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7 Digital CX Use Cases for Financial Services

The Customer Experience “movement” in financial services puts the customer at the epicenter of product development and delivery. The concept helps businesses differentiate by empowering customers to get answers faster and make better decisions. Given the complexity and stress-inducing nature of many financial decisions, it follows that delivering an improved customer experience can drive customer acquisition, retention, and monetization. By focusing on top digital CX use cases, we can transform customer experience in powerful and compelling ways.

Financial institutions are re-evaluating the entirety of their customer processes to ensure that they’re meeting customer expectations every step of the way. Digital CX is at the center of transformed customer experience. Digital CX elevates the efficacy of customer interactions versus traditional IVR, call center interactions, branch visits, and paper documents. The customer benefit of digitization is that it provides:

  • Unparalleled flexibility to perform financial activities
  • 24/7 access and faster speed to resolution
  • Power of visual communication

Digitization provides many powerful, robust tools for financial organizations to optimize operational efficiency and boost revenue Smart Insights reports that 87% of financial services leaders cite excellent customer experience as a key differentiator.

7 Digital CX Use Cases

In this post, we address a variety of standard financial services use cases for banks, credit unions, credit card issuers, and financial planning firms. The following digital CX use cases demonstrate that a well-designed low-code digital CX platform remedies existing customer service challenges and supports growth opportunities by delivering added value.

1. Customer Onboarding

Suppose your financial institution has a legacy onboarding process that is complex and/or manual. In that case, digital automation can help get customers sorted more quickly and easily, often without intervention from a call center agent. Expensive phone calls and agent data entry are replaced with self-service customer forms or co-browsing experiences where agents guide new customers to a speedier resolution.

Customer data entry is often more accurate and faster than when an agent takes dictation over the phone. After all, who better to input your address and phone information than you? Where the customer needs to input sensitive personal information like social security numbers or credit card details, numbers can be masked so agents cannot see them.

Callvu‘s low-code digital CX platform makes it easy to create intuitive forms you can deploy on the web, in apps, call center engagements, and branches. Should representative intervention be necessary, native technologies, including video chat and co-browsing, equip the agent with digital tools that nurture and support a potential customer’s decision to open a new bank account, start an investment portfolio, or any other financial process.

2. Applying for a Loan

Financial institutions can convert many manual loan application process steps to self-service. Additionally, banks can use collaboration tools to connect the prospect with sales and customer support teams. With the Callvu platform, your self-service process seamlessly integrates with any customer channel or touchpoint.

Callvu allows you to design a single experience and implement it across the customer journey. With save-for-later and other tools, you enable customers to start the process on one screen and continue on another. This allows customers to complete most of an application by themselves, reaching out to a sales rep only when additional assistance or clarification is needed.

Further, many of our clients leverage digital automation to streamline internal loan processes. For example, automation can replace data re-entry, email-based routing for reviews and approvals, legal acknowledgment, etc. Callvu offers native solutions for e-signature and real-time document sharing for review. You can also integrate your existing third-party solutions for e-signature etc.

3. View Balances and Payment Due

The easiest way for customers to check account balances is through banking apps, but many financial institutions report just 30 percent of customers choose this approach. Instead, they call the contact center. Studies show that customers, particularly those above 40, are inclined to call their bank to attempt any activities.

In a traditional, audio-only Interactive Voice Response (IVR) system, if the customer chooses to call, they will get the option of audio access to some account information, but such engagements are rarely satisfying. Customer requests for information tend to be specific and highly variable, whereas automated information relayed tends to be general. With Callvu’s native Visual IVR solution, once the customer has made a phone call to their bank on their smartphone, the system triggers a visual session that provides the information quickly and easily. This is a highly effective strategy for call diversion.

4. Making Transactions

The limitations described in the account balances section are all the more acute when conducting financial transactions. While more and more customers are transacting with their mobile app, many financial institutions report hundreds of thousands of calls to perform tasks like paying bills, transferring money between accounts, and the like. For many, self-service customer behavior in this area is still a stretch.

Visual IVR can divert some of these calls to digital customer experiences while driving high levels of customer satisfaction. Additionally, co-browsing and other collaboration approaches can cut average handle time (AHT) and boost customer ratings.

5. User Identification

Most financial institutions are rightly obsessed with customer security. Callvu’s digital engagement platform utilizes smartphone features to help call centers verify customers automatically. These replace the standard pin code and password with advanced biometric authentication such as fingerprint, voice, and face recognition. They also enable customers to authenticate BEFORE the agent engages, which reduces handle time and speeds time to resolution.

With precise user authentication, you can then deliver a personalized experience. Accurate personalization is among the best ways to drive up customer satisfaction,

6. PIN Recovery

Consistently the most prominent issue handled by call centers, pin recovery is also one of the main blockers to digital customer self-service. Many organizations report that PIN recovery consumes a large share of agent time compared to high-value customer interactions yet is critical to the success of any process. Any PIN recovery system should allow customers to reset data and get account access. A digital process eliminates wait time for an agent-led customer engagement because no employee interaction is necessary to resolve the issue. Further, it enables your support team to focus on more high-value interactions.

7. Creating App Portals

Many customers are delighted to follow customer self-service paths if they are frictionless and straightforward. Digital CX mini-apps help customers complete steps on simple screens free from distractions or complex UI. The problem is, the complexity of account profile pages puts off some customers. By creating a series of mini-apps and building a self-service portal, you can empower customers to get the specific answer they are looking for while dramatically simplifying the support journey.

Additionally, mini-apps built with the Callvu Low-Code CX Automation Platform can be edited in real-time Use this capability to identify ways to streamline. Built-in customer analytics capabilities provide the data in appealing visual displays. By following a continuous optimization strategy, you can optimize any digital interaction.

Conclusions About Digital CX Use Cases

As consumers take advantage of the wealth of digital tools available that help them address the practicalities of daily life, they give banks the opportunity – and responsibility – of developing digitally-powered experiences that make doing business easier.  While few financial institutions want to eliminate human interaction with customers entirely, it is in everyone’s interest to empower customers to solve low-value issues themselves. Then branch and call center teams can focus more time on high-value interactions where their expertise is put to best use.

Consider Callvu for Digital CX

Callvu is reimagining the way leading brands digitally transform their customer experience. As a pioneer and a leader in low-code CX app development and automation, Callvu empowers modern enterprises to rapidly digitize and automate CX journeys, integrate them seamlessly to internal systems, and deploy them anywhere they engage customers. Modern enterprises cut costs, convert more sales, and keep their customers happy by removing friction from sales and service interactions. For more information, visit our website or request a demo

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