Mobile Banking Still Needs Collaborative CRM
Financial services face an interesting customer relationship management puzzle. On one hand, as Bain and Company points out in a November 2015 report, customers want great mobile experiences. Over half of the people in their survey said they would rather lose their wallet than their mobile phone. On the other hand, the quick, simple mobile apps don’t lend themselves to helping banks understand customers, and they certainly don’t help banks resolve customer issues. The default approach would ask the customer to call or visit a branch. Unfortunately for banks, the study also found that branch and phone interactions were the most annoying, and least delightful for customers.
It is no surprise then that in most countries, the most “delightful” banking experiences were to be found in mobile channels. Mobile simple, direct,anytime,anywhere banking. What’s not to like.
Sometimes, however, people do need to talk to other people to work through an issue. Perhaps people want to inquire about additional services, or contact a customer care representative to cancel a service. Mobile apps do a great job when transferring money or even depositing a check, but their focus on human-to-computer transactions doesn’t serve these human-to-human interactions very well.
And that is where Moxtra can add value. Our unique SDK and APIs allow financial institutions to build collaborative features into their mobile applications. We developed Moxtra as a set of components that can be called upon when needed. If a typical customer interaction will benefit best from chat, then that component can be called. If a realtime meeting would better serve in another context, then a realtime meeting would be the only feature exposed. This ability for the institution to choose only the required features simplifies the integration of collaboration and the customer interactions themselves. Customers don’t need to learn a suite of features; they just need to invoke the feature they need at the time.
With Moxtra, apps can pass information to provide context to human agents. The account information and customer’s identity verification, for instance, can be passed to a chat. The customer service agent can then immediately engage the customer in a problem solving dialog without revisiting customer identification information already verified through automated systems. And if the issue is an ongoing one, the customer service representative, and the customer, can return to a previous conversation. Even if the customer service representative isn’t the same person, they can quickly read the conversation and catch up with its status. If the engagement requires voice, Moxtra provides a channel that can be up and running in seconds. Recorded conversations, along with the date, time and duration, can be added automatically to the customer record for full accountability and auditability.
Just because most people want simple transactions delivered to their mobile devices doesn’t mean that every transaction will be simple. But even those more complex transactions can be made easier, and the experience more “delightful,” by integrating collaboration into the heart of the mobile app. And for those that choose the web or some other channel, Moxtra is equally capable of delivering its collaboration services into those transactions as well.