Ovum Research: WFO Is Critical to Banks Looking at Transforming Their Branch Strategies

Posted by Keith Dawson - Practice Leader, Customer Engagement, Ovum

Sep 1, 2015 11:23:21 AM

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Banks around the world are urgently redefining the role and value of the bank branch in response to changes in consumer channel preferences, particularly digital growth. As a result, banks are transforming how branches are used to support their customers. Ovum recently conducted a survey of retail banking executives, asking them to identify their current and emerging branch challenges, and looking at the ways the businesses are planning on investing in technology to derive more value from those branches.

Banks are trying to ensure that branches remain a relevant and effective element of a bank’s services mix. And as branch transformation evolves beyond transaction automation and self-service towards leveraging the distinctive capabilities of the branch, the survey results indicated that workforce optimization (WFO) technology is going to play an increasingly important role.
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Topics: Retail Financial Services, Branch Office Operations, Financial Compliance, Desktop and Process Analytics, Workforce Optimization, Customer Satisfaction, Customer Service, Customer Experience, Scorecards, Retail Banking, Bank and Financial Services, customer engagement optimization, omnichannel, digital, self-service

In September Verint Goes Global and Stays Customer-Focused

Posted by Susanne Pitts

Aug 31, 2015 11:16:00 AM

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Conarec 2015

September 1-2; Sao Paulo, Brazil

Verint’s Nancy Treaster, senior vice president and general manager, strategic operations, will present “Transforming Customer Engagement” on September 1 at 2:30 BRT. Treaster will discuss how a changing workforce and customers with increasingly high expectations have created the need for more personalized, consistent customer engagements and more engaged employees. She will explain how customer engagement optimization helps pave the way for lasting loyalty and significant customer lifetime value for organizations.

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Topics: Back-Office Operations, Voice of the Customer, Branch Office Operations, Workforce Management, Voice of the Customer Analytics, Workforce Optimization, Customer Service, Customer Experience, Loyalty, Retail Banking, Bank and Financial Services, customer engagement optimization, omnichannel, Knowledge Management, digital, Engagement Management

Customer Journey Mapping—Not Just Wall Art

Posted by Nancy Porte - Vice President, Global Customer Experience

Aug 28, 2015 12:22:45 PM

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Recently, I presented a webinar on how customer journey mapping can drive optimal business processes that impress customers and, ultimately, drive your organization! You can view the webinar here. I’ll share a few highlights.

One thing we can count on to affect our organizations is “change,” particularly when it comes to customers. It’s been said that we are in the Age of the Customer, and that has changed the game for organizations. The smart organizations are embracing this new age and looking at themselves from the customer’s perspective.

And the really smart organizations are teaching themselves how to be agile and change as customer expectations change.

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Topics: Customer Satisfaction, Customer Service, Customer Experience, customer engagement optimization, Customer journeys, Customer Journey Mapping

Back-Office Departments Are Essential to the Customer Experience

Posted by Donna Fluss - President, DMG Consulting LLC

Aug 27, 2015 2:37:03 PM

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For more than 20 years, enterprises have downplayed the importance and contributions of their back-office operating groups. These departments are an integral component of the overall customer experience and are involved in many steps throughout the customer journey. While their responsibilities vary by industry, function and company, back-office departments are responsible for processing credit card chargeback requests, handling new applications, making credit decisions, taking care of claims, managing program changes, approving and granting refunds, and a lot more.

What this means is that a back-office department is involved in processing a large percentage of the interactions that flow through many banking, investment management, brokerage, insurance, telecom, retail, utility and other enterprises, even though the customer is rarely aware of their existence. However, companies’ lack of visibility and control, and under-investment in back-office areas, has resulted in service quality issues that increase costs and directly impact the customer experience.

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Topics: Back-Office Operations, Contact Centers, Customer Service, Customer Experience, Retail Banking, Bank and Financial Services, customer engagement optimization, Customer journeys, contact center workforce optimization, work allocation manager, back office workforce optimization

Knowledge Management in Support & Service: The Customer’s View

Posted by John Chmaj

Aug 26, 2015 12:28:35 PM

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Services organizations employing strong knowledge management programs aspire to empower, delight and enhance their customers’ experience through better knowledge. But what does the customer think? Does it matter to a customer if an organization is pursuing good KM practices? And how would they define success?  

Managed Knowledge Drives Support Success

We’ve all experienced the frustration that comes from a poor support experience. And we’ve all experienced the delight and magic that comes from support knowledge flowing to us quickly, accurately and effortlessly. The development and delivery of support knowledge is fundamental to delivering great customer interactions.

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Topics: Contact Centers, Customer Service, Customer Experience, customer engagement optimization, Knowledge Management, digital

Unify Your Teams—Strengthen Customer Relationships

Posted by Alain Stephan - Global Vice President, Customer Analytics

Aug 25, 2015 10:02:00 AM

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Do your various departments operate in silos rather than coordinating efforts to engage customers and deliver outstanding experiences?

If so, you’re not alone. But these silos significantly impact the customer experience and often lead to an inconsistent brand message.

Are you ready to get unified?

At 1 p.m. ET on Thursday, August 27, join Verint’s Brian Koma, Vice President and Customer Experience Practice Leader, and me for an interactive session to learn:

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Topics: Speech Analytics, Text Analytics, Voice of the Customer Analytics, Customer Service, Customer Experience, Analytics, customer engagement optimization, Customer journeys, Customer Journey Mapping

Branch Infographic: Moving Beyond Cost Reduction and Self-Service

Posted by Jenni Palocsik

Aug 24, 2015 3:30:25 PM

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Banks are painfully aware of the urgent need to redefine the role of their branches—particularly in response to tremendous growth in consumer use of digital channels that is taking place in parallel with a significant rise in consumer expectations.

Ovum recently conducted a global survey of 300 retail banking executives to ask about their greatest branch challenges today, and where they believed the challenge might shift in the next few years.

Additionally, they asked these bankers to rank their need for specific branch capabilities to support their ongoing branch transformation initiatives.

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Topics: Retail Financial Services, Branch Office Operations, Customer Satisfaction, Customer Service, Customer Experience, Productivity,, Retail Banking, Bank and Financial Services, customer engagement optimization, digital

Four Steps to Digital Nirvana

Posted by David Moody

Aug 21, 2015 1:45:42 PM

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It seems as if everyone has embraced today’s mobile and digital revolution. Many of us access goods and services online from practically anywhere at any time, and increasingly via a smartphone or tablet device rather than a traditional desktop computer or laptop.

Government and public sector organizations are also trying to embrace today’s mobile and digital revolution. But, for many, the task can seem overwhelming. Early adopters will tell you the journey isn’t easy. However, learning from their mistakes can help you avoid a digital nightmare.

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Topics: Big Data, customer engagement optimization, Government, Public sector, Government and Public Sector, digital, Customer Feedback, Citizen Services, Engagement Management

Verint Adds Communities Software to Portfolio with Acquisition of Telligent

Posted by Ryan Hollenbeck, Senior Vice President, Global Marketing

Aug 19, 2015 10:09:52 AM

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More and more consumers are turning to communities to seek insights about products, services, support and other topics of interest. As they continue to seek perspectives from their peers before making decisions, the importance of social communities continues to grow.

With the demand for more real-time engagement and personalized service, communities have become sought-after and highly valued sources for customer support, as well. To help meet this need, Verint has advanced its customer engagement optimization vision by adding innovative community software through Telligent, a leader in software for customer support and digital marketing communities. Aligning well with our Actionable Intelligence vision, this software further extends our customer engagement optimization portfolio with a leading, enterprise-class community solution.

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Topics: Voice of the Customer, Voice of the Customer Analytics, Workforce Optimization, voice of the employee, Customer Service, Customer Experience, customer engagement optimization, employee engagement, digital, Engagement Management, self-service

A Practical Guide to Digital for Banks

Posted by Dan Latimore - Banking Senior Vice President, Celent

Aug 18, 2015 11:39:00 AM

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“Digital” is critical in financial services, but defining the term is difficult. At Celent, we believe that digital requires a structural change in the financial institution. Our framework illustrated below makes it easier.

Digital in banking begins with the customer. Banks should be clear what their brand stands for (e.g., superior service, price promise) and seek to deliver a consistent brand experience in all customer interactions.

Not all channels need exactly the same functionality, but the customer’s impression should be of the bank brand, rather than channel.

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Topics: Retail Financial Services, Customer Service, Customer Experience, Social Media, Analytics, Retail Banking, Bank and Financial Services, digital

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