate with a service provider on a regular basis. No estimates of theoretical sampling error can be calculated. For full survey methodology and all survey results please contact Eastwick Communications. About Chordiant Software, Inc. Chordiant helps leading global brands with high-volume customer service needs deliver the best possible customer experience. Unlike traditional business applications, Chordiant Customer Experience (Cx) front-office solutions blend multi-channel interaction management with predictive desktop decisioning, enabling companies to capture and effectively anticipate and respond to customer behavior in all channels, in real-time. For global brands and leading enterprises in insurance/healthcare, telecommunications and financial services, this deeper understanding cultivates a lasting, one-to-one relationship that aligns the most appropriate value proposition to each consumer. With Chordiant Cx solutions, customer loyalty, operational productivity and profitability reach new levels of return. For more information, visit Chordiant at http://www.chordiant.com. About Harris Interactive Harris Interactive is one of the largest and fastest-growing market research firms in the world. The company provides innovative research, insights and strategic advice to help its clients make more confident decisions which lead to measurable and enduring improvements in performance. Harris Interactive is widely known for The Harris Poll®, one of the longest running, independent opinion polls, and for pioneering online market research methods. The company has built what it believes to be the world’s largest panel of survey respondents, the Harris Poll Online. Harris Interactive serves clients worldwide through its North American, European and Asian offices, and through a global network of independent market research firms. More information about Harris Interactive may be obtained at www.harrisinteractive.com. To become a member of the Harris Poll Online and be invited to participate in online surveys, register at www.harrispollonline.com. Safe Harbor Statement This news release includes "forward-looking statements" that are subject to risks, uncertainties and other factors that could cause actual results or outcomes to differ materially from those contemplated by the forward-looking statements. Forward-looking statements in this release are generally identified by words, such as "believes," "anticipates," "plans," "expects," "will," "would," "guidance," "projects" and similar expressions which are intended to identify forward-looking statements. There are a number of important factors that could cause the results of Chordiant to differ materially from those indicated by these forward-looking statements. Other risks relating to Chordiant's products are detailed under "Risk Factors" in Chordiant's Quarterly Report on Form 10-Q for the fiscal quarter ended December 31, 2007. These filings are available on a Web site maintained by the Securities and Exchange Commission at http://www.sec.gov. Chordiant does not undertake an obligation to update forward-looking or other statements in this release. Chordiant and the Chordiant logo are registered trademarks of Chordiant Software, Inc. The Customer Experience Company and Cx are trademarks of Chordiant Software, Inc. All other trademarks and registered trademarks are the properties of their respective owners. Chordiant Media Relations Contact: Jennifer Pettus Eastwick Communications (650) 480-4012 Chordiant@eastwick.com |  | | |||||||
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