Innervate for Financial Services
Orchestrating CX to Create Stronger Customer Relationships
1. Unifying Your Customer Data for Holistic Insights
Before you can give your customers exactly what they want, you need to know who they are—and what they want. Having a truly comprehensive view of their interactions and behaviors will help.
Do this
Instead of having disparate, disconnected, and duplicated customer databases, integrate data from all of your sources to create a comprehensive profile for each customer or audience segment.
Here's why
This can vastly enhance your understanding of each unique customer’s (or segment’s) needs and behaviors, supporting accurate decision-making and enabling the creation of targeted creative.
Pro Tip
Regularly update and validate your data integration processes to ensure the accuracy and reliability of customer insights. Scheduling a monthly or quarterly checkup now can prevent a lot of headaches later!
2. Investing in Realistic Methods for Personalizing at Scale
Today’s customer wants a brand to speak directly to them, mentioning their specific needs and tailoring recommendations to their unique environment.
Previously, this level of directness would have been impossible. Today, with centralized and activated data as well as a smart CX orchestration layer that allows you to use that data and automate the creation of dynamic assets, you have the power to deliver ultratailored product or service recommendations and nearly prescient marketing and advertising creative.
Do this
Use centralized data to deliver tailored financial advice and marketing messages.
Here's why
This will increase customer satisfaction and loyalty through relevant, convenient interactions, which is particularly important for personalized financial planning and customized insurance policies.
Here’s how it works
Let’s say a bank uses centralized customer data to send personalized investment advice to clients based on their transaction history and financial goals. With a CX orchestration solution, this isn’t a huge lift for the bank—and the bank’s clients feel heard, supported, and like they have a solution built for them!
3. Putting Regulatory Compliance on Autopilot
In the financial and insurance sectors, regulatory compliance is nonnegotiable. Weaving proper data management practices into your routine processes will ensure that customer data is handled in accordance with all applicable regulations.
Pro Tip
Implement automated compliance checks to continuously monitor and ensure adherence to regulatory standards.
Do this
Set up automated, streamlined ways to manage and protect customer data in compliance with regulations such as the General Data Protection Regulation and California Consumer Privacy Act.
Here's why
Taking these steps will reduce your risk of fines or legal action. It also helps maintain trust with your audience, which is key in complex, high-stakes industries, such as banking and insurance.
4. Leveraging AI Safely and Strategically to Simplify Internal Team Experiences and Bolster External CX
As long as you have strong data management practices in place to keep sensitive data safe, you can use AI in many ways to increase efficiency and the efficacy of your initiatives.
For example, with the proper use of AI for CX, you can:
Deliver rock-solid personalized recommendations and content.
Highly personalized marketing messages and offers related to buyer browsing or transaction history improve customer engagement and leave your team capable of providing invaluable real-time support and guidance for your customers.
Achieve advanced segmentation more easily.
Understanding your customers on a granular level allows for more precise targeting and better marketing outcomes. AI can be used for advanced customer segmentation and predictive targeting, enabling you to identify high-value customers and their specific needs.
Automate certain aspects of quality content creation.
Creating and optimizing content manually can be time-consuming—especially if you’re trying to personalize assets for hyperspecific segments across multiple formats. AI tools can automate content generation and optimization, helping your teams feel confident that the content delivered across all of your channels is timely, relevant, and engaging.
This could look like
- Using AI to generate personalized policy renewal reminders, which could increase policy renewals
- Tailoring recommendations for additional coverage options based on a customer’s history and preferences, which could increase upsells
- Keeping your team seamlessly updated with AI insights within your customer relationship management system and, as a result, empowering them with relevant info for marketing and sales
- Relying on AI to streamline the creation and management of location-, time-, or event-specific creative assets in support of CX materials so relevant it feels like you’re reading your clients’ minds
5. Enhancing Operational Efficiency with Business Process Automation (BPA)
Business process automation (BPA) can significantly streamline your organization’s operations by automating routine tasks, improving customer interactions, helping you maintain data accuracy, and ensuring compliance.
Here are just a few of the benefits possible with thoughtful BPA:
Automated routine tasks
Routine tasks can consume valuable time and resources that could be better spent. Implementing BPA tools to automate these repetitive tasks frees up your team to focus on high-value work, such as complex financial advising and personalized insurance claim management.
Here’s how it works
Let’s say a bank automates certain aspects of its customer onboarding process with lightweight, low- or no-coding BPA tools. This reduces the time required to open new accounts and allows staff members to concentrate on personalized financial consultations.
Improved customer interactions
Automated systems can manage frequent banking transactions and policy updates quickly, accurately, reliably, and with precise relevance, supporting consistent, efficient customer service.
Here's how it works
As one example, you could implement chatbots or create personalized resources to handle common customer inquiries. This frees up human agents to address more complex issues and enhance overall service quality.
More accurate data management
We’ve discussed the importance of stringent data management. We’ve also discussed the importance of automating high-lift routine tasks. By using BPA to ensure data is correctly captured, processed, and maintained, you can strengthen the reliability of customer insights and support critical activities, such as financial forecasting and risk assessment.
Here's how it works
Let’s say an insurance firm uses BPA to automatically update customer policy information across all customer touchpoints, reducing errors and ensuring that agents have access to the most current data to make informed decisions.
Automated risk management
BPA can help manage compliance requirements more effectively, reducing human errors and supporting robust compliance frameworks.
Here's how it works
Use BPA tools to regularly audit compliance processes and quickly adapt to new regulations. This will help your team feel confident that you’re always in compliance—no matter how quickly legal requirements change.
6. Supporting Intuitive and Seamless Omnichannel Customer Journeys
Customers interact with your brand through multiple channels in varying ways. Thinking ahead and putting in the time to provide a consistent customer experience every single time—no matter where your customer is—will enhance customer satisfaction and brand awareness. This will also make it easier for your clients to navigate their banking or insurance needs seamlessly, whether online or in person.
And, if you’re able to provide that omnichannel experience without headaches on your end thanks to solutions that leverage AI and BPA, you’ll have more time left to humanize every interaction you have with your customers.
While digital solutions offer efficiency, the human touch remains irreplaceable in delivering exceptional customer experiences. But your team can hardly be in thousands of places at once—we fully understand that! Combining AI with human interactions allows for personalized and empathetic engagements, making digital interactions more engaging and improving overall customer satisfaction.