Speedy innovation, the evolving customer engagement model, and automated complaint management.

With new entrants to the financial market offering a wide variety of features, the industry becomes increasingly competitive each day. A bigger market means more choices for your customers, making it more important than ever to ensure your bank is rolling out new innovations as quickly as possible. You want to be at the head of the pack, engaging your customers with a constant stream of new offerings. The challenge is doing so without sacrificing the customer experience.

We can help. Keep reading to discover challenges that accompany the changing customer engagement model, why you need to address them, and how to do so.

Customer engagement isn’t just for the front office anymore

The customer engagement model is evolving. With advances in technology come shifts in customer interaction. While there used to be a linear pipeline—the customer speaks with the front office, the front office checks in with the back office and relays their response back to the customer—customers are now working directly with employees in the front, middle, and back offices.

One of the big challenges is ensuring that the customer experience is consistent across products and channels. This shouldn’t be a retroactive mission—make sure your bases are covered before you launch that new product. Moving away from silos can help, as it will allow you to maintain a single view of the customer. Whether your customer is interacting with the front, middle, or back office, or a combination, they should find transitions seamless and service reliable.

With all these departments interacting with customers, it’s vital to maintain a high level of security as you roll out new features. You have access to a huge amount of customer data, and it’s your job to make sure it’s not leaked.

Why you should care about this evolution

Uniting the front, middle, and back offices is paramount to maintaining a connected customer experience. If you’re not giving middle- and back-office employees the resources they need to smoothly guide customers through the complaint process, customers are unlikely to be happy with their experience. It’s vital to empower these employees with the tools and technologies necessary to do their job. This will allow them to work together in an innovative environment that is conducive to serving the customer.

How to leverage communication between front, middle, and back offices through automation

Speed to innovation

Today’s financial innovations are packed with automation, which has a plethora of benefits for banks. Customers can complete many tasks independently, and they see this as a selling point.

One example of ServiceNow’s automated technology that saves time and money is Robo Advisor. This savvy AI attempts to resolve complaints before the customer even reaches out to an employee. While it’s important to have employees with specialized knowledge ready to remedy complex issues, Robo Advisor saves time and money by solving simple problems.

When Robo Advisor receives a new complaint, it analyses keywords and phrases. The system matches those words to the bank’s product and policy complaint repository, and the AI offers the customer a possible solution. The customer can either accept or reject the proposed solution, and if they reject it, Robo Advisor will put the query back through the system.

This automated interaction is quick and easy, preventing customers from a long wait to speak with an employee. With better outcomes, customers are more loyal to the company, and this increases the brand’s value. Meanwhile, employees can focus on the more complicated queries that require their intervention.

Cost and bottom line

We know you’re ultimately concerned about the bottom line. Leveraging communication between offices yields numerous positive results. You’ll enjoy:

·        Lower operational costs

·        Less time spent monitoring risk and controls, conducting audits, reporting, and handling MRAs

·        Less time managing vendors and submitting work orders

·        Fewer high-priority incidents

·        Fewer costs associated with non-compliance

·        Increased CSA and NPS scores

·        Higher speed of delivery in workflow transformations

·        Higher employee self-service satisfaction

A connected customer experience with the right cloud-based enterprise platform

You’ve got the innovation handled with ServiceNow’s enterprise cloud platform. As ServiceNow’s Elite partner, we are here to support you with cloud solutions as you introduce your new features to the market. The Infosys Enterprise Service Management Café built on the ServiceNow Financial Services Management platform, part of Infosys Cobalt, took our customer engagement to the next level. The Café’s Complaints Management solution transforms financial services customers’ experience digitally, which accelerates customer satisfaction.

Customers expect a connected experience with seamless complaint management. The market is bursting with options for them to choose from, and you can differentiate your bank by providing the best experience. Take advantage of the Now Platform framework to unite your front, middle, and back offices with the Infosys Complaints Management accelerator to speed up innovation and keep the customer satisfied.