Omnichannel Sales and Service

Meeting customer needs and expectations requires a broad approach with an understanding of the full customer journey. Simply putting a new face on traditional delivery methods does not achieve its full potential. In fact, a bolt-on approach can dissatisfy customers, as seen in the high abandonment rates in the industry today.

ARGO’s omnichannel delivery uses automated and staff to respond to customer needs, improve service, increase satisfaction, enhance CX, and provide guidance for consumer and business segments. Omnichannel includes channel-specific functions with common workflow and a customer data platform. This makes customer activity and insight available to staff across the enterprise. Workflow provides channel options with a consistent process.

Learn more: Omnichannel Collaboration

Customer engagement (CE) results from the FI’s influence on the customer’s cognitive, emotional, and behavioral investment in the brand. Proactive CE sets the FI apart from its peers, giving it a competitive advantage that positions it to attract and retain target customers. An FI can influence customers by showing it understands their unique needs, issues, financial knowledge, and product interests with relevant and timely content.

FIs receive information through sensory technology, intelligent surveys, and staff interactions. Engagement identifies needs, shows appreciation, raises issues, and expands opportunities. It detects, responds to, and takes a proactive interest in relationships. It expands brand awareness, increases perceived value, and builds trust.

FIs engage to educate, offer relevant products and services, follow up, refer to a specialist, or schedule a meeting. When the FI listens to needs and responds with relevance, the customer feels heard, and the FI increases acquisition, relationship expansion, and customer experience.

Learn more: Engage Throughout the Customer Journey

A successful acquisition strategy hinges on early need detection in the awareness and consideration stages of the customer journey. Intelligent lead generation (ILG) detects, quantifies, and engages prospects from their first time they visit the website. It identifies and measures interest and intent to target engagement to meet specific needs. ILG reaches and converts opportunities through digital channels with timely and relevant content. It drives traffic to the website, generates prospect leads, scores interest, and engages.

Learn more: Improve Customer Acquisition

The fulfillment path includes a complex series of steps. Done well, neither the banker nor the consumer feels the complexity because automation does the heavy lifting. With ARGO Connects, the process begins in the early awareness and consideration stages of the customer journey, identifying customer needs and tracking the sales lead. When a lead results in an account opening, information is seamlessly transitioned into the fulfillment process. This end-to-end process includes accelerators for data capture, customer verification, due diligence, automated decisioning, document completion, and account funding. Real-time and workflow-based exception processing ensures a compliant and consistent process across all channels, with core integration for booking new accounts. Automated onboarding directs follow-up and transitions the customer to account usage.

New account fulfillment for a business account requires additional data such as beneficial ownership, entitlements, and authorized signers. Demographic data includes the number of employees, revenue class, and SIC designators. Ownership structure includes controlling individuals, as well as affiliate roles and entitlements. Workflow controls prevent advancing an application until it captures required information. Document image ingestion is often required for recording legal documents to file. Often, additional services are attached to the process, such as night deposits, positive pay, and lockbox services.

Learn more: Frictionless Omni Fulfillment

Traditional paper-based processes increase failure rates due to mishandling, inaccuracies, and reliance on staff knowledge. An omnichannel environment can aggravate these constraints. Swift and accurate responses to service requests influence satisfaction. SLA adherence ensures that needs are met accurately, completely, and promptly. Complexity drives whether needs can be met online in real time or are routed through work queues for staff to manage. Performance metrics and early alerts to upcoming SLA slippage help the institution increase performance and reduce friction. Complexity drives whether needs can be met online in real time or are routed through work queues for staff to manage. Performance metrics and early alerts to upcoming SLA slippage help the FI increase performance and reduce friction.

Learn more: Deliver Service Excellence

Sales and sales performance management (SPM) strengthen the institution’s growth objectives, taking prospects from the early stage of awareness to a closed sale. Frontline staff in the branch and outbound contact center need effective tools to help them do this. SPM helps FIs improve sales through analysis of sales data, goal setting, and sales activity tracking. It increases sales productivity, improves forecasting, and motivates sales teams.

Learn more: Sales Management

Customer satisfaction is no longer a matter of opinion but rather a studied field. Researchers created a list of 18 satisfiers and dissatisfiers. FIs can enhance CX by providing an intuitive website design with easy navigation, convenience, operational reliability, and personal care. Factors that cause friction include system outages and errors, a cumbersome platform, a lack of access to staff help, and problems with fulfillment.

Learn more: Enhance Customer Experience

While the rigors of risk management may seem to conflict with frictionless CX and a customer-centric model, they are critical for protecting both the FI and its consumers. Consumers demand not only the convenience of omnichannel access but also the security that comes from knowing that they are doing business in a safe environment.

Learn more: Mitigating Fraud and Managing Risk

Key performance indicators (KPIs) track progress toward achieving goals such as acquiring customers and reducing risk. Monitoring KPIs over time helps FIs identify and track success and weaknesses, allowing them to make data-driven decisions to improve. Rewarding staff for progress aligned with key objectives sets an FI up for success.

Effective KPIs provide the level of detail needed to find root causes, making them actionable. With this, FIs can identify constraints, issues, and opportunities to improve so the FI can incorporate best practices into its execution strategy.