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Article : Evolving the Banking Consumer Journey: Providing an Experience to Exceed Expectations

#contactcenterworld, @teamhgs

Author: Boyd Blanton, HGS Vice President, Global Account Management

It’s a new era for banking customer service, with digital disrupters transforming the experience to meet the ever-changing high bar of expectations. Case in point: today’s consumers are increasingly seeking online services and facilitation of all functional levels of their banking on all service delivery platforms. According to Javelin research, 55% of banking customers polled say online banking is the factor that motivates them the most to stay with a bank. In fact, banks can find growth by focusing on consumer experience from the Engage to the Retain stage in the customer journey —with a need to design, digitize, and measure experience through the prism of a 360-degree view of the customers.

Engage

The Engage stage, as the first contact with a banking customer, may include web search, website visits, online engagement via chat, SMS or social media, or a conversation via phone. The primary measure of success at the Engage stage of the consumer journey is conversion rate (online sales or booking). Other key metrics include web traffic growth, organic search results, and reduced cost of acquisition.

How BPOs can help: From an e-care perspective, BPOs can bring the resource and expertise, supported by solutions like website, social media, chat, text, automation, and analytics. Client partners can build a full analysis of digital banking service delivery, including competitive analysis to ensure a banking market player outpaces the rest of the pack.

Buy

Just last month, Bank of America reported a 10% increase to 28.7 million in active mobile banking users during the third quarter and 38 million active digital banking users. From opening a bank account to self-service for account upselling and cross-selling, this stage of the consumer journey brings ample opportunities for banks with products across mortgages, auto finance, and credit cards. Additionally, with automation, banks can accelerate the processing of new account requests, credit card applications, and pre-approvals.

How BPOs can help: From classic care to e-care, at this stage, BPOs can answer banking organization needswith inbound and outbound marketing, via voice, chatbots, text, social media, and web portal. In the back-office, automation and analytics can drive significant cost savings in terms of handling transaction volumes and streamlining operations.

Bill

Increasingly, consumers are moving their everyday banking activities from branches and call centers to online and mobile channels. Growing areas of self-service include SMS bill pay reminders, mobile messaging, and self-service payment options.

How BPOs can help: The right BPOs can provide front and back-end digital capabilities – from voice, email, and chat to claims processing, billing, and dispute filing.

Care

From tech support to self-service focus areas, like online support and mobile apps, and traditional care areas like account servicing or card replacement, omnichannel is key. Specific areas of focus with digital disruption can include: SMS fraud alerts, speech analytics for voice of the customer, and concierge desk for high-value customers.

How BPOs can help: This is supported well by the omnichannel suite of chat, voice, email, and social care capabilities. A 360-degree view of customers can be achieved with an analytics platform that is easy-to-access, highly accurate, and user-friendly. BPOs can provide this technology to meet reporting expectations, with accurate data and ease of access. A solution like this can streamline operations, reduce operating costs, and improve client reporting efficiency by 40%. This platform will deliver actionable insights that drive impactful decision making for bank operational efficiencies and growth.

Retain

With all of these capabilities, banks can better anticipate future needs and upcoming life moments, and therefore provide more relevant products and solutions at the appropriate time and place—for enhanced affinity and retention. While digital is the focus, banks must always prioritize the customer experience over the digital transformation process, in order to avoid commoditization and maintain differentiation.

How BPOs can help: BPOs are experts at the consumerization tools like online reputation management with good social care, text and speech data analytics, as well as surveying for voice of the customer measurement.

From the Engage to the Retain stage of the customer journey, BPOs can provide banks with the tools and analytics needed to create and maintain customers for life.

#contactcenterworld, @teamhgs


About Boyd Blanton:
Boyd is responsible for the strategy, development, relationship and growth of top clients within HGS. He is responsible for ensuring that client’s voices are heard, and that the partnership with HGS is successful. Boyd has over 20 years of experience in the contact center space, with a mix of Client and BPO experience, enabling him to be highly effective at ensuring clients goals and objectives are met.

About Hinduja Global Solutions Ltd.:
Company LogoHGS is a global provider in consumer engagement, digital CX, and business process management (BPM).
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Today's Tip of the Day - Motivation

Read today's tip or listen to it on podcast.

Published: Monday, December 16, 2019

Printer Friendly Version Printer friendly version

2024 Buyers Guide Analytics

 
1.) 
Alvaria

Noble IQ
Turn business insights into actionable intelligence. Noble’s IQsolutions provide you with rich and robust customer data that can transform your business. Automate decision making and campaign management and refine the quality of interactions with precision and efficiency. We have developed proprietary and patented tools to help you make sense of data on your current operations and then help you make strategic decisions to improve performance and efficiency. Identify who your best customers and prospects are and the ideal methods to reach them. Understand what types of campaigns work best for your business and how to optimize underperforming campaigns. And nake real-time decisions rather than looking back to see what went wrong.

2.) 
BPA Quality

Call Center Quality Monitoring
Outsourced call center quality solutions including Multi-lingual, Multi-Channel Quality Monitoring, Call Center Consulting, Psychometrics & Analysis of Customer-Agent Interactions, Cloud-based Quality Analysis Software configured by Needs, Virtual & In-person Training, Speech Analytics & Speech Analytics Management.

3.) 
Daisee

Daisee
Daisee builds technology that empowers people to solve problems by making interactions simple and smart so they can have a more significant impact, be more productive and be better at what they do. We believe incremental improvements carry huge potency and provide exponentially greater change for the better.

Genesys customers can now automate risk and quality management using Daisee’s speech and sentiment analytics and remediation workflow software. Daisee helps improve customer experience, ensure regulatory compliance, identify missed commercial opportunities & training requirements as well as provide valuable insights back to the business directly from the frontline – the true voice-of-...
(read more)

4.) 
DialogTech

DialogAnalytics™
Powered by AI, DialogTech’s DialogAnalytics analyzes conversations to provide marketing and sales teams a wealth of insights for smarter optimizations. With the power of conversation intelligence, you can learn which channels, ads, keywords, and webpages drive the best sales calls, if the caller converted, and more.

AI analyzes how calls are handled at locations and call centers to detect issues that negatively impact ROI. See what percentage of calls go unanswered and who is best (and worst) at converting callers to appointments and customers. Get email alerts when phone leads are mishandled at locations so those leads can be called back right away.

With DialogAnalytics, you can get a...
(read more)

5.) 
eGain Corporation

eGain Analytics
eGain Analytics makes it easy to measure, analyze and refine your contact center operations, knowledge and web customer experience. Create informative reports, charts and dashboards effortlessly. Slice-&-dice the data in any number of ways and use it to manage the business effectively.

6.) 
Pointel

CXi - Customer Experience Insights
Pointel CXi, the IVR analytics platform, maps the entire customer journey and analyzes calls end-to-end to turn data into actionable insights. Centralized reporting is essential for seamless customer journeys, as it is critical to know where calls are transferred or abandoned.

CXi generates multiple reports on IVR performance, the Customer-IVR interactions, and sticking points in the IVR that cause customers to struggle. CXi’s IVR Analytics platform provides a comprehensive understanding of customer engagement.

Pointel Customer Experience Insights (CXi) delivers actionable information that enables businesses to reduce customer effort, operational costs and increase contact center effi...
(read more)

7.) 
PRILINK

SIP-Trunk Demarc Monitor
Analyzes SIP signalling and RTP audio stream of every call passing through the network demarcation point. Provide a real time 24/7/365 network baseline database that contains the IP bandwidth, call traffic of up to 128 voice groups, Call Detail Record (CDR), call blockage and MOS voice quality. All information are displayed in SIP-Trunk dashboards and are used in many applications, such as Telco collaboration, UC/CC analytics, Work Force Optimization (WFO) and caller identification.

8.) 
Vads

Social Media Analytics
Social media analytics is the practice of gathering data from blogs and social media websites and analyzing that data to make business decisions.

Typical objectives of Social Media include increasing revenues, reducing customer service costs, getting feedback on products and services and improving public opinion of a particular product or business division.

Key the activities involved:

Analyzing net sentiment score
Qualitative and quantitative of sentiment analysis
Measure the emotions (6 Emotions) of the consumers
Mapping out all potential advocates
Measuring a nationwide consumer sentiment
Unlimited data extraction & cleaning
Customized positive and negative keywords
Qualitative and quantitative insights & report writing
Measuring the consumer sentiment

9.) 
Tethr

Tethr is a cloud-based conversation intelligence platform that combines AI, machine learning and over a decade of customer experience and sales best-practice research to surface contextual insights from phone calls, chats, emails and other customer interactions. Companies use Tethr to turn large amounts of unstructured voice of customer conversation data into insights they can deploy to improve their customer experience.

10.) 
Trillys Systems

ActuCall
Imagine for a moment that you are a call center manager responsible for generating revenue through signing new customers or up-selling to existing ones. Imagine that your KPI is telling you you have an abandonment rate of 5% and someone comes along and says "No, your abandonment rate or dropped call rate is 13%." .." How do I know? AcutuCall VoIP software application can show you the dropped call data including, originating number and whether it was a network or equipment failure." Now imagine you can see your calls in progress on a mobile app, take your dashboard where ever you go! "What is a lost call worth to you?"

11.) 
VOIPFUTURE GmbH.

Voipfuture Qrystal
Qrystal provides communication service providers, wholesalers, enterprises, call centers and cloud-based voice providers with unique, dual visibility monitoring capabilities for analysing both SIP and RTP packets.

Unlike other solutions, Qrystal provides visibility into both control and media plane. This way, you get the full picture of in-call user experience, all in one place.

Voipfuture’s patented technology automatically identifies typical impairment patterns, allowing you to reduce the time it takes to fix problems.

12.) 
Xdroid

Xdroid is an independent, privately-owned software development company. This enables us to respond to changes quickly.

Our Artificial Intelligence solution, based on deep expertise, reveals the truth about your customer interactions and will help you to communicate better.

Analytics knowledge is the backbone of our development team. Years of experience in developing high-tech software for contact centers of financial institutions, utility companies, telecom operators, etc., give us an incredible edge.

We help you to predict and anticipate in an uncertain and turbulent environment. Communicate better.
 

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