Today, almost every business can find at least one telecom product within their digital ecosystem. From voice call-enabled services to SMS authentication, they help companies elevate their digital experience significantly.
But, it’s noteworthy that the need for a communications solution has transformed over the years. To understand the trends driving telecom product development, it’s essential to granularly understand this evolved need.
Why Are the Demands From a Telecom Product Different Today from the Past?
Earlier, telecom companies were only seen from the perspective of a network provider building and maintaining the communication hardware. But fast forward to today, telecom companies are strategic partners. They enable businesses of all sizes to scale and succeed with their digital aspirations. In essence, they create the connectivity infrastructure needed to effectively exchange data and information in a digital environment.
Consumers today expect digital-first experiences for almost all their needs, from shopping to healthcare. As businesses expand, telecom products are at the forefront of driving meaningful connections between businesses and consumers.
Areas like customer onboarding, customer experience enhancement, security and authentication, etc. have been transformed significantly courtesy of modern telecom product development initiatives.
It is certain that at least one of the apps you use daily on your smartphone leverages an OTP mechanism via an SMS or a missed call. A telecom product realizes either of these authentication mechanisms. Similarly, there are several capabilities that a telecom product offers to businesses for managing their digital channels.
So, What Drives Telecom Product Development Today?
As we have seen, a telecom product serves as a fundamental building block of modern digital experiences for several businesses. Therefore, development initiatives should ideally incorporate the key traits that define digital experiences.
Let us explore the top four trends that telecom product development initiatives must make special note of:
Seamless Customer Experience
Studies show that 32% of customers would leave a brand after just one poor experience. While building a telecom product, the core ideology that powers every workflow should be to provide a great customer experience. This can be achieved by using customer centricity as a core element of every development initiative.
Speed of Services
Speed is a critical element of customer experience, but it deserves a special mention from a telecom perspective. Today, customers value time more than anything else. Studies show that customer loyalty will improve by over 2.4 times if their problems are solved quickly.
In that light, processes like user onboarding should not take too much time. They often rely on telecom solutions for KYC authentication and user validation. When such products are built, speed should be a major development criterion.
By using solutions that provide easy authentication and faster enablement of Digital KYC processes, businesses can accelerate their customer journey rapidly.
We have seen how seamless and fast customer experiences make for great traits in a product development initiative. Alongside them, security is another characteristic that can’t be ignored. As more digital services become enabled and managed through telecom services, it is critical to eliminate any vulnerabilities.
However, preventing fraud will be a major challenge for businesses as they seek to plug leaking revenue and protect customer interests. Therefore, products with anti-fraud intelligence and fraud prevention workflows will be key.
Consumers love innovation in technology that serves them great experiences. This is probably why AI and machine learning have become so mainstream today. For telecom product development, the situation is no different.
Businesses would leverage telecom solutions that can accommodate innovative capabilities in the future. For this, they need to be built with inherent support for AI, ML, IoT, big data analytics, etc. This would allow businesses to build newer customer service innovations by leveraging the underlying telecom framework.
AI-powered customer interactions in the form of chatbots, fraud detection with AI, etc., are just some of the possibilities they can explore.
Telecom product development initiatives cannot be judged as a simple endeavor anymore. They hold strategic importance in pushing businesses to achieve better ROI from their digital investments. As such, selecting a solution would require end-to-end analysis of possibilities and potential it can unlock for a business.
Implementing a trusted communication solution for your business is vital, given that critical customer aspects like fraud prevention are on the line. This is where Globe Teleservices can make a huge difference. Our range of trusted solutions has been built to incorporate the latest market trends and innovations. They can undoubtedly propel your digital channels to new heights. Get in touch with us to know more.