When the chronicles of the COVID 19 pandemic are written, a whole book will surely be dedicated to the galloping strides digital adoption has taken.
Feature rich digital platforms are now a basic need. Customers are demanding greater omnichannel integrations, that delivers a continuous experience seamlessly across channels and touchpoints.
A Mckinsey survey, sampling more than 3500 customers, found that Net Promoter Score (NPS), which measures willingness of customers to recommend a company’s products or services to others, is significanly higher for financial services with extensive digital offerings coupled with instant fulfillment.
However, customers rarely rely on one channel for engagement with banks and financial services. Despite the prevalence of instant messaging, SMS and chat, a significant portion of customers still frequent branches. Financial firms needs to understand how customers of different value segments prefer opening accounts or resolve a dispute.
They require a good digital journey creation platform that creates adaptable, integrated and continuous experience channel journeys for end customers and users, including at branch level. This next level digitization will help deliver next generation automation at branch level.
Financial service leaders stay ahead of the pack by understanding customer usage patterns and patterns and then, focusing resources to the right areas. Luckily for them, simple, personalized engagement create ample opportunities to win over and delight customers.
A bank in Asia, for instance, provide a intuitive personalized, data driven dashboard that gave its customers a bird eyes view of the accounts, expenses etc. It allowed customers to round off their expenses and invest the difference in tailored investment schemes, encouraging savings and consistent investment habit.
Partnership with customers pays dividends
A financial firm in Europe aspired to create a account on boarding journey that would deliver a integrated customer experience across digital channels and overall improve operational business efficiency. Uniquely, they started off with ideation sessions with end customers and front line employees. Such workshops enabled the firm to get first sense of routine user needs, expectations and identify avenues where digital self service capabilities would be enticing and where a hand-holding delivered through continuous process flow would be required. Such unique insights guided the firm in the digital journey design and the technology architecture that followed.
As a result, the firm was able to create a unified account opening journey that customers could initiate over channels anytime, anywhere. A unified banking CRM solution combined customer engagement in a single system, enabling teams to get a holistic customer 360 that gave quick access to customer interaction history, product holding and next best product recommendations with guided call scripts. The redesigned digital journey automated more than 500 manual, paper based processes, freed up resources and automated back office by more than 70%, reduced turn around times by more than 90%.
Faster, cheaper, better path to digital maturity
Involve the customers directly. Time is money for businesses as well. Digital financial leaders can create digital journey design teams and conduct co-creation exercises with a continuous feedback mechanism. Such teams will involve customers, marketing, contact center, IT etc. this will deliver quick, inexpensive and focused insights for the best results.
Take technology guidance from use cases
Today, technology seems to be advancing faster than the speed of light. It is tempting to IT leaders to splurge and overreach in multiple technology initiatives. But this risks spreading resources too thin. The best approach would be to identify maximum two case cases that can deliver high value business impact in the short term. Business leaders can identify use cases that provides a balance of end to end suitability, feasibility and differentiation. A good digital technology platform that supports seamless integrations at scale would be ideal.
Plan for adoption
A critical but often overlooked step is the adoption strategy. You may have the best digital journey design and strategy but it can turn out to be as useful as a white elephant if no one adopts it. Business leaders can deploy an awareness campaigns for customers and employees, involving digital and offline channels like branch based promotions, email outreach campaigns etc. They can create incentives than to build interest and generate rapid adoption.
Digital customer journeys can significantly improve bottom line business results. Financial leaders can experience
- Increased customer satisfaction by more than 40%
- Reduce cost to serve by more than 30%
- Boost conversion rates and growth by more than 25%
To win the NEXT normal, business leaders should thus focus on creating an intelligence driven basket of diugital offerings that can fulfill actual customer needs and wants.