Customer Experience in a Multi-Modal World

In today’s rapidly evolving customer experience landscape, the banking, insurance, and wealth management sectors stand at the forefront of a revolution driven by multi-modal AI-informed digital engagement, 5G technology, and seamless digital-to-physical experience integration.

Let’s explore the transformative potential of this new experience and its ability to deliver personalized, convenient, and secure interactions across diverse channels while preserving the essential human element.

A new approach to customer experience

The COVID-19 pandemic has accelerated digital engagement across multiple sectors, including food delivery and retail, setting a new standard for customer experiences.

Customer journeys now must recognize the varying preferences of customers and their desired modes of interaction, providing a seamless and engaging journey throughout. Financial institutions can capitalize on these established modalities of engagement by adopting this three-tiered approach we’ve developed.

Level 1 — Digital Human Connection: Following the footsteps of retail and food delivery services, financial institutions can employ AI-powered digital human assistants to address basic customer inquiries. Customers can effortlessly access information about account balances, transactions, policy details, and premium payments through these interactive digital human connections. Additionally, digital humans can assist customers in navigating websites or mobile apps and provide guidance through processes like claim submissions.

Level 2 — Human-to-Human Video Connection: Mirroring the remote customer support offered by various service industries during the pandemic, financial institutions can provide human-to-human video connections for in-depth discussions. Customers can schedule video appointments with financial advisors or insurance agents to review their portfolios, discuss investment strategies, or receive assistance with claims processing. Importantly, voice-only calls remain a relevant and valuable option, ensuring that customers have access to a range of communication channels tailored to their preferences and needs.

Level 3 — Branch/In-Person Connection: By focusing on specialized services that require physical presence or personalized expertise at branches and physical locations, such as account opening, document verification, or notary services, institutions can augment the customer experience and bridge the gap between digital and in-person interactions.

This approach enables financial institutions to align with the digital era’s customer expectations, fostering increased satisfaction, retention, and loyalty.

What do these new journeys look like with real customers?

Sample Customer Journey 1 — This example showcases how we cater to customers like Emma, who is new to banking and investments, and requires guidance to make informed financial decisions.[MM1]

Level 1 — Digital Human Connection: Emma visits her FI’s website to learn about general banking services and investment options. She interacts with our AI-powered digital human assistant, who answers her basic questions about checking and savings accounts, interest rates, and various investment products. The digital human helps Emma understand the fundamentals of personal finance and provides an interactive, beginner-friendly introduction to the world of investments.

Level 2 — Human-to-Human Video Connection: Eager to explore investment opportunities further, Emma schedules a video appointment with a Financial Advisor. During the call, the advisor takes the time to understand Emma’s financial goals, risk tolerance, and knowledge level. They explain investment concepts in simple terms and provide personalized recommendations tailored to her needs. The video connection enables Emma to ask questions and gain confidence in her understanding of financial planning from the comfort of her home.

Level 3 — Branch Connection: To open her accounts and finalize her investment plan, Emma visits her local branch, where she is greeted by a friendly representative who is aware of her previous interactions with the digital human and Financial Advisor. The branch staff helps Emma complete the required documentation, provides additional educational materials, and invites her to attend upcoming financial literacy workshops. The branch visit solidifies her relationship with the bank and ensures a seamless transition from her digital interactions to an in-person experience.

By seamlessly combining the convenience of digital human connections, the personal touch of human-to-human video connections, and the specialized expertise of branch interactions, FI’s can deliver an engaging, supportive, and interactive experience that sets them apart.

This model can also support inside out engagement.

Sample Customer Journey 2 — In this scenario, the bank proactively detects potential fraud on John’s bank account and resolves the issue through seamless customer engagement.

Level 1 — Digital Human Connection: Advanced fraud detection flags suspicious activity on John’s account, prompting an immediate response. John receives an automated notification via email and SMS, alerting him to the potential issue. The link connects John to an AI-powered digital human assistant which verifies his identity and provides a brief overview of the suspicious transactions. The digital human also offers guidance on securing his account and recommends further assistance from fraud prevention specialists.

Level 2 — Human-to-Human Video Connection: Concerned about the situation, John request a video connection to a fraud prevention specialist. During the call, the specialist reviews the suspicious transactions with John, verifies whether they are genuine or fraudulent, and provides advice on how to avoid future fraud attempts. The video connection enables John to ask questions and receive personalized support to regain control of his account and restore his sense of security.

Level 3 — Branch Connection: To finalize the resolution of the issue and discuss additional security measures, John visits his local branch, where he meets with a dedicated representative who is already informed about his previous interactions with the digital human and fraud prevention specialist. The branch staff helps John complete any required documentation, updates his account security settings, and provides an overview of our bank’s fraud prevention tools and best practices.

It is also relevant to more sophisticated levels of engagement, like providing specialized insurance services for a middle market manufacturing company with a network of delivery vehicles.

Sample Customer Journey 3 — In this scenario, a manufacturing company requires specialized property and casualty (P&C) insurance coverage for its facilities, equipment, and network of delivery vehicles.

Level 1 — Digital Human Connection: The CFO of company visits the insurance company’s website to gather initial information about insurance services tailored to middle market manufacturing businesses. The CFO interacts with an AI-powered digital human assistant who answers basic questions about coverage options, potential risks, and general pricing. The digital human assistant also directs the CFO to relevant resources on the website and provides an overview of the insurer’s expertise in catering to manufacturing businesses.

Level 2 — Human-to-Human Video Connection: Impressed by the initial interaction, the CFO schedules a video call with an insurance specialist to discuss the companies specific requirements and concerns in greater detail. During the call, the specialist takes the time to understand the company’s operations, risk exposures, and coverage needs. The specialist then presents customized insurance solutions, including coverage for property, equipment breakdown, business interruption, liability, and commercial auto insurance for the delivery vehicles. The video call facilitates an in-depth discussion and enables the CFO to ask questions and provide input on the proposed insurance program.

Level 3 — Branch/In-Person Connection: To finalize the insurance program and conduct a thorough risk assessment, an insurance representative visits the company. The representative inspects the premises, evaluates safety measures, and assesses the condition of the company’s delivery vehicles. Based on this on-site evaluation, the representative offers tailored risk management recommendations and identifies potential coverage adjustments to better suit the company’s needs. The in-person visit strengthens the relationship between the company and the insurance company, ensuring a solid understanding of the company’s operations and risk profile.

Changing the Role of the Branch and Physical Spaces

In order to support these reimagined customer experiences, the role of the branch visits is to complement and enhance digital and remote interactions with that physical touchpoint for customers. The branch can be reimagined and leveraged more effectively by focusing on:

1. Personalized Service: Branches can become centers for highly personalized, face-to-face interactions. Staff can be trained to deliver exceptional, tailored service that addresses each customer’s unique financial needs and goals. By focusing on relationship building, branches can cultivate customer loyalty and provide an experience that digital channels cannot fully replicate.
2. Financial Education and Advisory: Branches can be transformed into financial education and advisory hubs, offering workshops, seminars, and one-on-one consultations. This can empower customers with the knowledge they need to make informed financial decisions and position the branch as a trusted source of expertise.
3. Community Engagement: By actively participating in community events, branches can foster connections and goodwill within their local areas. This not only increases brand visibility, but also demonstrates the bank’s commitment to the well-being of the communities it serves.
4. Collaboration Spaces: Branches can be redesigned to include comfortable, flexible spaces that encourage collaboration between customers and financial advisors. This can promote more in-depth conversations and allow customers to feel more at ease when discussing their financial goals.
5. Enhanced Digital Integration: Integrate technology within the branch to streamline processes and enhance the customer experience. For example, provide self-service kiosks for routine transactions, or utilize tablets for staff to access customer information and complete tasks more efficiently.
6. Specialized Services: Focus on offering specialized services that require a physical presence or personalized expertise, such as mortgage consultations, wealth management, or small business support. By concentrating on these niche services, branches can remain relevant and indispensable.

By reimagining the role of the branch in this customer experience, we can strike a balance between digital and physical interactions, ensuring that customers have access to the right type of support at the right time, and ultimately enhancing their overall banking experience.

5G as Enabling Technology

5G technology can play a significant for reimagined customer experience. By leveraging the high-speed, low-latency, and increased capacity of 5G networks, FI’s can enhance both customer-facing and operational aspects of their branches. Here are a few ways in which 5G can create value in this context:

1. Enhanced Digital Interactions: With 5G, customers can enjoy faster, more seamless digital interactions at the branch. Video consultations and virtual product demonstrations can be conducted without latency, providing a high-quality experience for customers who prefer digital communication even when at the branch.
2. Augmented Reality (AR) and Virtual Reality (VR) Applications: 5G can enable the use of AR and VR in branches, allowing customers to explore financial products and services in an immersive, interactive manner. For example, customers could use AR glasses to visualize their financial goals or virtually “test-drive” different investment scenarios.
3. Improved IoT Connectivity: 5G can enhance the connectivity of Internet of Things (IoT) devices within branches, streamlining operations and creating a more efficient environment. For instance, 5G can support real-time monitoring of energy usage, security systems, and other smart devices, enabling banks to optimize their resources and reduce operational costs.
4. Faster Data Processing: The high-speed data transfer of 5G networks can facilitate faster processing of customer transactions and requests, improving overall efficiency and customer satisfaction.
5. Real-time Analytics and Personalization: With 5G, branches can access and process customer data more quickly, enabling them to provide real-time, personalized recommendations and offers based on customers’ financial habits and preferences.
6. Enhanced Security: 5G can support advanced security measures such as biometric authentication and real-time fraud detection, ensuring that both customer data and transactions are protected.
7. Remote Expertise: 5G’s low-latency capabilities can enable remote experts to provide real-time assistance and consultation to branch staff and customers, expanding the range of services available without the need for physical presence.

Summary

In summary, the future of customer experience across Financial Services lies at the intersection of multi-modal digital engagement, 5G technology, and the seamless integration of digital and physical experiences. This new paradigm revolves around providing customers with a choice of personalized, convenient, and secure interactions across various channels, ensuring an exceptional experience at every touchpoint.

By embracing this new customer experience, the banking and insurance industries can set themselves apart from competitors and create lasting relationships with customers, built on a foundation of trust, innovation, and convenience.