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The Best Service Humanly Possible

Sitting in traffic the other day, I tuned off my Peter Frampton Spotify channel and started to listen to New York area local AM radio. The president of a mortgage business came on in an advertisement. He ended his pitch with the tag line “I promise you the best service humanly possible”.

This caught my attention. At one time I would have viewed this as a very positive statement. But is this still the case?

Consumers consistently cite the “indifference of one person” as a key reason they leave a supplier relationship. (Source: TARP).

The contact center industry has long counted on non-human software applications to attempt to emulate human interaction. This could be as simple as “if-then” routing schemes to sophisticated avatars which emulate human engagement (just “Ask Jenn” at Alaska Airlines – Read More »

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How Banks Can Capture New Customers by Adopting a Digital Strategy for Mortgage Lending

Banks are experiencing market disruptors attacking from many angles. They’re facing competition not only within the financial services industry, but also from non-traditional banking institutions that are delivering new mortgage lending models and innovative digital services that provide the convenience and personalization consumers want. Unless banks adopt these new models as well, they risk losing customers and revenue to competitors and emerging market disruptors. In this blog, I’ll focus on how banks can implement a digital branch strategy for mortgage lending that enables them to deliver greater value to their customers, improve productivity among their advisors and even increase profitability.

In mortgage lending today, there are common “gaps” where consumers are most likely to abandon the process or go to a competitor. From the consumer’s perspective, acquiring a mortgage is likely the biggest purchase they will ever make. They spend time researching it, getting their finances in order and gathering the necessary documentation. If the consumer visits a bank branch wanting to apply for a mortgage, only to be told that the mortgage specialist is not available right now or to make an appointment for next week, they are likely to walk across the street to a competitor and not come back. Banks are seeing “leakage” in the mortgage lending process as high as 70% in these scenarios. Once a customer has left, only 30% are likely to return. Read More »

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Making the Branch Core to Omnichannel, and a Hub for Financial Expertise

I recently returned from a Financial Services Summit event in China, where I discussed trends in an omnichannel delivery strategy with an audience from 30 banks. A central part of my discussion was the notion that things are not changing, they’ve already changed. Consumers across the globe have a heavy appetite for digital services.

Digital consumers across all age groups are adopting new digital behaviors at a faster pace. For example, it took one European bank 10 years to have 20 million hits per month on their website, but when they introduced their new mobile banking app, it only took 1.5 years to reach 20 million hits per month.

In a recent Internet of Everything (IoE) in Financial Services consumer study conducted by Cisco across 12 countries, we saw that in China, there is a high interest for alternative banking solutions. However, this same group of respondents (72 percent) put the branch as their first preference for opening up an account. We saw similarly high scores across Brazil, India, Russia and Mexico. The U.S. consumers came in at 60 percent.

So, what does this tell us? For one, it tells us that we need to not only evolve our mobile strategy but also see the branch as a valuable asset that is complementary to mobile and still core to any omnichannel banking delivery model.

Yes, the branch still matters. From opening up an account, to applying for a car loan or even a mortgage, there is an educational and personal interaction component to that journey. Consumers often feel that they are not fully equipped to make decisions about financial products and services alone and often seek advice and guidance from a trusted banking specialist. Read More »

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Focusing on customers’ top digital journeys

I’ve often written about how we optimize to our Customers’ and Partners’ top journeys across our web sites and mobile apps. We’ve found that focusing relentlessly on the top things that visitors do with us online (versus following the latest cool digital fads) helps us stay grounded.  Customers and Partners drive their own journeys, and we’re reminded of this every time we run a user test with them or  look at the analytics from our sites.

Following this “top tasks” approach, we’ve been able to raise usability scores in key areas like Support by as much as 65 or 70%.  And, in areas where we still have challenges — as all sites do, by the way — the focus on top tasks keeps a spotlight on the work we have ahead.

I mention this again because usability luminary Gerry McGovern has recently published a nicely detailed overview of our top tasks approach on It’s a great inside look at the process we follow, and is a great read if you’re interested in quality improvement or customer satisfaction in the digital space.

The techniques we’ve followed here for web sites and mobile also apply more broadly to omni-channel experiences, of which digital tasks are usually core. We’ve been exchanging notes with teams in other companies around this topic of measuring top tasks and journeys, and would love to hear about the experiences from you!

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Make Collaboration a Key Part of Your Litigation and Claims Handling Strategy

For those of us who have been in this industry awhile, the Property and Casualty (P&C) insurance market continues to be plagued by inefficiencies in claims handling and litigation management. Adjusters assigned to manage the claim are geographically dispersed, have varying degrees of expertise about the loss event, and handle multiple claims simultaneously. Disparate legacy systems still exist, and silos are prevalent between business, technology, and lines of business. This can result in wasted time and compromised claim performance.

Industry leading insurers should consider applying unified communications and collaboration technologies to lower claim expenses, while transforming the entire claims process into a seamless experience for all parties involved. Insurers continue to be challenged with diverse collaboration methods, especially for long-tail, complex claims in litigation, frequently with high monetary exposure potential and multiple collateral sources involved. A well-defined collaboration strategy can benefit customers, self-insureds, defense law firms handling insurer claims in litigation, agents, brokers, third-party administrators, government entities, court systems and reinsurers. Read More »

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