The hype around AI applications that is about to swipe through industries and the customer service function, in particular, is enormous, but so far we've seen little real-life experiences how the chatbots function, how's it like to implement one and what the results are. That's why we put together an interview with one of the early adopters of chatbots, If Insurance.
Disruptive innovations are reshaping the way financial services are structured and consumed. Setting up a 'virtual branch', that allows financial service providers engage with potential customers on another organisation's domain, is a great way to meet evolving customer expectations using rapidly advancing technology. By integrating real-time credit counselling seamlessly with the purchase journey of a partner site the context where the service is provided is significantly better than in any other form of digital service.
Take booking for a holiday, for instance. Many of us have a ready-made list of dream holiday destinations in our mind, but the reality is that a loan can sometimes be what is needed to bring our plans for a honeymoon, birthday celebration or annual vacation to live. Then, what better moment to be offered financial advice than when we are online browsing for travel services and comparing options?
In today's digital age customers expect to receive top-of-the-line service and user experience when and where they want it. This puts companies under pressure to find new ways to impress customers and differentiate from the competition in an increasingly populated digital marketplace. To build an environment that nurtures innovation and meets the ever-evolving expectations of customers many businesses are now collaborating with smaller tech firms (like us!).
As a part of this, in November 2015, Danske Bank launched a new service called ‘Dreams come true’ with the help of Giosg. The solution provided uses intelligent analytics to first, find potential customers in the business’s partner network and then secondly, to offer these customers an opportunity to get real-time professional advice and financial solution when and where they need it.
Digitalization has reshaped the way financial services are structured, marketed and provided. Customers today want personalized, flexible service regardless of when, how and where they want to bank. Banks are churning out smart solutions, cloud platforms and mobile apps, and consumers are embracing the change.
In a bid to speed their online presence many banks are collaborating with smaller tech firms (like us!) to build an environment that nurtures innovation and meets the ever-evolving expectations of customers. This collaboration helps all parties; smaller companies can offer banks the benefits of high specialization without major investments. In return they gain market visibility and a brand boost from collaborating with well-known banks. The collaboration also serves as an excellent platform for sharing ideas, experiences and know-how.
Until recently, however, many smaller companies have struggled to meet the bank-level security requirements. This has often forced banks to choose compliance over great technology. In an industry where confidentiality means everything, security is considered near-sacred. Banks are also faced with increasing legal requirements, most recently in the form of the tough new General Data Protection Regulation. Fortunately this is finally being recognized by companies like giosg that are investing into security like never before.
In the digital age providing customers with omnichannel customer service has become more of a rule than an exception. Reliable, receptive and timely responses are the most important characteristics that come to mind when thinking about what is important to the customer, regarding service. Still, from the business point of view, there is a big difference in how these objectives are achieved.
Although customers today expect to receive the same level of service regardless of the channel they use, the fact still is that some support channels are more cost-efficient than others. As mentioned in our previous blogs (here and here), the biggest shortcomings of the phone support compared to live chat are higher operating costs and the mere impossibility to have more than one conversation at the same time. Live chat, on the other hand, changes the work of the customer service agents from one-at-a-time processing rate to taking care of 3 to 7 tickets simultaneously. That enables customer service to solve tickets quicker and, also cuts costs as fewer callbacks are required.
Even though self-service is certainly an essential part of digital customer experience, it is much better for both the customer and the company to get the necessary information right in the first time. Handling forms with incorrectly filled in or missing information takes a lot of customer service agents time whereas forms filled correctly can be processed and solved almost automatically. With CoBrowse technology the agent can provide hands-on assistance online so that all sections of the form can be filled the first time correctly.
It is good to make sure you have the best practices in use to direct customers toward the most efficient customer service channels to generate the right value for both your customer and your business. A client of ours, If Insurance (If), provides an excellent example of how a company can enable efficient and smart handling of customer requests in an online environment.