How NovelVox is Personalizing Customer Service in the Banking, Insurance, and Healthcare Sectors

According to Salesforce, over 66% of consumers expect brands to understand their needs and requirements. And over 70% claim that their loyalty towards a company depends entirely on how well the company can anticipate their needs. These numbers point towards a tectonic shift in consumer expectations - customers don't just want better; they want services tailored to their demands. This shift is also underlined by the increased willingness of the consumer to trade their data for a hyper-personalized experience.?

While industry sectors such as eCommerce and retail have capitalized on this trend to improve their consumer relationships, many industries such as banking, healthcare, and insurance are behind the curve.?

Although it is important to understand that personalization isn't just about offering isolated custom experiences - it's about entirely overhauling how companies interact with their consumers. And these interactions begin at the contact center.?

Use case 1: Banking?

Accenture has reported that, on average, banks have an attrition rate of 15%. More than half of those who left claimed that the bank made no effort to retain them. This paints a clear picture of the banking industry's dire situation. Retailers and tech-savvy companies are leapfrogging banking stalwarts because of their effort to know the customer. Research has shown that customers considering switching banks are more likely to switch to the financial offerings of tech companies such as Amazon and Apple than conventional banks.?

So, how can banks and other financial institutions design end-to-end personalized experiences for their customers that can potentially rival their tech counterparts??

The first step is to streamline the authentication process. According to Hubspot, 33% of customers hate having to repeat their names and other authentication details to multiple agents. NovelVox’s advanced customer authentication solutions smoothen the process and ensure customers don’t get frustrated. Coupled with predictive engagement based on the customer’s past interaction history and online journeys, NovelVox introduces contextually-nuanced interactions that ensure that customers neither have to repeat themselves multiple times nor spend hours waiting to get the relevant banking solutions they want.

Use case 2: Healthcare?

A comprehensive study by McKinsey showed that personalization in discharge planning and post-admission engagement directly led to lower unnecessary healthcare costs and readmission experiences. But it's not just in the after-patient care that the advantages of personalized customer service reside.???

Benefits can also be reaped in operations and customer service. Healthcare agents are inundated with routine queries that require little to no expertise to resolve. But these calls end up taking most of their time, diverting their attention from more critical tasks. NovelVox helps healthcare contact centers use AI-powered chat, and voice bots that automate workflows and up to 80% of all routine interactions, freeing agents to deal with sensitive, escalated interactions.

Personalization, when coupled with automation in healthcare contact centers, directly results in improved customer experience, lower administrative costs, and better service quality standards.

Use case 3: Insurance?

A recent Accenture report claimed that 80% of insurance customers want personalization from their providers. While insurance products and risk management have met those expectations, customer service still needs to catch up.?

Companies in the insurance sector have access to tons of customer data. But to leverage the benefits of all this data, they need to tackle disparate data systems, compliance issues, and privacy concerns. With the right AI-powered contact center solution, these issues can be resolved while opening up new avenues of customer interactions.?

According to Amit Gandhi, CEO, NovelVox, 80% of customers are likelier to do business with a company that offers customized experiences.??

"Organizations must pay attention to personalization in the contact center. They must empower agents with the right data at the right time to introduce efficient and effective personalization across the customer journey, spanning multiple channels and touchpoints."

But enabling personalized interactions is only possible with predictive engagement within an omnichannel approach. Armed with a better understanding of the customer journey, past interactions, and current needs, agents will be better equipped to deal with the customers' evolving expectations - across all channels.?

NovelVox takes personalization one step ahead by adding a layer of efficiency to it. The proprietary platform helps reduce call volumes by 30% by intelligently deflecting interactions to messaging channels without affecting the overall customer experience. Additionally, it can also quickly escalate critical calls to video interactions and co-browse sessions to ensure valuable interactions receive the attention they deserve. With NovelVox, insurance companies can offer quicker, more personalized service without sacrificing on key contact center efficiency metrics.?

NovelVox, a turnkey AI-driven contact center solution provider, empowers organizations to seamlessly manage customer conversations, glean relevant context, proactively engage customers across channels, personalize interactions, automate workflows, reduce call volumes, streamline escalated queries, and provide interactive self-service options. Contact us today to learn more about how NovelVox can help you craft better customer experiences.