Digital banking channels have altered how consumers interact with their financial institution along the entire customer journey. While digital channels give consumers a greater level of empowerment, it reduces the effectiveness of a conventional customer delivery model. Perhaps as important, digital customers take on a self-service role in the fulfillment process.
Fulfillment includes deposit, lending, and servicing. A straightforward fulfillment requirement can be completed by a customer, and then automation monitors and initiates campaigns to recover abandoned processes. More complex fulfillment processes can be customer-initiated and picked up in other channels such as branch and call center, which also allows for more rigorous risk and compliance management and follow-up tasks. Fulfillment via any channel at any time can easily be achieved in a combination self-serve/omni-channel business environment.
A customer-delivery software solution can also help financial institutions engage customers across all stages of the customer journey. Let’s first look at the early awareness and consideration stages. Most often a consumer visits an average of 11 websites in their research and exploration phase. ARGO has digital sensory software capability that detects website activity, measuring time on page and navigational movement. From this, we can use predictive analytics to suggest the probability of initiating successful engagement. Banks can then begin their customer engagement earlier, improving customer acquisition.
One of the outputs of digital sensory is intelligent marketing, aligned with the institution’s marketing strategy and subsequent customer engagements. Marketing engagements are accomplished through automated campaigns, social media retargeting ads, and banker-led engagement. This digital sensory ability also reduces the impact of fulfillment abandonments. We now know about the failed or incomplete attempt and can retarget the consumer through engagement. Additionally, as face-to-face engagements are reduced, customer attrition is much more difficult to manage in a digital world.
ARGO monitors over 50 positive and negative events and measures customer attrition risk, escalating the metrics with automated retention programs and management insight dashboards. Through our proactive customer engagement component, various engagement programs can be assigned to a variety of customer market segments triggering periodic engagement initiatives using a variety of communication methods. Included satisfaction surveys and feedback mechanisms allow for two-way customer engagement and needs communication.
A modern customer delivery strategy must include support for each stage of the customer journey. Such a model uses data as a major bank asset and can be used for data-driven automated decisioning. Without such a model, banks run the risk of being irrelevant to today’s consumer.
For more information on the automation’s role in the new customer engagement model, and how to implement it for your institution, view our recent solution brief, " Transforming a Customer Delivery Business Model in a Digital Economy."