The modern digital delivery system consists of numerous interactions across multiple digital touch points between a customer (or prospective customer) and a financial institution – something that makes true, customer-related, personalized decision making a challenge to achieve. The traditional physical delivery model relied on bank employees making first-hand, in-person observations, gathering data, and then making customer-related decisions. Today, financial institutions are working to replicate this capability and personalization within a digital environment.
One advantage of digital marketing is that it allows much earlier pre-purchase customer engagement in the discovery, awareness, and consideration stages of the customer journey. A capability known as “digital sensory tracking” refers to the detection of consumer behavior defined by their navigation, usage frequency, and time spent on a webpage, all of which can quantify consumer intentions and interests and even trigger various engagement responses.
Digital sensory tracking can also support the fulfillment stage of the customer journey. Current industry statistics show that about 80 percent of fulfillment initiatives are abandoned before completion. Deploying digital sensory technology in conjunction with another infrastructure component, such as a decision management engine, can provide financial institutions with a method to more intelligently retarget and re-engage with these customers.
Banks can use decision management technology to analyze customer behavior, and when combined with CRM knowledge of the customer, enact the most appropriate response or plan of action.
Making decisions based on data that is already known is often referred to as the decision tree method and requires no additional input. Interactively gathering data and making decisions along the way is often referred to as an intelligent questionnaire. This interactive method employs guided data collection in the form of an iterative decision tree with each section having a discovery question and arithmetic computation ability. Each answer results in an action -- such as the presentation of the next logical question, or information passage to another process.
The bar for customer expectations and digital transformation has been set by other industries. Having excellent personalized customer experience is now the primary way to achieve competitiveness in a digital world. ARGO Connects not only drives the basic blocking and tackling of fulfillment, but more importantly, the customer journey that guides consumers in their relationship with financial institutions.
For more information, view ARGO Connects, Technology Infrastructure Supporting Our Omni-Channel Solution.
