Digital Strategy

Deploying a holistic consumer-centric strategy to achieve a competitive advantage.

Customer Engagement in an Omni World

Differentiating Your Brand with Digital

Many definitions of digital are hyper-focused on self-service fulfillment. This approach leaves opportunity on the table by missing the chance to influence decisions in the early stages of the customer journey. A strategic definition places digital as a competitive differentiator, engaging early in the journey and throughout the relationship.

Customer expectations are high. They demand the ability to easily move between channels, including starting in digital and continuing with the help of staff without losing their progress. They expect an intuitive process, relevant engagement, frictionless fulfillment, and low risk.

Digital customers generally have high credit risk, low deposit balances, and shorter stays with the bank. To avoid overwhelming staff, a solution must be able to sort and filter applicants and provide staff with all the tools they need to succeed.

An omnichannel model helps you optimize the value of digital and overcome the challenges. Digital enhances your online presence by detecting opportunities before customers have made a purchase. Proactive engagement can influence the buying decision and feed insight to sales staff. During fulfillment, an end-to-end self-service model with system decisions provides a faster response to the consumer. Automation and filtering prevent overwhelming staff with non-viable applications. The result: A more efficient and cost-effective process and a better experience.

Learn more: Omnichannel Sales and Service

Intelligent Lead Generation: Detect, Quantify, Respond, and Measure

Begin at the First Website Touch

An active website needs technology to detect and measure visitor interaction. Site activity shows the visitor’s product interest and when they are ready to purchase. The solution detects and tracks activity, measures the level of interest, and responds at the right time with the right engagement. Digital sensory technology:

Starting with the first time users visit the bank’s website, digital sensory detects the user’s activity, including which content they engage and interact with. These signals reveal their interests and needs.

Analytics score the likelihood that the visitor is ready to make a purchase.

Sends relevant and timely engagement. Methods and media depend on the information gathered and derived about the prospect or bank customer.

KPIs across help the bank track success and pivot areas of weakness.

 

Learn more: Improve Customer Acquisition

Make the Most of Every Engagement

Automated decision-making selects the best digital or staff-based method of engagement. Engagement may include information, offers, or a link to schedule time with staff. Timely and relevant engagement influences the purchase decision.

Learn more: Engage Throughout the Customer Journey

Engagement Automation: The system selects the most appropriate timing and type of engagement
Psychology of Financial Wellness

Learn More About Your Customer’s Financial Goals

Most people need a financial roadmap to meet their goals, such as budgeting, saving for retirement, and managing debt. A digital self-service planning and advice tool allows customers to share short and long-term financial goals. This need-based approach puts the customer at the center of the process rather than focusing on products. Digital delivery is a low-cost option and helps the bank build relationships over time.

Read more: Strengthen Your Customer’s Financial Roadmap

Process Digital Applications

Moving functions to digital demands that the process be both simple and protected. This means not just offering a robust process but also making it simple to improve customer experience (CX). The solution guides the user to and through the purchase with an intuitive design, document management, e-Signature, and more. It then smoothly onboards customers into the service and support phase.

The fulfillment path includes a complex series of steps. Done well, neither the banker nor the consumer feels the complexity because the system does the hard work. An end-to-end process includes accelerators for data capture, customer verification, due diligence, automated decisioning, document completion, account funding, and booking new accounts to the core.

 

Learn more: Frictionless Omni Fulfillment

Path to Fulfillment: Let automation escort your customer through the steps to fulfillment
Value of Converting Abandonment with Retargeting: Prompt customers to complete the application through automated detection and customer engagement with clear calls to action

Hello? Are you still there?

It’s no secret that many people start something online and then… the phone rings, the kids scream, the boss wants something now. Up to 80% of online carts are abandoned. Successful retargeting can recoup up to 30% of this otherwise lost revenue. Digital can detect such an application and reach back out to re-engage to guide the person to fulfillment.

From Digital Lead to Banker Sales Conversion

The solution places qualified prospects in the sales pipeline, which becomes a great asset. As the customer moves closer to the purchase decision, the solution assigns the lead to a work queue based on product type, geography, and priority. Staff members work the queues for follow-up and fulfillment. Pipeline tracking and reporting inform forecasting.

Learn more: Sales Management

Pipeline Conversion Ratios: Micro and macro views of sales conversion forecasting at every pipeline stage

Reduce Risk and Allow Staff to Focus

The digital channel can increase application volumes. The problem is that from 50% to 90% of applicants do not qualify. How can you manage risk and keep staff from being overwhelmed? Digital analysis and decision-making automate customer identity, data quality, disclosures, rules, policy, and more. The result? Lower cost, faster process, lower risk, consistent processes, and optimized staff usage.

Customer Moments of Truth: Voice of the Customer (VOC) programs prompt for and listen to customer feedback at critical moments of truth throughout the customer journey

Listen to the Customer

Voice of the Customer (VOC) programs prompt for and listen to customer feedback at critical moments of truth throughout the customer journey. Timing is key. Moments of truth include website visits, cart abandonment, new account openings, service interactions, and engagement with self-service financial planning tools.

Learn more: Enhance Customer Experience