How Financial Services Companies Use Digital Technology to Improve Customer Experience
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Companies like yours provide a vital service to the public, but you know that communicating with consumers can be challenging. No matter how important banking and insurance products are, most people spend little time reading the fine print. So how do you increase customer engagement and boost retention? Join our conversation to learn how you can easily create relevant and meaningful connections throughout the customer experience journey. Find out how organisations like yours use digital media to help them enrich engagement and build lasting and profitable customer relationships.
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How Financial Services Companies Use Digital Technology to Improve Customer Experience
- 1. How Financial Services Companies Use Digital Technology to Improve Customer Engagement
- 2. Your speakers 2 Managing Director Telinsight Haitham Abu Al-Haija Alexandre Laverdure Head of SEMEA Precisely EngageOne Keith Wright Senior Product Manager Precisely EngageOne
- 3. The global leader in data integrity Trust your data. Build your possibilities. Our data integrity software and data enrichment products deliver accuracy and consistency to power confident business decisions. Brands you trust, trust us Data leaders partner with us of the Fortune 100 90 Customers in more than 100 2,000 employees customers 12,000 countries
- 4. Customer Engagement with insight Telinsight is a technology company with Headquarters in Dubai, UAE, We provide solutions in customer engagement in MEA, Turkey & Pakistan. Telinsight is partnered with world class leaders in Customer engagement, (Precisely EngageOne). Brands you trust, trust us Customer Engagement Customer Insight consistent & connected experiences OmniChannel
- 5. The strength of partnership: Ability to generate value for our customers Our partnership : - Proven technology to complement and develop your solution • - In-depth local, domain and industry knowledge • - Employees with specific skills We collaborate on our entire offer, with qualified teams &
- 6. Financial Services priorities 6 Source: BDO 2019 Middle Market Digital Transformation Survey https://www.bdo.com/resources/digital-transformation-survey-2019
- 7. 7
- 8. Organizations have seen a massive increase in the use of digital channels 8 Call centres Messaging/Chatbots Website Digital apps 50% say the volume of calls to their call centres has increased 57% say they are receiving more queries via messaging platforms or chatbots 79% say the volume of customer interactions on their websites has increased 59% say the volume of interactions on their apps has increased
- 9. The shift to a digital strategy ”We’re seeing a lot more adoption and attempts at digital adoption…We are focusing on letting our customers know what their options are and what resources are out there to help them.” - Nino Ocampo, Global Head of Open Banking and Customer Preferences, HSBC 9 ”The biggest challenge we’ve got is actually, ‘How do we continue to engage with our clients?’” - Brian Stewart, Global Head of Customer Insight, Web Experience and Analytics, AXA Investment Managers 86% Of CX Leaders have updated their strategies because of COVID-19
- 10. The digital shift is reflected in new investment priorities
- 11. “93% of Senior Management say great customer experience is critical to their success.” “CX Goes Mainstream” – UserTesting, Feb 2018 ”70% of CX initiatives are not successful… undifferentiated, unclear ROI.” “An Inconvenient Truth” – CustomerThink, Feb 2018 “Customers expect better, more personalized experiences.” “Elevating the Customer Experience” – DMA, Winterberry & Precisely – April 2018 If a picture paints a thousand words, then 1 minute of video is worth 3.6 million words! - at 60 frames per second By 2022 video will account for 82% of all internet traffic across all devices. – Cisco 97% of marketers say that videos help customers understand products and offers better than any other medium. – Hubspot 90% of consumers claim that video will help and influence them in making a purchasing decision. – Social Media Today
- 12. Redefine the video experience by evolving to video that interacts Traditional Video Everyone sees the same thing Personalized Video Each viewer sees their own video Interactive Personalized Video Each viewer charts their own unique video experience.
- 13. Personalized and real-time Personalize video experience with client data and real- time environment data.
- 14. Interactive Let viewers explore the content that is relevant to their current personal need.
- 15. Data capture Collect viewer preference and data without leaving the video experience. Use this data to hyper-personalize the video experience or augment customer insight and systems of record.
- 16. Enrich with data Call out to external data sources to enrich and personalize every video experience in real time.
- 17. Mobile responsive Optimize viewing experience for any device, operating system and browser.
- 18. Creative freedom Create new personalized video experiences using current creative agency processes.
- 19. EngageOne Video – Measurable ROI Those using the EngageOne Video platform to communicate with their customers are seeing impressive results in a variety of industry verticals and use cases. 12% increase in retention among customers who have viewed their videos. 84% of customers said they better understand our services after seeing their videos. 74% of customers feel that we care about them. 55% of viewers contacted us after watching their personalised videos. 76% of customers were highly engaged with our message for over 4 minutes. 6x Return on Investment within the first 6 months.
- 20. Customer Testimony: Blue Shield 20
- 21. EngageOne Video – Direct Line 2020 Direct Line 2020 Use case: Insurance Renewals Explainer
- 22. DLG identified only 1 in 4 customers actually read their renewal documents. This was linked to a high level of repudiated claims. Which, in turn, increased DLG’s ‘cost to service’. An updated version of the successful 2016 EOV saw the service redesigned to keep with the new branding that was being rolled out nationally. The Professional Services team worked with DLG’s creative partner to produce the updated service. • The first 2 year contract with DLG for EOV was worth £170k • Subsequently £95, 517.00 in Professional Services revenue • A 10% decrease in customers who receive the personalised video removing policy add-ons. • 89% "Thumbs Up“ response on the survey. • 78% of customers watch the entire video. 22 EngageOne Video – Direct Line 2020 Direct Line 2020
- 23. On-Boarding | AGOS On-board new customers using an emotional engagement that allows the viewer to learn more loan offers based on their needs, wants and preferences. 25% COMPLETION & REQUEST FOR LOAN 500 ADVISOR PHOTOS AND CONTACT INFO 600% OPEN RATE INCREASE
Editor's Notes
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- So at Precisely we wanted to find out just how much COVID has impacted the Customer Experience landscape and what it means for the future. In late 2020 we conducted 2 research reports, and both of these are available to you in the Resources section of this webinar I believe. The first was a study with Corinium Intelligence out of the UK, of Business and CX Leaders of large companies. And we did this because we really wanted to learn about what businesses are struggling with, what they were seeing from their customers, and how they’ve reprioritized so that we can understand just how permanent these changes will be as we prepare for the NEXT couple of years.
- And the first quantifiable results we found, unsurprisingly, was that organizations have seen a massive increase in the use of digital channels. 50% said the volumes to their call centers increased…and we talked to many companies who said they weren’t prepared to handle this, because although most employees could transition to working from home, many call centers didn’t have that option, and needed to shut down or operate on a leaner team while customer calls still continued to increase. 57% said they’ve been receiving more queries via their chatbots and other messaging platforms. 79% which is huge, said the volume of interactions on their websites has increased as customers have been trying to find ways to self-serve. And 59% said the volume of interactions on their apps has increased.
- And due to all of this, 86% percent of CX Leaders have reported that COVID-19 has been THE catalyst in updating their strategies and needing to double down on a digital strategy. One contributor we spoke with, Brian Stewart from AXA Investment Managers said the biggest challenge we’ve got is actually How do we continue to engage with our clients? What a huge and relatable challenge – how do you maintain a level of customer service and stay connected in this disconnected world we all found ourselves in? Nino Ocampo from HSBC said We’re seeing a lot more adoption and attempts at digital adoption. And said their priority is focusing on letting customer know what their options are and what resources are out there to help them.
- So what are the tools businesses are investing in to make this happen? 60% want to invest in data integration – Due to this digital shift, you must ensure that you’re using the most accurate, and comprehensive data to enhance your digital engagements. 46% say they’re going to be investing in multi-channel CX platforms so that they can easily reach customers on any channel they prefer. Next we see chatbots with Live Takeover capabilities, and with NLP. Now this is important to know – because not all chatbots are created equal – you must ensure that your chatbots have the elements that customers WANT to use. 37% say they’re investing in Digital Self Service platforms. Customers WANT to self-serve is what we’ve seen from this report. We need to get customers to the answers they want, and let them interact the way they want to. Finally, and most innovatively, 32% want to invest in interactive, personalized video.
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