The Banker’s Guide to a Seamless Omnichannel Customer Experience

A Banker’s Guide to a Seamless Omnichannel Customer ExperienceeBook

A BANKER’S GUIDE TO A SEAMLESS OMNICHANNEL CUSTOMER EXPERIENCE

In banking, as in every sector, customers expect instant, informed service via the channels that are most convenient for them at any given moment. And they expect an omnichannel experience, with their interaction history understood by whomever they’re interacting with—via the web, within a mobile app, or in a branch.

So how do you design an omnichannel customer experience (CX) that can satisfy your customers and increase their loyalty—one that supports your brand promise and value?

It’s important to start with a vision. For example, would you like to create effortless experiences that are consistent from mobile phone to web chat to a conversation with a banker? Do you envision creating a 360-degree view of the customer that allows you to accurately predict their needs?

Once you’ve defined your vision, there are critical steps to consider. Here are key best practices to help you design and implement seamless omnichannel experiences for your customers.

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Design Implementation

Identify your target customer segments and what matters to each of them

Set the customer journey baseline for each segment

Prioritize your focus, and map out the ideal customer journey

Use context and state

Identify the CX and the operational metrics of success

Adjust the three Rs—resources, routing, and reporting—to operationalize the experience


BEST PRACTICES IN CREATING MEMORABLE OMNICHANNEL EXPERIENCES







MAIN CUSTOMER

CUSTOMER’S CRITICAL NEEDS


OMNICHANNEL CX DESIGN BEST PRACTICE #1Identify Your Target Customer Segments and What Matters Most to Each of Them

Most banks are interested in providing a level of service that matches the value of the individual customer. This holds true not just for the types of services and products you offer them but for their overall experience of interacting with your bank.

The first step in designing an excellent omnichannel CX is to identify different groups of customers in a way that is meaningful to your business. For a bank, this might be based on factors such as total assets on deposit, the number of products they use, the cost to serve, profits generated, and the length of the relationship.

Once you have identified the target segments, you must determine the most important customer needs for each segment. For example, young customers with few assets may be interested in low fees and a robust mobile app. Working- and middle-class customers may be drawn to “round up” products that help them save. And the wealthy may be looking for personalized, integrated services involving loans, deposits, and financial planning. Once you’ve determined the critical customer needs for each segment, you can consider the best way to meet them.







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Peak

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Example: Applying for a loan


OMNICHANNEL CX DESIGN BEST PRACTICE #2Set the Current Customer Journey Baseline for Each Segment

The customer journey is the process your customer goes through as they interact with your bank to address their needs. Since the customer profile (and thus, the products and services offered) for each segment is different, the journeys for every segment will differ as well. As you begin to set a baseline for each segment, you need to identify the high points and the low points along the way. By doing this, you’re able to define the journey from the customer’s perspective.

Key Points to Remember:

• Consider the emotional aspects of what it’s like to be a customer interacting with your bank.

• Put yourself in the customer’s shoes by opening a new account, applying for a loan, using your mobile app, or seeking financial advice.








To find the current baseline for the customer journey in each segment, you can use tools like voice of the customer surveys, call recordings, and focus groups.

Step back and look at the journey. Notice where you consistently see customer churn and abandonment—it’s not always related to your products or brand. Often, the emotion your customers feel when interacting with the bank plays a critical role. So take note of the emotion the customer will have at the end of their journey. To leave a lasting impression, end on a high note.

Memorable experiences foster loyalty.







Company ImportanceHigh

High

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Streamlined Boarding Process

Provide In-flight Meal

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Emotion

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Process Step

Links to Brand Values


OMNICHANNEL CX DESIGN BEST PRACTICE #3Prioritize Where to Focus and Map the Optimal Customer Journey

Determine where you need to focus in order to provide optimal CX. To do this, create a four-quadrant matrix as shown above. Identify each step in the journey and its importance to you and to the customer.

The upper right quadrant becomes the place where you need to focus most. Use this to map out the improved customer journey, remembering to keep the emotion of the customer in mind and to align the high points of their journeys to both their needs and your brand promise.

As you map out these journeys, remember:

1 Don’t try to be all things to all people. You have limited time and resources.

Match the “wow” points of each journey with your brand promise and the

most important customer needs for that segment.

2 Aim to end each journey on a high note.

3 Include an assessment of the communications or touchpoints you have with

your customer as you think about each new journey.








Add a Touchpoint Dimension

When mapping these journeys, consider which communication options you currently offer your target customers and how those align with what matters most to them.

For interactions within the journeys, identify relevant customer channels.

Next, you’ll want to perform a gap analysis between the current state and optimal future state of the customer journey.








Perform a Gap Analysis

As you compare the current-state customer journey to the future-state journey, keep these points in mind:

1 If the current-state journey step is a poorer

experience than the future-state journey step,

then you need to assess if the current state is

damaging your brand. If so, you must consider

the business impact this is having on the CX.

2 If the current-state journey step is a more

resource-intensive and high-quality step than

the future-state journey step, and it does not

negatively impact customer needs or brand

value, this may be an area where you are

wasting resources. You could potentially cut

back on the quality of this step.

Next, build an action plan to close the gaps across people, processes, and technology. As a part of this, don’t forget to analyze your competition: See what it’s like to be their customer so you can understand how to differentiate your CX from theirs.

Perform a gap analysis between current-state and future-state customer journeys.







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Company A Company B


PERFORM A GAP ANALYSIS BETWEEN CURRENT-STATE AND FUTURE-STATE CUSTOMER JOURNEYS

In this example, the Company B journey is a more desirable experience, because it ends on a high note.








Implementing Your New Customer Journey

When you have defined your optimal customer journey, it’s time to think about implementing it. There are three key best practices for implementation:

1 Use context.

2 Identify the operational metrics of success.

3 Remember the three Rs when you

operationalize the experience.







Customer is Browsing Company Website

Rules + Content

Online Activity


OMNICHANNEL CX IMPLEMENTATION BEST PRACTICE #1Use Context to Personalize the Web Experience

Consider this example: A customer is browsing your website. Imagine that you can dynamically change the website content to personalize the experience based on the customer’s online activity context, and whether they’re logged in and authenticated.

This personalization may include:

• Product and service suggestions offered in real time, such as loans or private consultations

• Contact channels enabled or disabled based on customer value (for example, priority service or contact numbers for concierge banking)

• Special offers delivered at different times and to distinct segments (financial assessments to high-value customers, for instance)

This information can then be passed along to the phone banker when the customer calls in, which creates a seamless and personalized experience.







Speech IVR

Online Activity

Callback

ConversationManager

DeferredInteraction

Agent


Use Context to Manage Cross-Channel Journeys with Deflection

Deflection is an important component of an efficient and cost-effective customer service offering. While you want to provide excellent service to all customers and potential customers, well-orchestrated deflection allows you to escalate critical and time-sensitive issues and provide exemplary service to your high-value customers.

For example, a student with few assets applies online for a free checking account. After 12 hours, the student calls to check on the account. He started on the web and has now crossed over to the voice channel. A sophisticated IVR is aware of the online order, so it intercepts the call to provide a personalized status update about the account. After hearing the status, the caller may still wish to speak with a banker. However, due to the low value of the relationship, the student is instead offered a callback at a time convenient for him. The callback will then be made by a banker who has the relevant skills and complete context. This not only makes the customer feel taken care of, it uses bank resources more efficiently.







Metrics

NPS | CES | CSAT


OMNICHANNEL CX IMPLEMENTATION BEST PRACTICE #2Identify the CX and Operational Metrics to Measure Success

All CX metrics have their place, so the one(s) you choose will depend on your bank’s priorities. Are customer satisfaction scores important, or does the bank value its Net Promoter Score more? No matter which metric you choose, the best practice is to align day-to-day operational metrics—such as first call resolution (FCR) or average handle time—with your key CX metrics.








OMNICHANNEL CX IMPLEMENTATION BEST PRACTICE #3Adjust the Three Rs to Operationalize the Experience

When you take what you have designed, coupled it with the principles around context, and adjusted your measurements to what drives the experiences of your customers, you’ll then want to tweak the three Rs: resources, routing, and reporting.

Consider these steps:

1 Modify training and staffing of your resources

to optimize the CX.

2 Adjust intraday and historical metrics for

reporting.

3 Change interaction routing rules using the best

practices shown on the next page.







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IDENTIFY

• Who is the customer?

• Why are they contacting us? What do they need? (Determine reason/intent.)

• What do you need to know about them? (Query relevant history.)

• What segment are they in?

• What is their value to the bank?

• What have they done recently with the bank?

• What is their current satisfaction level?

• Is there any other conversation going on?

• Are there any products or services to offer?

• Are there any activities or transactions yet to be completed?

• Is there a status to provide?

• What is the best resource to handle this request? (Not all inquiries are destined for banker-assisted support.)

• Are current response times reasonable?

• What resource options are available?

• Have you resolved the request?

• Is there an opportunity to cross-sell/up-sell?

• Do you need to transfer this request to another department or banker?

• Would they like to take a customer satisfaction survey?


BEST PRACTICES IN DEFINING OMNICHANNEL ROUTING RULES The Who, What, Where, and “What’s Next” Framework for Determining Omnichannel Routing Rules







Routing & Orchestration

ResourceAgentCustomer

Virtual Callback

Intention Identified

IVR

Intention Target

• Max. Wait Time: Per intention, 99% of calls in a defined period of time• Intention Target: Route customer intent to target resource (not group/queue)• Resource: High performance FCR and NPS per intention (optimal and suitable)

• WFM planning on minimum service standards• Done away with overflow (queue-expand-wait, repeat)• Done away with intra-day skill changes

Intention Proficiency Performance• Optimal (Business)• Suitable (Customer)• Acceptable (Business) • e.g., Low NPS results

• Speech• Customer Identification• Data (IVR, Info Mart, CRM, History)• Intention Diagnosis • Explicit customer needs • Implied business needs

Customer

IVR


AN EXAMPLE OF INTENT ROUTINGHere’s an example of how optimizing the three Rs can improve CX and business efficiencies.

A large financial services institution was challenged by repeat callers, who represented 30–40% of all interactions. Upon analysis, the bank discovered that the routing design was inconsistent with its goal of driving up NPS and improving FCR. They learned that the biggest cause of low NPS was the tendency for interactions to be bounced all over the place and transferred to bankers with minimal skills.

Adjusting cross-channel interactions and matching resource availability with customer expectations—while also improving the service levels—provided a better overall experience. While this change required additional skills training for bankers, it allowed them to become specialists in certain areas and with specific products. That, in turn, enabled more precise routing of interactions.

As a result, the bank saw an 8% improvement in FCR, an 11% reduction in transfers, and a 2% uptick in NPS—which translated to millions of dollars in savings and increased employee satisfaction.








GENESYS DELIVERS A SEAMLESS OMNICHANNEL CUSTOMER EXPERIENCE

Genesys

PLATFORMCUSTOMER EXPERIENCE

CLOUD

VoiceIVR

MobileApp Social

MarketingPromotion

ContactCenter

Direct toExpert

Store/Branch

BackOfficeWebsite

HYBRID PREMISE

SELF-SERVICE

INBO

UND / OUTBOUND

BACK OFFICE WORKFORCE







DELIVER A SEAMLESS OMNICHANNEL CUSTOMER EXPERIENCE WITH GENESYSWhether your goal is to improve the CX, reduce customer effort, improve your brand value, or deliver a fully omnichannel experience, Genesys offers an open and scalable platform that leverages context across touchpoints and channels over time.

By using the Genesys Customer Experience Platform, companies like yours have achieved impressive results, such as:

Customer satisfaction improvement

through consistent omnichannel interaction

Improvement in resolution rates due to reduction in repeat calls interaction

Reduction in transfer rates and costly misroutes

Improvement in employee engagement with predictive

models to inform and personalize interactions

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Genesys, the world’s #1 Customer Experience Platform, empowers companies to create exceptional omnichannel experiences, journeys and relationships. For over 25 years, we have put the customer at the center of all we do, and we passionately believe that great customer engagement drives great business outcomes. Genesys is trusted by over 4,700 customers in 120 countries, to orchestrate over 24 billion contact center interactions per year in the cloud and on premises. For more information www.genesys.com.

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