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There aren’t many industries where organisations have so much data about customers for such a long period of time like the financial industry. For example, people have had the same bank for the past 25 years which, by the way, is the same as their father’s. Their bank is their partner in key aspects such as university or housing however, they do not necessarily see enriched experiences or tailored offers.
There is a wealth of value to explore and although the transformation has already begun with banks introducing more channels, learning best practices from digital native banks and fintechs and even creating new digital business models to test what works (aiming to later integrate those learnings into the core business) still, banks are drowning in data and have very little insight on how to transform it into actionable knowledge to attract, better serve customers, personalise offers and deliver a consistent customer experience.
A New Engagement Model for the Digital Age
By nature, financial products are complex and both companies and individuals are deeply affected by their financial choices. Bank tellers, financial advisers, and other resources are key in accommodating customers’ requests and providing value-added and timely information. As they benefit first-hand from customer insights, they can provide a better service and increase the customer value by offering the best solutions.
In addition, there is the emergence of self-service applications aiming to allow customers to engage on their terms - when they want. In this case, the human factor is eliminated and the need for accuracy is even greater.
Customer expectations have changed mainly due to the experience from other digital native organisations, coming or not, from the financial sector. The easy interactions, the tailored offers, integration between physical and digital channels or the unmatched service, creates a gap between what many financial institutions can deliver and what customers are getting elsewhere.
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The biggest challenge is:
- How to provide customers with experiences that leverage the knowledge banks have delivered in a seamless way?
- And, how to do it, using whatever channel customers choose from?
The holy grail of an enhanced experience in the banking sector is to have an holistic and end-to-end perspective of the customer experience.
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Celfocus Customer Knowledge Augmentation and Activation
A modular and integrated framework tailored to leverage banks’ customer knowledge to deliver the best possible service.
Anchored in two main modules, the first comprises tools and technologies to augment customer knowledge while the second, delivers tailored experiences to trigger new targets, portfolios and customer lock.
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By encompassing the Customer Value Augmentation and Enhanced Customer Experience modules, the solution provides banks with full control of the customer journey - from planning to execution.
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Customer Value Augmentation
Using advanced AI and ML algorithms, the solution assures customer activation through automation, managing complex and diverse smart campaigns. Investing in retention, intelligent engagement, and nurturing loyalty are key to transforming the customer experience.
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Enhanced Customer Experience
The framework automates and orchestrates back office processes leading to shorter turnaround times, faster answers, and transaction transparency, thus providing better service, regardless of the channel used.
Delivers an open banking platform to integrate with the bank’s ecosystem through secure and monitored API’s, while enabling the emergence of new business models.
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Unlocking Digital Transformation
Holding a strong engineering backbone and human-centric innovation capabilities, Celfocus helps companies carry out their vision and transform their business by leveraging next-generation technologies and multi-disciplinary agile teams.
Extensive hands-on experience in critical information systems and in incorporating the latest technological trends and delivery methods to better serve customers across the globe.
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Customer Value Augmentation:
Taking complete control over data and transforming it into knowledge. Using advanced AI and ML algorithms, Celfocus Customer Value Augmentation empowers financial service providers to look at customers differently.
It can be used in a wide array of solutions to improve customer lifetime value and optimise financial product sales: First, by using process automation, manual work is reduced and business processes become quicker more efficient, leading to increased overall productivity. Second, applied to customer experience, AI & Cognitive technologies help financial service providers avoid experience and service-level flaws that may lead to decreased churn. Through automated decisions, financial service providers can improve customer response time (from hours to seconds) and increase the chances of making a deal.
Enhanced Customer Experience:
Taking a holistic stance on the whole customer journey. The first step involves mapping the journey and then dividing it into stages (Identification, Solve, and Measure) that must be continuously iterated. Through journey mapping, banks are bringing IT and Business teams together in a unified approach. These journeys include every sort of interaction a customer can have with the organisation in order to provide a holistic view of the experience.
Celfocus Customer Knowledge Augmentation and Activation framework automates and orchestrates back-office processes leading to shorter turnaround times, faster answers, and transaction transparency. By doing so, it’s also providing better service, regardless of the chosen channel.
Benefits
Celfocus understands customer needs and banks’ ability to deliver value, providing an end-to-end offer where organisations look at customers’ data and extract valuable insights. Main advantages of this solution include:
- Providing customer Insights and mass customisation;
- Reducing Customer friction and boosting adoption;
- Allowing for a multi-experience at every touchpoint;
- Engaging Design customer journeys;
- Leveraging an Open Banking adoption.
Combining data and insights with a journey perspective that involves the client and the institution’s internal processes, banks can provide an experience that is seamless across all touchpoints.
