At a time of razor-thin margins and intense competition, a fast-and-personalized customer experience is no longer a point of differentiation: it’s the expectation. With switching costs as simple as swiping left or right, banking and insurance organizations must deliver a customer experience that’s fast, simple, and above all else, human.
But there’s something stopping you from becoming the digital change-maker your organization needs: the growing chasm between current, manual processes and delightful digital customer experiences. Read on to learn how to bridge this divide and deliver value in three key areas.
1. Improve customer experience
86% of consumers expect a seamless experience across all devices and channels.
Digital journeys offer a seamless communication channel that mirrors your in-person brand experience, except they're digital and almost instant. However, as enterprises rush to deliver digital experiences, they find themselves tripping up. Most financial service leaders understand the value of digital journeys but struggle to create them because:
- They don’t have the right systems and technology in place.
- They can’t separate trivial data from vital data.
- Knowledge workers are so mired in low-impact tasks that they cut corners with customers.
- They don’t have the data they need to tailor customer experience in a meaningful way.
With the right technology, you can create simple and intuitive self-service touch points across all channels. For example, customers can handle profile updates and account changes at their convenience, without requiring an employee to intervene.
By putting the power back in your customers’ hands, you improve customer experience and free up knowledge workers to focus on higher-impact tasks.
Your teams can access customer feedback as it comes in too. With that, you’ll gain a better understanding of how real people engage with your digital journeys. You can use this feedback to improve the customer experience, going back to the drawing board as needed.
Your company can improve digital journeys rapidly to ensure the customer-facing experience is quick and easy, only asking relevant questions with conditional logic. By including the most essential questions only and pre-filling current client information, you can streamline your customer experience with less time and effort.
Unlike manual paperwork or PDF forms, digital experiences vary across customers, as each response modifies the questions asked in subsequent steps. For a great customer experience, simplicity and agility are key. Every touchpoint should deliver a fast, consistent, and personalized customer experience. The right technology helps you do that.
2. Optimize legacy systems and processes
Digitizing your processes helps you deliver an intuitive customer experience, but the benefits don’t stop there. To create a digital customer experience, you must power seamless data collection and exchange. By doing so, you will reap benefits beyond customer experience alone.
Take a top banking enterprise, for instance. By turning a complex paper-based process into a simple digital journey, they saw a 300 percent growth of new accounts and a 90 percent reduction in credit card application errors. The digital journey was designed to service both the previous PDF workflow and the new digital experience, without needing to overhaul systems or redeploy the front-end user experience.
Since there are few tailored solutions for collecting information and exchanging data, most enterprises think that improving legacy processes means overhauling entire infrastructures or hiring expensive implementation teams. This is simply not the case. A modular solution will settle on top of your current technology, optimizing it versus replacing it.
With the right technology, you can improve legacy processes without ripping out systems and starting from scratch.
3. Boost data security
Ensuring data security and delivering a tailored customer experience, in a way, seem diametrically opposed. You must collect the right information to deliver a relevant customer experience, but you must also keep that data under lock and key.
With the right technology solution, it’s easy to monitor the authenticity of the information included in your company’s legacy systems and immediately filter out information that contains errors or potential security threats.
High-quality data will also allow you to:
- Understand your clients’ demographic profile, as well as their wants, needs, and goals.
- Accelerate speed-to-market.
- Swiftly respond to shifting compliance and regulations.
The bottomline
In financial services, customer experience is key. By delivering the digital experience your customers expect, you can win out over competitors and earn trust. Ultimately, building intuitive digital journeys helps you improve every workflow that runs on data—so you can become the digital change-maker your organization needs.
