What does reducing customer friction look like for my company?

Banking & Financial Services

Transform your CX and win them for life

Research predicts that there will be more than 3.6 billion online and mobile banking users by 2024. In fact, mobile and online banking prevalence is expected to grow 54% compared to 2020 (source: Fortunely).

Customers interact with their bank regularly. As a result, whenever customers use digital channels, there is a tremendous opportunity to reduce operational costs through digital containment and reduced branch visits.

Improving your customer experience (CX) management in a financial services or banking journey has huge potential dividends. Forrester estimates that for every one point of improvement in CX index score, banks realize an incremental increase of $123 million dollars.

It starts with BryterCX.

Proven ROI for Banking & Financial Services

BryterCX partners with clients to deliver customer-delighting, company-revolutionizing results with IRISTM, our journey management solution. With IRISTM, you get the insights you need to create meaningful human experiences and win customers for life. With our solution, companies typical experience:

  • Customer churn reduced by 20%
  • Customer satisfaction increased by 25%
  • Operational costs reduced by 20%

According to a Forrester report we’ve helped industry leaders achieve over 300% ROI from their journey management investment with BryterCX. Total benefits generated over a 3 year period also include:

  • $4.6M – Revenue retention
  • $5.8M – Cost savings from reduced and avoided contacts
  • $12.2M – Cost savings from most efficient contact channel use

The Solution for CX Transformation

The IRISTM platform provides visibility into the true end to-end customer journey across channels. Through machine learning, this AI breakthrough allows you to discover journey insights and opportunities with ease. IRISTM uses proprietary journey scores and patented technology, giving you simple visual metrics and alerts to effortlessly measure, monitor, and manage the health of your journeys. IRISTM works efficiently with aggregated data, even from previously siloed sources, giving you a fast, complete and accurate picture of your customer journeys.

The Investment

With IRISTM, your average investment of less than $0.15 per customer per year will make it possible to:

  • Reduce calls to contact centers, including caller repeat activity, recurrent frequent callers, bursts of event-driven activity
  • Create seamless customer onboarding for immediate use of financial products and service
  • Measure and improve product and services bundling strategies
  • Gain transparency into true customer journeys across channels to predict potential churn risk
  • Improve NPS and CSAT scores

Companies that connect siloed, fragmented data to create an omnichannel view of true customer experience can do this and more.

Want to supercharge your journey management efforts?

Start with this resource on “Demystifying Common Journeys”. Banks and financial service companies that understand the path their customers go through to accomplish a task and are able to apply journey mapping to create a visual representation of the desired path that they want their customers to experience are one step closer to complete CX illumination.

Banking Case Study: Payments

Problem:

A large retail bank was heavily invested in digital capabilities. However, they found limited adoption from most of the customer base. Many customers were still using agents to make monthly payments, despite easy online options. The bank needed to develop effective, compelling digital migration strategies based on the preferences of certain customer segments.

Mapping the Customer Journey:

BryterCX examined the Make a Payment customer journey and segmented the entire caller population based on prior digital behavior:

  • Enrolled and active online
  • Enrolled but inactive
  • Not enrolled online

Findings:

  • 7.1M callers were either enrolled and disengaged from the website or never enrolled online
  • These customers caused 2 million payment calls annually and $64M in unnecessary service costs
  • Understanding these behaviors empowered the bank to develop more targeted and effective digital migration strategies, saving tens of millions of dollars.

Ready to learn more?

Achieve customer experience excellence with the customer journey experts at BryterCX.

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