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Enterprise Search White Paper: Increase Your Competitiveness - Build Findability Driven Customer Service Solutions
Enterprise Search White Paper: Increase Your Competitiveness - Build Findability Driven Customer Service Solutions
Enterprise Search White Paper: Increase Your Competitiveness - Build Findability Driven Customer Service Solutions
Enterprise Search White Paper: Increase Your Competitiveness - Build Findability Driven Customer Service Solutions
Enterprise Search White Paper: Increase Your Competitiveness - Build Findability Driven Customer Service Solutions
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Enterprise Search White Paper: Increase Your Competitiveness - Build Findability Driven Customer Service Solutions

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In an information intensive environment like the financial services industry there are ample opportunities to gather, process, identify and distribute information. A high-end search solution can …

In an information intensive environment like the financial services industry there are ample opportunities to gather, process, identify and distribute information. A high-end search solution can deliver value to financial services organizations in many ways; this white paper exploits these possibilities in Customer Service Solutions.

Empower your online portal with a best-in-class search platform and drive the self-service model to new heights, as well as increase browser-to-buyer conversion rates.

Spend more time on analysis by means of Search Analytics, instead of information gathering and get enhanced self-service capabilities, thus reducing manual labor.

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  • 1.         Increase your competitiveness Build Findability driven customer service solutions       Findwise  Göteborg   2009-­‐04-­‐02                                     Helge  Legernes   Helge.legernes@findwise.se    www.findwise  .se  |  info@findwise.se  |  +46  31  288  400  |  Drottningg.  5  |  411  14  Göteborg  
  • 2.  Table of ContentsAbout  this  white  paper  .........................................................................................................  2  Findability  in  Internet  sites  and  online  services  ....................................................................  2  A  Findability  driven  self-­‐service  Internet  solution  -­‐  mechanisms  .........................................  3  Using  the  Enterprise  search  platform  as  an  integration  tool  ................................................  3  Building  Findability  driven  customer  service  solutions  .........................................................  4    ©  2009  Findwise  AB    2  F  A 1    
  • 3.  About this white paperIn   an  information  intensive   environment like   the  financial   services  industry there   are   ample   opportunities  to   gather,   process,   identify   and   distribute   information.   A   high-­‐end   search   solution   can   deliver   value   to  financialservices  organizations  in  many   ways;  this  white  paper  exploits  these  possibilities  in  Customer  Service  Solutions.     Empower  your  online  portal  with  a  best-­‐in-­‐class  search  platform  and  drive  the  self-­‐service  model  to  new   heights,  as  well  as  increase  browser-­‐to-­‐buyer  conversion  rates.     Spend   more   time   on   analysis   by   means   of   Search   Analytics,   instead   of   information   gathering and   get   enhanced  self-­‐service  capabilities,  thus  reducing  manual  labor.  Findability in Internet sites and online servicesUsing  the  power  of  an  enterprise  search  platform  to  serve  your  Internet  site  enables  you  to  take  your  online  service  offering  to  the  next  level.   -­‐ to  accessinginformation  enables   your   site   users   to   start   their   journey   through   your   site   from   the   single   search   box.   Accompanied   by  extreme   relevance   and   navigational   tools,   users   find   the   information   they   are   looking   for   with   a   minimum  number  of  clicks.    Online   presence   has   become   a   must   for   companies   with   a   large   customer   base.   With   consumers   constantly  developing   a   higher   degree   of   online   literacy,   they   expect   a   higherdegree   of   online   service   from   their  vendors including  easy-­‐to-­‐find  information  and  other  services  such  as  stock  trading  and  bankingfacilities.  An  enterprise  class  search  solution  ensures  low  response  times  to  user  requests,  no  matterthe  amount  of  users  on  the  Internet  site.  You  can  easily  offer  your  customers  a  unified  view  on  your  services  and  information even  if  they  originate  from  different  source  systems Findability  layer.   By   also   linking   the   search   platform   to   your   transactional   system,   you   can   create   the   next   generation  online  banking  experience:  you  can  offer   your  customers  their  very  own  personal  banking  portal  where  they  will   get   a   complete   view   of   their   business   with   you;   their   complete   portfolio,   including   stocks,   loans,  transactions,  etc.  will  be  available  to  them  for  easy  consumption  alongside  any  other  relevant  (cross/up-­‐selling)  information.       An  increased  online  service  offering  will  also  drive  self-­‐service  behavior  from  the  user  side.  By  using   Search   Analytics   on   the   query/search   logs   you   will   get   a   wealth   of   information   about   customer   behavior.   Take   customer   support   as   an   example.   By   publishing   the   most   requested   support   information  on  your  public  site,  and  enabling  the  users  to  easily  find  the  information  they  are  looking   for,   the   need   for   call   center   support   is   lowered.   This   reduces   the   pressure   on   the   basic   customer   service   functions,   allowing   you   to   refocus   resources   to   other   value   creating   activities such   as   attending  to  the  needs  of  high  net  worth  individuals.        For  a  financial  institution  with  large  product  portfolios,  good  search  can  help  match  users  and  products.  The   making   sure   to  ©  2009  Findwise  AB    2  F  A 2    
  • 4.  allowing  your  company  to  gain  an  increased  share  of  their  wallet.  Furthermore,  as  mentioned  earlier,  some  of  your  customer  service  resources  can  be  freed  to  do  other  chores.    A Findability driven self-service Internet solution -mechanismsThe  quality  of  information  provided  by   internet  sites  and  sales  staff  can  heavily  influenceour  purchase  and  is  one   of   the   reasons   why   internet   self-­‐service   is   becoming   an   increasingly   important   part   of   the  multichannel  customer  service  experience.      By  creatinga  Findability  driven  self-­‐service  Internet  solution,  which  produces  afriendly  online  customer  service  experience  it  is  possible  to  add  new  revenue  streams.    For   many   enterprises,   self-­‐service   is   seen   as   the   solution   that   can   provide   customers   with   the   support   they  need  while  significantly  reducing  service  costs.       Self-­‐service   is   regarded   as   an   opportunity   to   sharply   lower   customer   support   costs   by   deflecting   calls.  For  example,  respondents  to  a  Fortune  1,000  survey  expect  to  offload  23%  of  their  call  volume   1   to  Internet-­‐based  self-­‐service. And  there  are  proven  cost  justifications  for  implementing  self-­‐service:   Web-­‐based  self-­‐service  interactions  cost  75%  less  than  a  phone  interaction.      However,   self-­‐service   must   do   more   than   just   cut   costs.   When   customers   perceive   self-­‐service   as   simply   a  means   to   shift  interaction   costs   onto   their   shoulders,   it   can   reduce   customer   satisfaction.   Customers   need   a  self-­‐service   experience   that   provides   them   with   higher   levels   of   interaction   convenience   and   information  availability,  faster  issue  resolution  and  more  personalized  interactions.  For  customers  to  successfully  adopt  self  self-­‐service,  it  must  provide  several  key  capabilities:     Offer   highly   efficient   ways   to   access   and   leverage   useful   information.   Accurate   information   must   be   combined   with   effective   ways   to   search   through  large   bodies   of   information   so   that   customers   can   find   trustworthy  answers  without  assistance.     Customize   the   self-­‐service   experience,   in   a   dynamical   way,   to   the   individual   and   the  incident   to   simplify   and  speed  up  the  process  of  finding  answers.     Ensure  customers  can  get  help  from  agents  during  self-­‐service  interactions  through  easy  escalation.  Using the Enterprise search platform as anintegration toolIntegrating  two,  or  more,  disparate  IT  systems  can  sometimes  be  a  daunting  task  that  just  keeps  on  eating  time  and   money   from   your   budget.   Different   data   models   and   formats   need   to   be   merged   together   into   an  overarchingdesign  that  often  has  to  support  both  of  the  previous  roles  of  the  original  siloed  systems,  as  well  as  the  newintegrated  needs.  By  leveraging  an  enterprise  search  platform  in  integration  projects,  significant  time  and  cost  savings  may  be  realized  compared  to  more  traditional  approaches.  The  search  system  can  be  used  as  an   information   retrieval   layer   on   top   of   the   systems   subject   to   integration.   As   well   as   having   the   ability   to  ©  2009  Findwise  AB    2  F  A 3    
  • 5.  connect  to  a  multitude  of  source  systems,  a  modern  search  engine  will  perform  data  normalization,  cleansing  and  matching  that  can  prove  to  be  a  substantial  asset  in  providing  unified  access  to  your  data.  Building Findability driven customer servicesolutions While  more  traditional  customer  service  interaction  solutions  tend  to  be  based  on  a  knowledge  data   base,   that   needs   to   be   built   and   maintained,   a   Findability   based   solution   is   more   dynamic   in   its   nature   and   is   based   on   a   dynamical   index   created   by   the   already   existing   data   that   resides   in   the   corporate   systems.   The   index   can   be   partitioned   into   information   buckets   meeting   different   user   needs  and  profiles.       to   handle   real-­‐time   requirements,natural   language   style   searching,  contextual   navigationand   intelligent   relevancy   models,   and   integration   of   analyticaldata   and   text   miningsearch   based   approacheswill   significantly   expandthe   service   level   offered   by   the   total   system;   end-­‐userscan  query   the   system   from   a   Google-­‐like   interface   and   get   navigational   aid   to   help   themget   the   facts   they   are  looking   for.   The   cross-­‐correlationof   information   from   multiple   sources,   both   structuredand   unstructured,  propels   the   discovery   of   new   facts,relationships   and   trends all   this   being   made   easilyavailable   to   the   end-­‐user.    The   Findability   (based   on   a   search   engine)   approach   can   be   deployed   in   different   parts   of   your   customer  service  process,  giving  different  positive  effects  for  your  organization  and  customers.    The  solutions  can  be  deployed  for  the:     Call  Centre   The  enterprise  internet  site   The  online  service  part    Some  positive  effects  of  the  deployed  solutions  are:     Reduced  talk  time   Higher  first  time  resolution   Reduced  Tier-­‐2  escalations     Increased  new  employee  productivity  (less  training  needed)   Less  #  of  incoming  calls   Reduced  #  of  e-­‐mails  that  need  to  be  manually  answered  References1   Mastering  Online  Customer  Service,  Bruce  D.  Temkin,  Bob  Chatham,  Hillary  Drohan,  Katharine  M.  Gardiner,  Forrester,  July  2002.      ©  2009  Findwise  AB    2  F  A 4    

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