Financial institutions have recognized consistent multi-channel experience as a core area of their customer relationship
The 2013 Capgemini Consulting and Massachusetts Institute of Technology’s ( MIT’s) study
on digital transformation emphasized cross-channel consistency as one of the key benefits of embracing digital technologies. It also revealed that the 15% that have best managed their transformation were delivering 26% higher profitability than their peers.
In the banking sector, significant investments have been made in developing digital channels, with special focus on mobility. All the main actors now provide their customer with mobile apps allowing them to perform their daily banking transactions on-the-go.
But channels have been developed in silos with own processes
When proposed to the market, these new mobile and social channels have also come with new processes and applications for both the customers and the internal staff. This has created gaps between the new processes and the legacy ones, which are potential sources of confusion and irritation among customers.
And, it is not only about the look-and-feel; customer dissatisfactions come from deeper concerns and for obvious reasons. How can they be glad when they get different answers to the same question, depending on the channel they use to interact with their bank or insurance company? Why do they need to repeat that same question?
In a silo-based organization, avoiding this type of pitfall requires careful:
alignment of similar processes with each other (one voice);
connect to all the channels and related applications with a single view of the customer (one customer).
In other words, it requires constant alignment work and maintenance of a bunch of integrated systems.
One common process means one common guideline to make consistent decisions
A well run Business Process Management (BPM) acts as layer between the channels and the data; and it combines management, execution, and improvement of processes.
When a customer applies for a mortgage loan, the financial institution needs to follow milestones such as evaluating its credit risk, no matter which channel is used by the customer. BPM technology can receive the information from the originating channel, gather insights from data analytics, and then, make the automated decision, or empower the staff for the most critical one.
This flow would be ensured not only for customer services activities, but all the way until process completion, across the whole organization, including payment. As a bonus, the customer would not receive answer through the same channel, but through his preferred channel instead.
Isn´t it time to make customer relationships simpler and to talk with one voice based on a single vision of the truth? There are customers to delight and retain, but also significant efficiency savings to harvest.
Let fix the foundations first. Let´s talk about BPM.