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Providing Frictionless Customer Experience Through Omni-Channel Application Processing

Providing Frictionless Customer Experience Through Omni-Channel Application Processing


Fraud, Omnichannel, Automation

The financial industry has been disrupted by digital players vying for a share of the consumer’s wallet. Customers now expect a high degree of service, personalization, relevance, and an anytime experience that means instant gratification and frictionless fulfillment with the convenience of digital combined with easy access to human assistance. To efficiently meet the demands of the customer while improving institutional insight and engagement to increase digital success, FIs need an automated Omni-channel application processing and fulfillment solution. These solutions assist with:

Omni-Channel Fulfillment
Increasingly tech-savvy customers use digital channels to find financial products. Sixty-three percent of the time, they make a preliminary decision before the bank sees them enter the digital fulfillment process. Omni-channel fulfillment solutions enable consumer and business customers to open deposit accounts and originate loans seamlessly across digital and human channels, with workflow and routing for exception handling. The Start-Stop-Resume functionality provides the Omni-channel functionality desired by the customer and automates abandonment retargeting to improve institutional success.

Enhancing Customer Experience (CX)
Simplifying the fulfillment process through data entry accelerators, paperless fulfillment, e-Signature for digital, remote, and in-person signing, and enhanced compliance efficiency enhances customer experience. A frictionless fulfillment process includes an intuitive process, cross-channel functionality, cross-platform consistency, and seamless access to human assistance.

Simplifying Multi-Product Fulfillment
Automated solutions can efficiently offer supplemental products and services, such as debit card, checks, and overdraft privilege relevant to the selected consumer. A customer or member can select a combination of deposit and loan products. Steppers provide progress insight as the customer is guided through the fulfillment process.

Retargeting Abandoned Applications
These solutions should continuously capture and store application information so abandonment or a pause exceeding a configurable threshold can be detected and an appropriate retargeting campaign can be deployed through digital or human channels, offering the customer the opportunity to resume the process from the point of departure.

Mitigating Fraud Risk
Omni-channel solutions should provide a 360-degree customer authentication and fraud prevention strategy complete with technology to encompass authentication, verification, compliance, data quality, predictive risk assessment, and customer knowledge.

Originating Loans
An automated analytics-driven multi-stage application process reduces denial cost, expedites processing, mitigates risk, and responds to applicants in real-time for strengthened customer engagement.

After fulfillment, an Omni-channel solution can place the customer into an onboarding engagement plan based on customer profile and account type. Engagement plan timing, cadence, content, and methods can be based on segmentation, portfolio, and customer preference through digital and human channels.

Optimizing Staff Utilization
Even with digital solutions, customers can have access to human services that are fully integrated with the digital solution. Universal desktops allow authorized staff members to perform any function in the branch, including fulfillment, service, and monetary. Omni-channel platforms provide staff with a complete view of customer cross-channel activity allowing them to focus on meeting needs, improving service, enhancing customer experience, and providing guidance for both consumer and business segments.

For more information, download the “Connects Omni Fulfillment” solution brief.

Download ARGO's Omni Fulfillment Solution Brief