Press release

Study Shows Two-Thirds of Consumers Prepared to Flee to Brands Offering Superior Service

Sponsored by Businesswire

Two-thirds of consumers recently surveyed said they are more likely to
switch to brands that provide the best experience or service –
underscoring the importance of providing exceptional service and the
ultimate cost to those companies that fail – customer defection.

It’s just one of the key findings from a large-scale study of 34,000
consumers worldwide by Verint®
Systems Inc.
(Nasdaq: VRNT), The Customer Engagement Company,
carried out in partnership with Opinium Research, LLC.

“The finding that consumers are easily swayed to switch to product and
service providers that offer a super customer experience demonstrates
the harsh reality of today’s business and loyalty landscape,” says
Verint’s Ryan Hollenbeck, senior vice president of global marketing and
executive sponsor of the Verint Customer Experience Program.

The study reveals that loyalty and customer retention continues to
decline globally, as just 44% of consumers say they have been with their
service providers for three years or more (down 39% since 2015). While
this may seem a sobering metric, the study did uncover one potent means
to spur brand loyalty — convenience. More than three-quarters (77%) of
consumers surveyed said that convenience is a major factor when choosing
a brand or service provider, while more than two-thirds (68%) feel loyal
to brands that make it easy and convenient to engage.

“The customer experience gauntlet has been thrown; customers demand
exceptional service in exchange for their business or they will take
their business elsewhere,” says Hollenbeck. “The question now is, how do
brands respond?”

The study reveals 60% of consumers expect to engage with an organization
via any channel at any time. These increasing customer expectations are
forcing organizations to adopt an ‘always-on’ approach to service. To
succeed in meeting this ‘always-on’ service imperative, organizations
continue to turn to automated solutions such as chat-bots and artificial
intelligence – the hybrid workforce – leveraging a combination of man
and machine to drive customer engagement and operational efficiencies.

Even as consumers continue to adopt these digital service channels, the
human factor still is perceived to be a vital element in the customer
engagement equation. While the first preference for consumers is to
manage inquiries online in a self-serve fashion (34%), speaking to
someone over the phone (30%) or in person (29%) are also preferred by a
significant portion of those surveyed. Mobile apps continue to rise in
popularity as an engagement tool, increasing 57% from a similar Verint
study from 2018. The research also finds that human engagement is
particularly valuable for critical interactions that can serve to build
long-term relationships. For example, when a customer has an urgent
question or complaint, their first preference is to speak with a live
human agent via the phone or in person.

“The study finds the greatest challenge and opportunity for businesses
is to be strategic in their hybrid workforce approach,” says
Hollenbeck.” Organizations need to turn to automated solutions to cope
with increased volume and demands, but they must ensure they continue to
provide the high-quality experience customers expect – including the
ability to engage with a human when needed. Their customer engagement
strategy needs to empower customers with the ability to switch
seamlessly between digital and other channels.”

Dr. Paul Redmond, global expert in generational theory and employability
says brands must also consider their workforces as they chart their
customer engagement strategies, “In an age where customers and the
workforce span multiple generations, organizations face a challenge to
deliver an exceptional experience for all. Engagement and empowerment
are key. The human workforce must work hand-in-hand with technology,
automating straightforward enquiries to free humans up for more
impactful and fulfilling engagement. This will only be successful if
organizations truly engage their employees and understand the different
requirements of a multi-generational workforce.”

Register for the Upcoming June 25 Webinar and Companion Research Paper

As part of this study, Verint partnered with Dr. Redmond to launch a new
report and co-host a webinar of the same title: “Engagement in the
Always-on Era: How Humans and Technology Work Hand-in-Hand to Meet
Rising Expectations.”

During this online event, attendees will gain fresh insights into the
importance of understanding customer engagement preferences, how to
prepare a strategy to engage with multiple generations of customers and
employees, and also how to empower your workforce to work hand-in-hand
with technology.

to register for the live webinar on June 25, 2019 at 10:00 am
EST / 15:00 BST / 16:00 CEST. Click
to download the companion report or to view an on-demand replay
of the previous online event.

About the Research

This research was commissioned by Verint from February 1-11, in
association with research company Opinium Research LLP. Interviews were
conducted amongst 34,068 consumers in the following countries:
Australia, Brazil, Canada, France, Germany, Hong Kong, India, Japan,
Mexico, Netherlands, Singapore, Saudi Arabia, South Africa, Spain,
Sweden, the United Arab Emirates, United Kingdom and the United States.
The research was conducted online in the local language for each
country, and respondents were incentivized to participate. Sectors
involved in the survey included banking, brick-and-mortar retailers,
credit card, insurance, mobile phone provider, online retailers,
telecommunications, travel and utilities.

About Verint Systems Inc.

Verint® (Nasdaq: VRNT) is a global leader in Actionable
Intelligence® solutions with a focus on customer engagement
optimization and cyber intelligence. Today, over 10,000 organisations in
more than 180 countries—including over 85 percent of the Fortune
100—count on intelligence from Verint solutions to make more informed,
effective and timely decisions. Learn more about how we’re creating A
Smarter World with Actionable Intelligence® at

This press release contains “forward-looking statements,” including
statements regarding expectations, predictions, views, opportunities,
plans, strategies, beliefs, and statements of similar effect relating to
Verint Systems Inc. These forward-looking statements are not guarantees
of future performance and they are based on management’s expectations
that involve a number of risks, uncertainties and assumptions, any of
which could cause actual results to differ materially from those
expressed in or implied by the forward-looking statements. For a
detailed discussion of these risk factors, see our Annual Report on Form
10-K for the fiscal year ended January 31, 2019, our Quarterly Report on
Form 10-Q for the quarter ended April 30, 2019, and other filings we
make with the SEC. The forward-looking statements contained in this
press release are made as of the date of this press release and, except
as required by law; Verint assumes no obligation to update or revise
them or to provide reasons why actual results may differ.

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