Banks are striving for digital innovation however regulatory constraints, information safety and privateness considerations, integration challenges, and the excessive prices of enabling change prevent 70% from achieving their transformation goals. Contemplating the velocity that know-how is evolving, the choice of standing nonetheless isn’t an choice.
How can banks cross the edge right into a digital future to improve experiences, enhance operational effectivity, and keep forward? Success is the results of technique, ability, collaboration and, above all, the suitable platform basis. It’s attainable, and we’ll present you the way.
How one financial institution broke the mould
Access Bank is a number one full-service financial institution with greater than 600 branches and 60 million clients worldwide. Final yr, the group efficiently moved to a versatile, cloud-based basis that unlocks AI-powered options like conversational IVR, voice biometrics, name again help, and real-time speech analytics to™ speed up course of dealing with, create extra customized and proactive care, and enrich agent experiences.
The corporate now helps open banking, a quickly rising enterprise mannequin that includes the combination of open APIs to boost experiences and foster innovation. The financial institution has constructed a brand new chatbot from scratch that features 13 self-service workflows and the power to seamlessly escalate to a human agent if wanted. Gamification, enhanced reporting, and automatic high quality administration have modified the sport for supervisors when it comes to agent retention, workforce administration, and general productiveness.
Consequently, the financial institution’s Buyer Satisfaction (CSAT) rating elevated from 53% to 64% and its Buyer Effort Rating (CES) improved from 68% to 75% from 2022 to 2024. However that’s just the start: their voice response time improved by 80%, case decision improved by 20%, and deserted calls dropped by 22%. General, the financial institution’s digital channel notion CSAT improved from 63% in 2022 to 80% in 2024.
Need comparable outcomes? You want Avaya Expertise Platform
Avaya Experience Platform™ (AXP) empowers banks to speed up transformation and maintain enterprise development with a unified digital platform designed to ship distinctive experiences. It’s not simply one other standalone CX product – it’s a complete cloud-based resolution that adapts seamlessly to any IT surroundings. Whether or not you’re integrating on-premises and cloud-based companies, combining personal and public cloud options, or seeking to broaden, combine, or consolidate, AXP is uniquely outfitted to satisfy your wants. It excels in enabling innovation by enhancing and constructing upon present investments.
Listed here are 5 methods AXP helps banks unleash their revolutionary potential:
- Seamless digital entry: Combine and handle conventional and digital channels together with voice, SMS, chat, AI-powered self-service, and digital brokers seamlessly to supply a constant banking buyer expertise.
- Buyer journey orchestration: Create a seamless buyer journey that ensures a clean and customized expertise throughout all touchpoints, no matter what number of programs you’ve or the place they reside (on-prem, personal cloud, hybrid cloud, or public cloud).
- Linked worker: Banking brokers have extra on their plate than ever and infrequently lack the suitable instruments for dealing with them, driving one of the highest turnover rates in the customer service industry. AXP permits banks to streamline the agent expertise with instruments that unify communication channels and workflows to boost effectivity and scale back workload.
- Superior fraud detection: It’s no secret that fraud banking incidents are quickly rising. AXP allows predictive analytics and real-time information for figuring out fraudulent or probably fraudulent exercise sooner, plus proactive notifications throughout a number of channels to comprise mole hills earlier than they develop into mountains.
- Safety biometrics: Think about in case your clients may very well be authenticated in seconds every time they contacted your financial institution, even for extra advanced processes like making use of for a mortgage or bank card, with full regulatory and trade compliance. AXP makes this attainable with a simple plug-in offered by one of Avaya’s third-party partners, Journey.The potential may save hundreds of thousands by lowering interaction- and fraud-related prices.
Three causes to pick out AXP on your financial institution’s digital transformation
1. Unlock your full enterprise potential with essentially the most highly effective AI platform
See what your organization can do with limitless entry to AI, from automation and self-service to digital assistants and safety biometrics. AI-enhanced workflow orchestration, superior routing, seamless transfers, and extra…the sky’s the restrict.
2. Select your personal journey
Innovate your approach with full management over your transformation journey. Bridge functionality gaps and step into the way forward for digital banking whereas optimizing present strategic options that work effectively on your group.
3. Empower your trusted resolution with cloud capabilities
Fortify your trusted basis with the ability of cloud. On common, AXP customers enhance buyer conversion by 65% and CES by 40% with 5% greater EBITDA.
Be taught extra about AXP for digital banking.
