New Delhi, September 15: Digital disruptions are changing businesses. Banks around the world are aggressively driving customer interactions to digital   channels to lower the cost of doing business but not every customer is ready to embrace it. They are facing a sweeping transformation of customer habits, with Gen Y migrating to online and mobile banking while Gen X demands more consulting services with a human touch.
Yet, while digital channels may have created new opportunities for organizations, contact center still remains at the heart of the digital transformation. There are different requirements for different interaction types, stage of the customer journey, complexity of the inquiry and customer preferences creating a natural demand for omnichannel engagement which is seamless, personalized and agile.

Organizations that are not focused on remodeling themselves to respond to new and evolving customer demands do so at their peril.
An effective omnichannel customer experience differentiation is difficult in the modern day enterprise but not impossible.

1. Listen across ALL channels – Your customers are more demanding and less patient than they’ve ever been. They expect to be able to provide you feedback whenever, wherever and however they want and for you to listen and take action. Enterprise Feedback  Management & Digital Feedback gives your customers the ability to share feedback via multiple channels and in ways that are  convenient to them to encourage honest valuable feedback to help identify process/ product /service issues and help you drive  operational & digital improvements. Increase Revenue & Loyalty By Uncovering Actionable Customer Insights Across All Channels.

2. Empowers Employees – Customers expect employees to be knowledgeable enough to handle anything — and have the authority to  do what needs to be done to satisfy customers. Speech Analytics combined with Knowledge Management provide context based next  best action or guidance to the frontline officers to resolve the customer issue driving a better customer experience.

3. Efficiency & Cost Savings – Organizations should use customer insights to improve operations, as well as analyze and benchmark to align internal processes with customer service. In most cases, by benchmarking what optimal customer service looks like, organizations will not only improve service and their bottom line, but also improve employee engagement. Use Speech and Text Analytics to drive  operational efficiency and cost savings by reducing interactions AHT/ repeat interactions/knowledge gaps/focused quality monitoring/etc.

4. Compliance Adherence & Risk – Using Speech & Text Analytics to monitor 100% of interactions for regulatory compliance. Reduce  risk when breaches are rare but costly and show internal process and solution to regulators.

5. Sales/Collections Effectiveness – Use Speech and Text Analytics to analyze and compare the linguistic difference between successful and unsuccessful sales/collection interactions. Create effective transition timing from service to sales.

6. Increase Customer Satisfaction (C sat) – Companies need to analyze the customer journey, including customer metadata, key buyer behaviours, purchase histories,  interactions, previous survey scores and customer journeys, from both structured and unstructured sources. Use Speech and Text  Analytics to identify customers at Risk and predict super detractors. Increase understanding of what drives high or low c-sat. Provide  relevant engagement with context not just generic survey.

7. Reduce Churn – Use Speech and Text Analytics to spot early warning signals before they go viral on social media.

Access to data is not enough what Enterprises need are the right tools to be able to mine that data to generate insights. With powerful  technology hacks like omnichannel engagements and analytics it is possible to capture customers’ life-cycle. Create those journey maps, understand the journey across channels, creating an omnichannel picture of what being a customer  is like for different organizations.

The key is to create a transformation in the way banks operate so that more and more transactional activities happen in a seamless  manner while branches become seats of consultive financial empowerment.

By Prashant Pandey – Practice Head-Customer Analytics, Verint Systems

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