Underdesigning for a collaborative customer journey
by moxtra.staff on November 15, 2016
The financial services customer journey is evolving. Many aspects of financial services, like other established institutions with a long history, are primed for disruption because they have invested in codifying what they know to be true about processes and practices into rigid systems. Unfortunately, with global markets, mobile applications and new customer expectations about relationship, the assumptions held by financial institutions about how to best deliver services often prove false.
According to a FICO research report, 43% of Millennials don’t think that their banks communicate to them through their preferred communication channels. But as Tata points out in a recent brief, looking at the behavior of Millennial banking customer only provides information about what they did with the mobile device and apps, not what they would prefer to have done.
Tata’s analysis went on to challenge the conventional wisdom by suggesting that most people would prefer a single channel of communication, and only when that breaks, do they resort to another channel of communication.
But gurus tout omnichannel communications that provide a seamless experience across channels, or attempt to align channels with transactions. The latest research suggests that a better practice might be to think about omnichannel as an entry point for consumers that support the channel that best suits their needs. Rather than drawing out the customer journey and critically and rationally assigning “the best” communications channel to each step, the better approach would be to make the suite of communications available at all points along the journey.
Every channel, then, would need to be available for any interaction because different customers may prefer one channel over another for all of their interactions.
In theory, this approach aligns with customer preferences, but it doesn’t necessarily address the practical issues of, for instance, requiring a customer signature on a disclosure document, or having a customer share their W2 statements for a loan application.
This brings up the need for parallel channels that don’t break the existing channel or shift away from it, but bring in a new channel to complement an existing conversation.
In Moxtra, for exmple, if the customer prefers a phone conversation, he or she should could regularly collaborate with their financial institution through a Moxtra audio meeting. If the bank wants to share something with the customer, rather than switching to e-mail or to a file sharing service, they can simply drop the document into the Moxtra environment where the customer can see it while the conversation is going on. And because Moxtra creates secure, private, persistent spaces for these interactions, the customer can also read, even comment on, the document after the phone call concludes.
The customer journey may well remain engineered when it comes to regulatory needs and transaction security, but modern consumers will increasingly demand their choice of channel for interaction. Most of those channels will be some form of digital communications, including Voice over IP, text, the bank’s website or a mobile app.
Financial institutions should not repeat the mistakes of the past by strangling themselves with inflexible systems that lock them into one mode of operation based on old assumptions. In order to respond to evolving customer needs, financial institutions need tools that provide agility to complement and integrate with their existing applications.
Moxtra’s platform offers financial institutions the opportunity to embrace the new realities of consumer choice, to support the momentum of their choices, and to complement their choice when the transaction requires it.