Today’s consumers expect connectivity and personalized interactions to be standard, and the best financial companies can do so while retaining customer loyalty.
To achieve positive results during more sensitive phases of the customer journey, such as collections and billing reminders, it is crucial to build trust and support customers at the right time and time.
For financial services companies, delivering personalized communications is quickly becoming a competitive necessity. In fact, a recent JD Power study found that 78% of respondents would continue to use banking if personalized support was obtained.
But there is a disconnect to be addressed – only 53% of traditional banks believe they are truly customer-centric, while digitally local fintech organizations are customer-centric. It’s a gap until the company authorizes its employees to create and deliver custom and compassionate experiences on a large scale.
In this blog, we will explore how you can encourage timely payments and help customers feel supported rather than chase when you use Communication Platform as a Service (CPAAS) solution to create personalized customer communications travel.
Provide compassionate support on any channel
Financial services companies are under pressure from increasingly complex regulations such as the Consumer Credit Act (CCA), GDPR and PSD2. These regulations require organizations to take steps to protect customer data and loan rights. However, companies must also take extra care to protect their customers from financial crises, especially during times of economic uncertainty.
As 67% of Americans worry about the cost of living, global cost of living will increase by 8% in 2022 alone, millions of consumers around the world have to reduce savings or spend less. For many others, this could mean taking out new lines of credit or reevaluating how and when they pay back past receivables.
To support customers during this tough time and minimize the risk of lost revenue, it requires creating an understanding journey with automatic reminders, reminders and context trigger-based automatic reminders, reminders and interactive two-way chat. However, if you don’t have the latest tools available, it’s hard to handle these challenging customer interactions.
Many financial services companies are using drag-and-drop communication process builders such as Webex Connect for easy-to-use cloud CPAA solutions to build engaging customer trips. By integrating with the channels that are most used by customers, these solutions can help you guide interactions, moving from one channel to another seamlessly.
Additionally, by using natural language processing (NLP), natural language understanding (NLU), and AI-powered automation, you can create chatbots to meet customer requirements quickly. You can also connect chatbots to external systems to make sure they attract relevant customer details, check appointment availability, and other value-added insights.
When implemented effectively, this can save valuable agency time to better spend on more sensitive and financially profitable interactions and reduce operational costs by eliminating the need to hire other teams to achieve regular customer interactions.
If your service agent needs to take over from a chatbot or contact the customer, you can use the customer engagement application as part of your CPAAS solution. This provides a single dashboard for all past and present interactions, including customer details, advanced reporting, and multi-channel queueing.
But, what does this look like in the context? Your CPAAS solution can improve agency efficiency and develop trust when dealing with sensitive economic interactions.
Reduce risks and build trust with a “commitment payment” alert
Let’s face it, if you don’t intimidate your customer’s collection, you can even be caught off guard by a sudden payment request.
By sending automated Call Heat alerts ahead of time, you can help customers better prepare for upcoming payment collection and consultation. The Webex CPAAS solution also allows your service agent to use NLP and NLU so that customers can confirm or reschedule call dates through text chats, or talk to live agents in the channel.
For example, you can send them a variation of the following message: “We will call you as soon as possible [DATE]. Is this a good time for you, or do you want to reschedule? The reply is to reschedule the phone, or to talk to the live assistant. ”
Similarly, our “Promised Pay” multi-channel plan can automatically pay reminders and provide customers with options within the payment channel, confirming that they intend to make payments within the next 7 days, postpone payments or contact an on-site agent.
Of course, none of the clients are the same, and while some may respond immediately, others may miss multiple payments or ignore your alerts altogether. That’s why your CPAA solution personalizes each interaction based on customer profile data such as its preferred channels, past engagement, and vulnerability. You can also perform A/B tests by trying different languages to understand what gets the best results.
For example, if a customer missed multiple payments, they might be sent more frequent reminders or provided access to professional financial management resources. What’s more, WebEx Connect can integrate with the latest channel payment solutions so customers can pay without leaving chat or direct it to their preferred payment method.
And it works too. Our study shows that 85% of respondents paid within 7 days of introducing an interactive SMS commitment payment plan. The first pick-up rate for SMS call warm-up messages increased from 20-30% to 50-60%.
Join a financial leader and transform your client journey
It’s time to promote flexibility and coordinate the tools and insights they need for a strong, compassionate customer journey through the tools and insights they need to do.
With our simple “Commitment Payment” solution, you can increase cash flow, reduce risk, reduce call center costs, and cultivate trust with intelligent automation and flexible customer interactions.
To learn more, explore our Webex CPAAS solution and financial services support page or contact one of our experts.
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