banking-banner-new-f1.jpg
Introduction

The combination of digitalisation and shifts in customer demand have been the driving force behind the evolution of retail banking. Catalysed by advancing technologies and industry shifts, customers today are empowered by a plethora of digital service options that largely enhance convenience and, at the same time, lead to ever changing and heightening expectations. 

In response, banks have transitioned from the branch-centred model to a multichannel approach where customers have the option of accessing information, purchasing products and interacting not just through the brick-and-mortar outlets, but also via phone, email, social media, websites and mobile applications. This communications approach promotes cross-channel sales and marketing, with efforts being spent in providing accurate and trustworthy transaction executions. 

As other industries, such as retail, are placing higher importance on customer experience, banks have found themselves following suit in order to meet customer demand, remain competitive and maintain lasting relationships with their clients.

 

Challenge

In the modern world of retail banking, the role of customer service encompasses not just support, interaction, and analytics, but has advanced to include a range of more complex functions. Despite the multichannel approach having gained ground to offer customers the convenience of multiple contact points, the interaction between customer and agents were still singular and linear, creating channel silos and a lengthy, inconsistent, and fragmented customer journey. The sound strategies developed for the individual channels were insufficient. 

Research indicated that while digital banking channels became the default for sales activities, customers still preferred the incorporation of human interaction for complex transactions, necessitating technology and human components to work in tandem to concurrently maintain a streamlined experience that matched expectations and preferences. 

Disjointed contact points also created challenges for banks in maintaining centralised visibility on incoming enquiries, analysing service response, monitoring agent performance, and accessing reports. Confronted by such challenges, our client needed to redefine and transform their communications ecosystem in order to deliver a fully integrated and customer-centric engagement platform.

 

Process

maaiiconnect was deployed by our client, a financial institution, to migrate from a multichannel to an omnichannel approach, effectively prioritising customer centricity and the delivery of a seamless and consistent interaction between customers and agents across multiple channels. Our turnkey communications solution acts as a central routing platform that integrated intelligent call routing, live chat for prompt interaction, and call analytics and reports to optimize customer service and converge the information trail. With inquiries in retail banking becoming more complex, maaiiconnect is the necessary linkage between customer service and communication channels consisting of physical branches, SMS, email, chat, calls and social media.

diagram_banking_finance_f4.jpg
Benefits

The adoption of maaiiconnect was quick and easy with no capital expenditure, allowing the instant and seamless integration of all communications channels into a single, holistic platform. With our intelligent routing system, our financial institution’s customers now have the ability to effortlessly switch between various entry routes while enjoying contextual and personalised service. For our client, full information retention and a significant reduction in service time are achieved. 

In addition to improved customer satisfaction, our financial institution has also benefitted from the migration to maaiiconnect, with their agents managing all communications on one concise dashboard that provides a 360 degree view of all customers. The integrated information trail has made it possible for resources to be managed more efficiently, extensive customer data to be analysed in a meaningful way, and ultimately, the groundwork for long-lasting customer relationships to be laid. Equally as important, our financial institution can rest assured that all security and compliance needs are met, as comprehensive call and chat recording, and audit trail are made fully available. 

As customers become more sophisticated in the age of digitalisation, so do their demands and expectations, as they expect to be treated according to their individual preferences. By adopting maaiiconnect, financial institutions shift from a bank-centric to a customer-centric approach, allowing their processes to be closely aligned with customer demand and to operate under a flexible model that enhances efficiency and the competitive edge.

What’s included in the Essentials Plan
  • Web Widget
  • Voice & Video Calls*
  • Chat & Group space
  • Insights

*This feature only supports the maaiiconnect calls.