Optimizing the omni-channel banking experience

Transcription

1 Solution Overview GENERATING BANKING AND FINANCIAL SERVICES IMPACT Optimizing the omni-channel banking experience With omni-channel banking, customers require more consistent interactions, including the ability to begin a process on one device and complete it on another. This means that banks must employ channelagnostic processes and intelligent strategies to integrate disparate digital and physical channels into a single, seamless experience. DESIGN TRANSFORM RUN

2 In recent years, retail banking has rapidly moved from a multi-channel to an omni-channel approach, with banks increasingly recognizing the need to take advantage of new opportunities to meet customer expectations, cement loyalty, and deliver seamless customer experiences over multiple devices. Whereas the focus of a multi-channel approach was on opening up channel choices and encouraging customers to use the channel most appropriate for their needs (as well as those of the bank) the focus of the omni-channel approach is on delivering targeted advice, products, and service across devices, whether customers choose to access the bank via smartphone, tablet, desktop, or in-person visit. This presents a unique opportunity for banks to really understand their customers, streamline systems, and zero-in on the most profitable channels. The challenges of omni-channel banking Smartphones, tablets, wearables as the number of banking touch points continues to increase, the IT systems that enable them become more complicated. With the rise of multi-channel banking, many financial services companies have struggled to add channels to legacy systems. Now, with omni-channel banking, customers require more consistent interactions, including the ability to begin a process on one device and complete it on another. This means that banks must employ channel-agnostic processes. Continuing to operate in silos amidst a tangle of legacy systems isn t the answer. Banks must employ intelligent strategies to integrate disparate digital and physical channels into a single, seamless experience. Streamlining and integrating systems, providing a single customer view, and creating optimal customer experiences these are the top priorities. Banks today are uniquely positioned to understand their consumers. They can analyze information from various channels and build detailed, accurate pictures of customer preferences and behaviors. Moreover, sophisticated analytics enable them to see patterns related to customer spending, income, and savings, and leverage this information to develop detailed customer profiles through which to market highly targeted, relevant offers. Banks can utilize the valuable data they hold across the entire suite of channels to communicate effectively with customers and improve financial product sales. But doing so will require a strategy that integrates processes, technology, and analytics to provide monitoring, engagement, and execution addressing the total retail banking universe. The Genpact approach Genpact s Omni-channel Customer Acquisition and Servicing (OCAS) solves omni-channel banking challenges by helping retail banking clients: Deliver a seamless, compelling experience as customers move across channels Optimize operations by driving cross-channel process efficiencies, automation, and digitization Reduce cost-to-serve by migrating transitions to the most appropriate channel Transform interactions into opportunities for deepening relationships and cross-selling Through OCAS, we focus on two levers which, in tandem, can drive improved revenues while bringing down costs: Optimizing interaction value Reacting to changing customer expectations, improving service quality, and pursuing transactions matched with appropriate resources with the greatest sales potential results in greater customer satisfaction and retention, while also increasing crossselling/up-selling and creating higher revenue. Driving self-service Through reengineering and automation, banks migrate to alternate channels and leverage their existing digital assets to reduce human dependency, increase

3 Omni-channel Customer Experience Customer Journey Mapping Digital, Customer Experience, Data Virtulization Presentation, Orchestration, Customer Relationship Marketing Onboarding Transaction ing Servicing Collections Campaign Execution Cross-Sell Application ing Exception Handling, Activations Settlements, Billing, Payments, Deposit Fraud Inquiry, Maintanance, Problem Handling, Statementing Receivables, Decisioning Campaign, Customer Sales to Services Transformation, KYC Fraud Detection/ Investigation, MIS and Reporting Multichannel Optimization, Dynamic Scripting, Complaints Strategy Playbook Real-time Offer mgmt Account Opening Workflow, Document Payment Engine Image, Monitoring Multichannel Contact Center, Case Collections utilization, and decrease time to market. The results? Greater operational efficiency, increased innovation and digitization, and, ultimately, reduced costs. The Genpact solution Genpact s solution is built around customer engagement and operations excellence. By managing the customer experience across channels at the same time that they transform operations through process, analytics, and technology, retail banks benefit from reduced operating costs, decreased time to market, and increased customer satisfaction and share of wallet. Lower cost of operations driven by optimized Average Handle Time (AHT), reduced service efforts (call elimination and volume shift to lower-cost channels), and improved First Call Resolution (FCR) Increased cross-selling and up-selling by leveraging real-time offers based on customer-based insights Improvement in Net Promoter Score (NPS) through unified cross-channel experience, self-service, improved FCR, and personalized service approach Flexible, extendable platform built on open technologies compliant with BIAN/IFX standards Customers want a seamless experience across devices Multi-channel analytics support insights into customer journey mapping Key interactions can be mapped and turned into standardized processes

4 The BPaaS platform facilitates customer-centric interactions across multiple communication modes Banks need to increase self-service while maintaining service levels Customer behavior is analyzed to identify opportunities to migrate simple interactions Self-service options, such as Interactive Voice Response (IVR), identify when customers need human support Exception-based assistance, such as Live Chat, aids customers at their point of need Banks must standardize processes and create channel-agnostic architecture Standard processes and omni-channel architecture create common business logic that extends to multiple channels Multiple users customers, agents, etc. are served by the same architecture Standard processes and code are channel-aware yet channel-agnostic We work across these industry-leading platforms (including Cisco, LogMeIn, BOMGAR, salesforce, Oracle, bmcremedy and Servicenow) to leverage advanced capabilities in a variety of areas: Mobile apps Web-based chat reporting Real-time visitor monitoring Advanced agent reporting Chat analytics Social media integration Co-browsing Speech analytics Proactive chat invitations Searchable canned messages Skill routing Virtual assistance Generating impact Genpact has a strong track record of delivering results. A leading bank was creating an online presence and wanted to offer differentiated service for premium customers. Genpact enabled the company to migrate to a new CRM platform, established chat and social media support, and cross-trained associates across channels. The resulting impact was a 20% reduction in calls and 37% reduction in AHT, as well as 69% FCR A global financial services company was challenged by a fragmented and disjointed workforce handling chat, voice, and channels. By optimizing seat utilization and enhancing the team s knowledge levels through multi-skilling across the value chain, agent headcount was reduced by 28% A global financial services and tax provider suffered highly seasonal demand compounded by inefficient processes and a high cost to serve. By reducing internal transfers, optimizing call routing, and shifting calls to alternative channels, the company realized a 30% reduction in contact center operating costs, including a $9 million one-time, immediate cost reduction

5 Overall outcome-based impact: Strong outcome based experience in delivering imapct Selected outcomes delivered 10% Reduction in annual cost $90MN Business impact 30% Reduction in campaign TAT 40% Reduction in AHT for calls 90% Reduction in cycle time Customer-centric process standardization across channels Multi-skilled, multi-modal front-line support Adaptive staffing based on changes in customer/ segment behavior Optimized cost-to-serve based on client segment and interaction purpose Leveraged data from multiple disparate sources to generate actionable insights and drive cross-selling Measurement and improvement of customer experience across touch points, with identified drivers to influence awareness and loyalty Customer-centric interaction history and management Single platform across multiple communication modes Modular and flexible technology options with common business logic across channels About Genpact Genpact (NYSE: G) stands for generating business impact. We architect the Lean Digital SM enterprise through a unique approach based on our patented Smart Enterprise es (SEP SM ) framework that reimagines our clients middle and back offices to generate growth, cost efficiency, and business agility. Our hundreds of long-term clients include more than one-fourth of the Fortune Global 500. We have grown to over 70,000 people in 25 countries, with key management and a corporate office in New York City. We believe we are able to generate impact quickly and power Intelligent Operations SM for our clients because of our business domain expertise and experience running complex operations, driving our unbiased focus on what works and making technology-enabled transformation sustainable. Behind our passion for technology, process, and operational excellence is the heritage of a former General Electric division that has served GE businesses since For additional information, contact, banking.solutions@genpact.com and visit, Follow Genpact on Twitter, Facebook, LinkedIn, and YouTube Copyright Genpact. All Rights Reserved. GENPACT Solution Point of Overview View 5