Other parts of this series:
In previous posts in this series, I looked at the importance of a talent strategy that cultivates empathy in banking contact centers. In addition to that, banks need underlying technology platforms that enable them to deliver distinctive customer experiences.
Eighty-three percent of banking executives see platforms as the glue that will bind their organizations in the digital economy, according to our Technology Vision 2016. Yet most banks have plenty of work to do here.
Silos are ubiquitous in their business and in their technology architectures. Working across these silos is cumbersome at best, impossible at worst. Customer experiences suffer as a result.
Workers cannot empathize with customers because of legacy system blind spots, piecemeal data and knowledge gaps. Trained in one product line, workers cannot pursue lines of inquiry that extend customer conversations—and sales.
With a platform strategy, banks can break through the silos and deliver personalized customer experiences. Platforms empower banks with a comprehensive view of the customer based on analysis of data from across the enterprise as well as, potentially, external sources. Data insight enables banking relationship centers to employ analytically-driven smart routing, contextualize customer interactions and expand the bank’s omni-channel capabilities.
This is the future of work in the digital banking relationship center—virtual service that rivals human-to-human branch interactions. This scenario will not happen tomorrow, but it is coming. After all, millennials tend to value personalized experiences over privacy, and Gen Z consumers will likely follow in their footsteps.
In North America, banks are by far the most trusted service provider in terms of safeguarding customers’ personal data, but banks must evolve how they use their vast amounts of data to deliver highly relevant experiences and advice.
Compare two customer contact center interactions:
Today, Mary calls her bank’s contact center to inquire about raising her credit card limit.Mary spends twenty minutes on the phone with a representative. She then asks about setting up auto payment for her mortgage payment. The representative puts her on hold to transfer her call. Mary cannot wait, and hangs up.
Fast forward to the platform world.Bill the advisor knows Mary. She has opted-in for automated analysis of her social media posts. This identifies an upcoming vacation to celebrate her daughter’s graduation. Bill texts Mary and they schedule a video chat.
Bill extends Mary’s credit card limit, offers travel discounts and suggests a low interest rate credit card for her daughter. Mary asks about setting up an auto payment for her mortgage, which Bill quickly arranges.
In my next post, I’ll look at the role intelligent machines will have in enabling these sorts of seamless customer experience.
Read more: From contact center to relationship center