Accumulating Customer Knowledge in a Self-Service Environment

Although banks are opting for digital adoption this can reduce staff contact with customers. Having a consolidated view of customer information and activity increases a staff’s ability to optimize each customer interaction. Implementing a 360-degree view of institutional knowledge includes information obtained through digital and human channels.

Robust customer knowledge includes:

• Products of interest and propensity-to-purchase derived through digital sensory technology and staff input;
• Self-disclosed financial goals;
• Accumulated satisfaction scores submitted through intelligent questionnaires;
• Automated and staff-initiated customer engagement;
• Upcoming appointments and topics of interest submitted through the online scheduler; and
• Calculated customer attrition risk Visibility into the customer needs and the state of the relationship equips staff to increase engagement relevance by focusing on immediate needs as well as long-term financial goals, deepening the relationship and building trust.

In addition to the impact of accumulating customer knowledge, banks must also consider how they can strike a balance between their acquisition cost, fulfillment, and risk. The digital channel increases application volume and simultaneously increases the number of unqualified applications. For example, digital economy lending creditworthiness is statistically less than a traditional delivery model, with anywhere from 50 percent, and in some cases, nearly 90 percent of the credit requests not being viable credit opportunities.

Increased volume and lower-quality applicants create an economically untenable flow of requests using traditional processes. An optimal digital fulfillment solution automates customer identity, data quality verification, disclosures, compliance, applicant scoring, business rules, policy, and segmentation before assigning them to human capital for intervention.

This multistage automated, low-cost process reduces cost, expedites processing, reduces risk and fraud, provides consistency, and responds in real-time to applicants, strengthening customer engagement and increasing look-to-book ratios.

For more information, download the Defining Digital as a Strategic Competitive Differentiator interview document.