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Evolving the Banking Consumer Journey: Experience to Meet Expectations

By 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-higher 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 Engage to Retain—with a need to design, digitize, and measure experience through the prism of a 360-degree view of the customers.

Engage

ENGAGE, 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 the 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 ecare perspective, BPOs can bring the resource and expertise, supported by solutions like website, social media, chat, text, automation, and analytics. These 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 in active mobile banking users to 28.7 million during the third quarter and 38 million active digital banking users. From opening a banking account to self-service for account upselling and cross-selling, banking brings ample opportunities at this journey stage. There is significant opportunity at this stage 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 needs with inbound and outbound marketing, via voice, chat=bots, 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 options for payment.
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 to 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, reduces operating costs, and improves client reporting efficiency by 40%. This platform will deliver actionable insights that drive impactful decision making for bank operational efficiencies and, also, growth. 

Retain

With all of these capabilities, banks can now 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. And while digital is the focus, banks need to always keep the customer experience focus—above 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 and text and speech data analytics,  as well as surveying for voice of the customer measurement. 

From design and digitize to measure—undoubtedly the right customer journey design care (from engage to end of life) and voice of customer solutions like analytics, can work together to create banking customers for life.

 

 

Author Info
Boyd Blanton
Boyd Blanton – VP, US CES Client Services

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. 

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