In many industries, customer onboarding is as simple as downloading an app, inputting a name and email address, and clicking to accept terms and conditions. How would your customers describe the process of opening a bank account with you? It's an important question because a customer can be won – or lost – during this first, essential experience.
Customers are now demanding fast and flexible interactions with their banks. And, they expect to be able to interact and transact at any time, regardless of location or channel. Yet, for too many banking customers onboarding is a frustrating experience with multiple friction points.
These commonly include being re-routed to different channels, needing to provide physical identification or having to answer the same questions several times. In fact, the latest figures suggest that 38% of banking customers drop out during onboarding. That's mainly due to frustration with the process or the volume of information required.
Customer onboarding is a journey, not a transaction
How you onboard your new customers sets the tone for your ongoing banking relationship with them. Get it right and you increase customer lifetime value (LTV), reduce churn and turn new customers into brand ambassadors. Most banks already recognize the operational efficiencies and cost savings of automated digital processes over in-branch paperwork. But, creating a digital onboarding experience that delights will add much more value than simple cost savings.
So, are your customers delighted by your onboarding process? Are they served in a personalized manner with the flexibility to switch seamlessly between channels of their choice? Every customer is different; some are happy to do everything digitally, others prefer to visit a branch or combine the two.
In a frictionless and engaging onboarding process, a single platform is able to serve different customers via their optimized channel. Here's how, for customers like Andrew, Zoe, Michel and John, VeriPark's VeriChannel digital onboarding solution can make that work.
Delighting tech-savvy customers
For a tech-savvy customer like Andrew, everything has to be digital. He's happy with downloading a mobile app and scanning or uploading all the required documents for identification. He's even comfortable with a liveness detection which asks Andrew to make some random facial movements such as blinking, smiling, looking at his left or right so that the bank can identify him and make sure that he really is the person who says he is. At the final step he digitally signs the account opening contract.
Zoe's also fine with most digital processes. Like Andrew, she uploads documents and her digital signature. But, to verify her ID, she prefers to have a video call with a real-human agent. This way her details are verified directly via video chat which saves her the time and effort involved in visiting a branch. It's a win-win for both Zoe and the bank as the ID verification through video banking enables the bank to still get a "face-to-face" interaction while providing the convenience Zoe demands.
A reassuring helping hand
Michel on the other hand is more conventional. Once he's input his personal and contact details online, he opts to present physical documents rather than uploading them. He schedules an appointment at his preferred branch, where they pick up where he left off and upload the documents for him. Crucially, this switch between channels is seamless with the VeriChannel platform; his branch representative can see his details captured online, so he doesn't need to repeat those in the branch.
John is a different type of customer. He's an entrepreneur with a manic schedule, so he's asked Nancy, his direct sales agent from the bank to visit his office. Once they've agreed on the account and services that best meet John's banking needs, Nancy takes a photo of his passport with her phone. This automatically populates John's personal details so all he has to do is digitally sign the application and Nancy submits it on his behalf.
VeriPark drives seamless digital customer onboarding with Dynamics 365
Industry research suggests that banks (and their customers) face four key challenges during the digital onboarding process. These include: Abandoned Pages, Account Opening, Uploading Documents and Signing Documents. VeriPark's VeriChannel digital onboarding solution smoothes the account opening process and overcomes these frictions with features such as easy document generation, easy document signing with DocuSign, and video banking capability.
That enables banks to happily accommodate tech savvy or tech literate customers like Andrew and Zoe, as well as more conventional customers like Michel and super-busy executives such as John. Importantly, it also feeds this essential customer data into a back office CRM system, such as Microsoft Dynamics 365.
In addition to the Dynamics 365 integration, VeriPark's digital onboarding solution also works closely with Microsoft Cognitive Services, which provides AI-powered identification technology that helps to reach a broader set of new customers while increasing revenue and differentiate in the competition.
The platform works in a similar way with corporate customers. Micro businesses and SMEs can input their details and complete a business needs assessment that recommends suitable products and services, such as international trade finance, cash management or a corporate card. The system can also instantly check credit ratings and blacklists – a process that traditionally takes several days.
Real life transformations
ING Turkey used VeriBranch (VeriPark's integrated branch automation solution) to transform their customer onboarding experience. The results have been great. For example, the time to onboard a retail or SME customer within a Branch decreased from 25 minutes to just 6 minutes. This has enabled ING Turkey's employees to spend more time on the things that matter more to their customers and deliver personalized services and offers.
In the banking industry, 38% of customers said User Experience (UX) was the most important criterion when choosing a digital bank. Yet, too often, the onboarding process involves stacks of paperwork, branch visits, overnight mailings, and repeated data requests. Banks that get customer onboarding right can improve customer satisfaction, lower churn, and gain better insights into customer preferences and desires, all while reducing costs and enhancing regulatory compliance.
Would you like to find out more? If so, get in touch with us!
In the mid-90s, Bill Gates said that 'banking is necessary, banks are not.' Since then, the industry has certainly seen plenty of disruption from FinTech startups, particularly in payments, money transfers, and personal finance. Yet, despite it all, banks are still here, still innovating and thriving.
Now, banks are facing competition from the tech giants. According to a recent Bain and Company survey -conducted in 29 countries- on customer loyalty in retail banking, 54% of respondents said they would trust a big tech company with their money more than banks in general. As just one example, 65% of Amazon Prime customers are open to banking with Amazon if offered 2% cashback on their Amazon shopping.
Traditional banks have a Big Data asset
Big tech companies excel at digital customer experience and banks will need to harness the same skills to stay relevant and reimagine themselves digitally. But, one of the biggest advantages and opportunities traditional banks have is the vast amount of data they hold on their millions of customers. That data goldmine has been growing exponentially as customers increasingly adopt digital channels and banks collect more data on these interactions.
Transforming customer experience
The big questions for banks now on their digital transformation journey are around how they exploit and apply their big data assets. This is essential to gain deep customer insight, create exceptional customer experiences, re-imagine products and services, and run a more efficient business. Customers are visiting your website and branches, buying products and commenting on social media. There's data flowing about each interaction, and that's fuel. If you take it and analyse it, you can gain intelligence and learn a lot about. But today, what is lacking is data connectivity.
Many banks have complex legacy systems and siloed data. Forming cross-organizational analytics teams and applying AI and machine learning will start to yield the insight required to transform customer experience. And, those experiences will provide more data to further understand patterns, predict outcomes, improve processes and refine interactions.
Six steps to transforming the banking customer journey to make it a more Amazon or Netflix-like experience
STEP 1: Master Data Management
The applications for data in personal and corporate finance are endless. They range from more accurate risk analysis to real-time personalization. For example, when you book a flight your banking app is now likely to generate a travel insurance offer.
Yet, many financial institutions don't have unique customer IDs with customer data from multiple core banking systems merged into one customer reference. This is one of the foundational steps in digital transformation. VeriPark's 360 Degree View of Customer feature provides a consolidated view of the customer's relationship with you, their transaction history and channel interactions – it normally consists of between 250-500 elements of stored data.
STEP 2: Develop Straight-through Processing (STP)
When banks automate manual processes it saves time, money and meets customers' demands for real-time answers across all delivery channels. For example, we have found it is perfectly possible to consolidate 20 online or mobile applications into one effective CRM system. That means you don't need to maintain, update and train your teams on multiple applications.
STEP 3: Go paperless
Most banks have started this process. Digital operations save time and it is more environmentally friendly. It also creates more customer-friendly service interactions and transactions and avoids unnecessary branch visits.
STEP 4: Embrace Omni-channel delivery
Millennial and Gen Z customers, in particular, expect to interact with their bank anytime, anywhere. Just as they do with Amazon or Netflix. VeriPark's VeriChannel platform, for example, allows banks to add new channels, such as mobile wallet or chatbot, within the same framework rather than investing in the development and deployment of new systems.
STEP 5: Implement Unified Front End (UFE)
This application enables bank branches and contact centers to deliver unified communications, richer collaboration, enhanced productivity and faster business decision making. Teams manage daily tasks more quickly with one login, navigation menu and an intuitive, easy to use application over-laying all existing back-end systems.
UFE provides much more than cost and efficiency gains. It transforms traditionally product-centric organizations to ones that meet customer needs in an engaging way. And, it creates cross-sell and up-sell opportunities as machine learning models can predict the next best action to present to the customer.
STEP 6: Develop a strong self-service proposition
Bank branches are starting to look quite futuristic. No more tellers sitting behind glass screens. Instead, there are virtual meet and greeters, and self-service banking zones with digital touch screens alongside more private, assisted kiosks. And, good coffee.
Such digital branches are a big differentiator for banks. The research shows customers still value face-to-face consultations, particularly for more complex financial decision-making and advice. They just want them to be convenient, seamless and engaging. Mobile appointment making, for example, saves time and avoids frustrating queuing.
Banks are already deeply immersed in the digital agenda and transforming at a dramatic pace. But, there is much more to do to make banking simpler, more efficient and able to compete with new entrants. Accelerating the time to market of digital banking services will significantly improve business processes and outcomes.
Get in touch with us to find out how we can help you to accelerate your digital transformation journey.
Augmented reality (AR) has come a long way since it was just a science fiction concept in the movies. There are already many AR applications in use or under development for just about every sector, from architecture and medicine to crime investigation and education. And, AR banking is no longer a fictional story either.
We're not talking about suiting-up like Ironman (although that sounds awesome). We're not even talking about having to buy and wear an AR headset. The reality of AR banking is that it's already available on your mobile. That means augmented reality banking services are now a great option for all types of financial institution and their customers.
The potential is huge and could encompass everything from virtual branches and biometric authentication, to streamlined business processes and personalized information embedded in digital ads. But, more immediately, the big question is: how can banks start to unlock some of the benefits of AR right now?
The future of banking is already here
AR can make everyday banking, such as managing accounts and tracking spending, easier and faster. For digitally savvy customers, it's the ultimate user experience. Certainly, Nick is a big fan.
His friend has just paid for their lunch on his credit card. Even though he rarely carries much cash, Nick is keen to pay his share. That's not a problem because Nick has VeriPark's VeriChannel mobile app with AR capabilities on his phone.
AR Face Transfer, ATM Locator and card details
All Nick has to do is take a picture of his friend (he could also use Facebook) and add him to the app as a beneficiary with his name and account number. Now his friend is saved as a beneficiary, Nick can use the AR Face Transfer feature.
He simply points his phone at his friend, confirms his identity, enters the amount to be transferred and taps to send the money. The system immediately lets him know that he's successfully transferred €20 to his friend's account to cover his lunch. It's quick, easy and convenient.
If he decides he needs cash for later in the day, he can also use AR to locate an ATM. He just opens his phone camera, moves it left and right a bit and, if there's an ATM nearby, it shows up in his camera picture. When he points his phone camera at his debit or credit card, he can see his balance and the last five transactions, so he finds it easier to keep track of his spending.
What's next for AR banking?
This is just the start of an augmented reality banking revolution. The technology is developing rapidly and will bring many benefits. These are likely to include cost savings and efficiency improvements with automated and streamlined business processes, alongside exciting developments in customer experience.
Like all new technologies, AR won't be without its roadblocks to mass adoption. But, that doesn't mean it won't happen. Remember how 10 or 15 years ago many customers could not imagine picking up their phone to do all their banking and shopping? Now, they do it without a second thought.
"Following's not really my style." Tony Stark, The Avengers
The peak of augmented reality is something for the future. But, leveraging well planned and professionally executed AR features and services can boost to your customer service, loyalty and brand recognition – right now. We can't promise to turn you into Ironman, but AR banking is going to be an incredible ride.
How can an insurer delight its customers so that they share their customer experience with their friends and family?
The answer to this question lies within the rich and personalized experiences the insurer creates for its customers. In today's world, personalized customer experience has become the new normal and it plays a huge role in customers' relationship with the insurer.
The products can be truly amazing, but it doesn't help an insurer to enhance customer engagement or increase revenue unless they turn their attention to their customers' world and add value to their individual experiences.
Customer-centric insurance companies now use data-driven personalization to offer meaningful experiences and it is not about pushing the product sales. On the contrary, it is about establishing and enriching customer-insurer relationships through individual data analysis and predictive analytics.
Going from transaction to prediction
This is where Artificial Intelligence (AI) comes into play. AI technologies are reshaping the future of insurance business by providing a deeper understanding of customers' behavior and life events. They let the insurers tap into this knowledge base to deliver highly-targeted offer and maintain a smart communication with their customers.
When done well, AI technologies bring a real competitive advantage for insurers that goes beyond simplifying existing processes with intelligent automation.
It is the new way of integrating information, analyzing data and using the results to make improved predictions. AI-enabled systems allow insurers to have the ability to learn and adapt as they make decisions. AI-based adaptations improve customer interactions where each customer exchange becomes increasingly personalized.
Human-like conversations with AI-powered chatbots
It's safe to say that AI has already become a part of our world with various technologies including machine learning, facial recognition, voice assistants and chatbots. According to a recent Gartner report, "AI bots will power 85% of all customer service interactions by the year 2020''.
AI-powered chatbots have started to change the face of communication as they provide intelligent human-like conversations through all digital channels. They enable insurers to deliver world-class seamless services to their "always-on, tech-savvy" customers right at their fingertips with an instant chat feature which is available 24/7.
What is more, chatbots also drive dramatic cost savings by automating transactional enquiries and redirecting workforce to focus on more complex customer issues that require deeper human insight.
The result: minimal pain points, happier customers.
Transforming payments at the pump
The way we pay for things is changing – and fast. Do you remember the last time you used cash to make a purchase at a bookstore, a gas station or a coffee shop? Chances are, it was probably a long time ago. With the rise of the alternative payment options, gone are the days when cash – the so-called king of payments – was the only option. In today's world, the payment experience is synonymous with the customer experience.
Delivering the best customer experience is the paramount focus for companies across many industries and the oil and gas sector is no exception. Offering several payment methods built with the customer choice in mind – including self-service options – helps companies to enhance the customer experience and solidify their relationships with these consumers to ensure that they return to the same gas station again and again.
Purchasing gas without leaving the car
VeriPark has recently worked with Opet one of Turkey's largest fuel-oil distribution companies, which has more than 1,300 gas stations and wanted to reshape the way it interacted and transacted with customers by offering them more convenient and appealing ways to pay for their gas purchases.
The goal was simple: to deliver frictionless experiences that meant customers no longer had to wait to make a purchase or leave their car to get fuel. Instead, Opet wanted customers to be able to make their payment without the need for cash or a credit card. To achieve this, the company wanted to implement two new payment options to allow their customers to choose whatever method they feel most comfortable with.
Payment at the pump with a keychain
Working closely with VeriPark, Opet created Otobilim a keychain payment system, which offers its customers the convenience of purchasing gas without ever touching their wallet, taking their credit card out or even stepping out of their car.
Today when a customer enters the Opet gas station with their chip-embedded keychain, all they have to do is open the window and wave the Otobilim in front of a dedicated area on the gas pump. The specially equipped pump scans the keychain with radio-frequency identification technology so the payment can be taken automatically and the whole purchase process is completed within seconds.
Customers instantly receive a SMS message with all the information related to their gas purchase and automatically earn loyalty points that can be used with future purchases. Otobilim provides a highly safe and easy way to make gas purchases, which means it appeals to customers who are always looking for ways to make their transactions faster and more secure.
Bringing mobile payments to gas stations
As many customers' lives are increasingly centred around their smartphones, Opet has also developed a new mobile application by implementing VeriPark's omni-channel delivery solution VeriChannel. Customers can drive to a gas station and make their payments quickly and safely through the mobile app without having to leave their cars, which means they can get back on the road immediately after filling up. In addition, they can use the app to find the nearest gas stations, see current fuel prices, track their previous purchases and view the loyalty points they have earned.
Drivers are often in a hurry and any gas station that provides a fast, easy and convenient way to purchase gas will be the first place they will go. Thanks to VeriPark's technologies, Opet now has a truly competitive edge in an industry where payment convenience is paramount for customer gratification and loyalty. In addition, VeriPark's technologies have enabled the Opet to become more productive, map out the individual customer movements and decrease cycle times.
Together, we have created compelling experiences for drivers during their routine stops at the pump.
Meet Henri. He's set his heart on completing the next Brussels marathon. At just over 42KM it's a tall order, but he's training hard.
An app on his smartwatch tracks his run times and distances, sends him coaching tips and even plays motivational music. But, Henri's favorite smartwatch feature is the payment app that buys his well-deserved post-run coffee each morning on his way to work. Being able to pay for things with his smartwatch is so much more convenient for him than carrying a phone or wallet.
Henri's not alone in his love of smartwatches. After all, they are always on our wrist. That makes them as convenient as laptops and phones for online and mobile banking.
Is your customer experience strategy future-ready?
Research suggests that consumer uptake of smartwatches is likely to soar. That's partly due to improvements in design and functionality, as well as the rollout of superfast 5G mobile networks. Increasingly, banks are recognizing that they need to catch up with what their customers are expecting in terms of convenience – and what their competitors are providing.
Watch Banking works in a similar way to mobile banking. But, without the need to pull your phone out of your pocket to perform tasks. It allows customers to stay on top of their finances while on the move and makes it even easier for them to plan and monitor their spending.
Easy and convenient banking experience with a watch
The Watch Banking interface on VeriPark's VeriChannel platform enables customers to manage all their accounts and credit cards and check balances and recent transactions. They can also find branches and ATMs using geo-location. And, even schedule convenient appointments with tellers or customer service advisers at a bank branch of their choice without having to wait or queue.
Watch Banking also has the potential to make life easier and more efficient for corporate and SME customers. When managers are working on site, for example, they can still receive timely notifications and approve purchasing or finance decisions with a simple tap of their watch. Such streamlined communications can improve productivity and drive more responsive customer service.
Meeting customers' ever-changing needs
Watch Banking is likely to experience faster growth than online or mobile banking over the next few years. In fact, Gartner is predicting there'll be around 115 million smartwatches worldwide by 2022 – that's up from just 42 million in 2017. The true strength of Watch Banking lies in its ability to improve customers' everyday lives; for banks that could include anything from alerts when bill payments are due to geo-location based offers from partner brands.
People now expect their bank to know their individual circumstances and provide personalized services and rewards. And, they expect seamless technology to bring those services to them using whatever channel they prefer.
Many are predicting that, just like with emails and smartphones, once customers realize just how convenient Watch Banking is, they will start to wonder how they ever managed without it.
"Hey Alexa, where's the nearest restaurant?" "What time does it open?" Interest in voice apps is really beginning to take off. They give us the potential to get directions, set alarms and reminders and can even help us control our smart home.
Currently, we're mostly using these devices for simple things; listening to music and asking for basic information, such as the weather forecast. But, increasingly, we're becoming accustomed to using them to buy everything from groceries to clothes. Now, voice services such as Amazon Alexa or Siri are also making banking transactions easier.
Banks will need to adapt to their customer's changing lifestyles, as the future of banking customer experience doesn't involve standing in a branch queue. It's already much more about engaging with consumers in the digital ways they expect.
Creating new ways for banks to engage with customers
Online banking has been, and for many customers still is, a wonderful time-saver. But, for 'always-on' millennial customers, logging into a banking app on their phone is already a norm and they continue to expect more frictionless experiences from their banks. With Voice-Banking they don't have the hassle of keyboards or touchscreens; they simply talk to digital technology as they would to a human.
Suzanne's experience is a good example. She's just returned from a weekend exploring Paris with her sister and remembers she needs to send her some money. "Siri, can you open Mybank and make a transfer to Natalie?" she asks. Siri has a voice recognition feature and Suzanne is registered as the authorized user.
Siri asks Suzanne to unlock her phone with her fingerprint as a part of the authentication and then choose an account she would like to use. Suzanne selects the account and gives Siri a voice order to send €200 from her account to Natalie. To validate the transaction, Suzanne receives a text message and One Time Password (OTP).
Siri makes the transfer, within seconds. Suzanne can also use voice orders to check payment due dates or recent transactions on any of her accounts or credit cards. This type of Voice-Banking is starting to play a key role in Omni-Channel banking, as customers expect to interact with voice assistants at home, at work or in their car.
Expanding the Voice-Banking experience
Voice activation isn't limited to simple transactions. For example, when John checks his account balance with Alexa, he discovers that his bank has sent him a mortgage offer notification. John expresses his interest and that prompts Alexa to ask questions, such as "are you still working for X company?" "Is your current salary X amount?" This way, the bank captures the KYC (Know Your Customer) information right then and there.
Following John's answers, Alexa is able to fetch eligible mortgage amount from the bank's loan origination system along with the relevant interest rate. "We can offer an interest rate of 2.2% per annum on this loan. Are you interested in availing this offer?" Alexa asks. If the answer is yes, Alexa continues and asks: "Would you like me to set up an appointment with one of our advisors to discuss this offer in more detail?" When John confirms he is, Alexa schedules an appointment at the bank branch or arranges for an agent to visit John at home or his office.
Overcoming challenges to a seamless customer journey
Voice banking is conquering the financial services industry, however there are still some concerns particularly around customer trust and acceptance of the value-added benefits of Voice-Banking. With more customers becoming more used to conversing with digital assistants such as Alexa and Siri, the acceptance of this new technology for banking services is expected to increase significantly in the future. It will also completely transform the way they interact with the technology.
Deploying AI and conversational banking technology successfully requires a customer-first approach. An ecosystem of connected voice assistants can enable cross-channel interaction where contextual conversation, using real-time data, flows from one channel to another. Customer insights from all departments of the bank are needed to ensure the conversational experience feels natural, engaging and seamless; there's no room for traditional product segmentation or channel silos.
This is where the rich channel coverage of VeriPark's VeriChannel can help. VeriChannel offers a secure unified platform that allows banks to manage seamless customer journeys across multiple customer touchpoints. The platform ensures customers and employees can access the personalized data they need anytime, anywhere and on any device.
VeriChannel also offers voice banking to the customers who don't have access to devices such as Alexa or Siri. By using the LUIS powered APIs in its applications, VeriChannel eliminates the need of being connected to an additional device.
LUIS, Microsoft's machine learning-based service to build natural language into apps, bots, and IoT devices, helps VeriChannel to be voice-activated even if it's running in a browser on your laptop or hand-held device. It enables the customers to make many transactions such as payments faster by using voice commands only, without a single click.
Voice-Banking is to become a key pillar in frictionless Omni-Channel banking alongside online, mobile and a smaller digitally-enabled branch network. The ultimate goal is to move more interactions to voice, supporting sales and customer care with greater personalization and zero friction. Forward-thinking banks are already thinking about how to integrate Voice-Banking into their customer offer – to foster engagement with real-time insights and create brand differentiation.
Remember, for this new generation of digital customers, tapping screens to find information or make payments will feel as frustrating as remembering PIN numbers or standing in queues.
Would you like to find out more? If so, get in touch with us!
VeriPark has been working side-by-side with Microsoft for many years to drive the growth of its FSI-specific digital solutions across the globe. To maximize the strength of this partnership, VeriPark recently enrolled in the Microsoft Business Applications ISV Connect Program which focuses on mutual success for both companies.
Thanks to this program, VeriPark gets the highest level of technical, sales and marketing support when taking Microsoft's offerings to banks and insurance companies. In turn, these companies can get all the benefits and the support they need to serve their customers in a better way while accelerating their digital transformation tremendously.
By collaborating to win with Microsoft, VeriPark can bring the full power of new technologies such as artificial intelligence and machine learning to the Financial Services Industry in a much easier way. It empowers them to provide premium digital experiences to transform customer journeys that were never imagined before. By offering an AI-powered customer onboarding solution for instance, VeriPark gives financial organizations a perfect chance to impress their customers at first sight, reach a broader set of new customers while increasing revenue and differentiating themselves from the competition.
Watch the video below to hear more about the reasons why VeriPark values this partnership with Microsoft so much.
Would you like to find out more? If so, get in touch with us!
The digital age gave birth to a new Omni-Channel world, in which people are "always on and connected." In this world, customers seldom consider what channel they're using. What they are really concerned about is being able to find the answers to their specific needs when they want, how they want. They also want to be in charge of their interactions across all channels.
Rising expectations for Omni-Channel experiences in the broader market are also creating new challenges and opportunities in the insurance landscape. Insurers must rethink the way they do business to create better customer journeys and offer consistent and engaging customer experiences across all touch-points.
So how can you use Omni-Channel to offer a strong customer journey?
1. Use a single integrated platform to drive consistent customer journeys
For customers, channels such as mobile apps, websites, chatbots, call centers and insurance agents are simply a way to communicate. They jump on the channel of choice and interact with their insurers. For example, they can chat with an agent to renew their earthquake insurance while making a claim on the application.
By blending different channels into a single experience, insurers can bridge the gap between customers and their teams and successfully manage a number of journeys across channels throughout the customer lifecycle. But if there are different back-end systems in place to manage different touch-points it is often very difficult to deliver smooth customer journeys.
The key is to focus on the customers' end-to-end experience instead of individual touchpoints and unify the Dynamics 365 CRM platform and Omni-Channel servicing capabilities. By orchestrating the various back-end systems, you can avoid broken customer experiences and deliver outstanding unified communications instead.
2. Offer rich channel coverage in low-touch insurance business
Insurers have long struggled with the customer interactions. On one hand, the customers expect high-touch, personalized services regardless of the industry. Insurance is no exception to this. But by its very nature, insurance remains a low-touch industry.
Most customers only want to interact with their insurers for potential and existing policies or for claims. Very often, they choose interacting with agents and brokers but they also want to be supported and helped when they need, at all hours of the day. Engage with them through the channels they prefer and in ways which are attuned to their specific situations. Microsoft Luis, Alexa, Siri, and other intelligent systems incorporating AI and machine learning can help.
For instance, insurers that are using AI-powered tools can now provide guidance for their customers through chatbots. According to a Gartner report, "AI bots will power 85 percent of all customer service interactions by the year 2020."
AI-powered chatbots provide intelligent human-like conversations through all digital channels. They enable insurers to deliver services to their "always-on" customers right at their fingertips with an instant chat feature that is available 24/7.
3. Make a good impression during the First Notification of Loss
Being involved in a car accident or having a burst pipe can be one of the most stressful and upsetting situations someone experiences. The last thing the customer wants in this situation is not being taken care of quickly and efficiently.
The clock starts when the customer initiates the claim. Speed, accuracy, and transparency in the claims process really are essential to increasing engagement and retention. If the insurer fails to have the claim record filed on time after the incident, it affects the entire customer journey, from validation to deployment of services. It also translates into poor customer experience and increased costs.
In these delicate times it's important to offer interactions through the channel of a customer's choice with the ability to change their channel throughout the process and receive status updates.
Millenial customers in particular prefer digital channels to interact with their insurers. Use existing channels such as WhatsApp, social media and mobile apps for claims and enrich the customer engagement.
4. The customer should only have to tell their story once
How can you offer enjoyable and compelling customer journeys when your customers only get to experience your service when something unpleasant happens? The answer is actually very simple. Ensure they only have to share their unpleasant story once.
Give them the opportunity to switch seamlessly between channels so they don't have to tell the story over and over again. This is only possible when you have all of your customer-facing processes optimized, and complex workarounds and disconnected processes are streamlined.
In order to do that, integrate an Omni-Channel framework that is easy for employees to use and eliminates process workarounds. This way you can serve your customers and all their needs from claiming to renewing across all channels and products.
On the other hand, it is extremely important for insurers to transform their processes and operating models to become more customer-centric. Once you have the entire customer interaction history at your fingertips you can add value to their experiences.
5. Embed customer-centricity into your company's DNA
Success in the Omni-Channel insurance world starts with embedding a customer-centric mindset into the company's DNA. Customer-centricity helps to move away from the product-driven approach toward understanding customers' needs, both in aggregate and at an individual level. This mindset and the knowledge it generates, lead to highly personalized solutions and tailored experiences that are relevant to each individual's situation.
6. The challenge of finding good data
Even though insurance companies increasingly feel the competitive pressure to offer personalized experiences across multiple channels, there might be some challenges, particularly around limited data. Without the right insights and information, you can't offer personalized products and service levels anywhere at anytime. But the good thing is there is a way to turn this around: The unification of customer data!
By unifying and enhancing customer data collection, using the growing number of devices that are linked as part of IoT technology can accelerate purchasing and claims resolution cycles and offer tailored services.
7. Be ready for an open API architecture
Insurers looking for ways to reduce development and maintenance costs should have an ecosystem based on an open API architecture. An Omni-Channel solution that doesn't require rebuilding legacy applications from scratch helps to repurpose them by integrating content, data, and functionality into a new presentation layer or customer experience.
8. Maximize the value of Dynamics 365 licenses
Use an integrated Omni-Channel delivery and CRM solution built on top of Dynamics 365 to use the full potential of D365 licenses across your company's value chain. Implementing an insurance industry-specific solution that leverages Dynamics 365 enables insurers to effectively manage and nurture relationships across customers, agents and brokers. This way, you can eliminate boundaries between digital and assisted channels while delivering unified communications through one single platform.