Digital change has accelerated in recent years in all areas of the Financial Services sector, with focus being on rapid implementations that maintain business continuity and connect people and processes.
A key area for immediate investment is agent enablement, made possible by Microsoft Dynamics and the Power Platform.
The enabled agent: driving customer engagement in Financial Services
Enabled agents aren’t a new strategy in Financial Services. Retail banks adopted first-stage iterations of omnichannel agent enablement early, as a strategic customer experience differentiator. With the concept proven, business banking, insurers and investment banks are fast realising the value of connected communications and unified data infrastructures.
Eight key features of enabled, connected agents in Financial Services
1 – The human touch: live agents
Previously the frontline of customer contact, live service agents remain a precious commodity in Financial Services. Growth in automation and unified data centres makes managing their routine daily tasks easier to complete, leaving these teams free to concentrate on higher value customer interactions. Whether resolving high touch queries or assisting through difficult decision making processes, live agents can transition prospects through a sale, connect customers to compliance automations, direct to Power Apps Portals to self-serve or can offer digital document sign functionality.
This human touch, where required, builds trust and loyalty and delivers meaningful customer experiences. Accenture research indicates that 71% of respondents’ value being able to raise a complaint to a human advisor. Nearly a third of those surveyed found specialist mortgage advice important. Constantly evolving capabilities make all of this possible. For example, Microsoft Teams and the Power Platform can connect advisors and customers in digital meeting rooms, removing the need for bricks and mortar meeting space.
2 – Bot and AI supported journeys: virtual agents
Virtual agents are the new frontline of customer service. Where live agents are customer advocates, providing emotionally intelligent services and build loyalty in Financial Services, virtual agents can provide a first point of contact for low touch customer queries and 24/7 self-service, reducing pressure on the contact centre. Connected to customer data, FAQs and knowledge bases, bots and virtual agents can provide accurate information, report on sentiment and leverage AI insights.
Blended emotional and artificial intelligence doesn’t just provide productivity gains and cost savings, it maximises resources. It ensures customers can access the services they need, at the right time, on the platform of their choice.
3 – Centralised knowledge bases: authoritative agents
Unified web content, helpdesks and knowledge centres are the beating heart of agent enablement. Instead of laborious and complex financial product and service training, focus agent training on the basics first and how to curate live and compliant source materials, product information and playbooks.
This knowledgebase content can be surfaced through one unified interface, produced and version controlled between the relevant product, marketing and risk teams. Customer queries can be resolved fast by enabled agents – live or virtual – and also accessed in self-service portals or online. Customers benefit from consistent experiences and 24/7 access to accurate information across all channels.
4 – Educate and inform: empowered agents, empowering customers
Access to this wealth of financial product and service information, integrated with AI insights, sentiment analysis and next best action guidance educates and informs customers. Enabled agents are empowered to provide the financial information customers need, when they need it and on the appropriate channel. Financial literacy, inclusion and well-being are particularly nice side-benefits of increased access to such information. Customers are empowered by the ability to research or self-serve the content they require, 24/7 and make informed financial decisions. The business benefits from a rich sales pipeline, even before the customer has spoken to a seller.
5 – Single customer view: all seeing agents
Enabled agents help service customers and facilitate a people-centric organisation. Access to unified real time data unlocks valuable insights and powers hyper-personal customer experiences. Unify these rich insights across the full range of channels to get a live, 360-degree single customer view. Predict needs and behaviours based on historical transaction data, channel preferences, product enquiries and renewal dates to maximise customer lifetime value. Augment the system to meet your needs with Power Automate and get rich reports with Power BI.
6 – Meet customers where they are: social agents
Ever-growing numbers of Banks, FinTechs and Insurers offer in-app communications on private social channels like Messenger and WhatsApp, whilst public-facing social media is an extremely valuable service tool. Microsoft Cognitive Services enables agents to monitor sentiment towards financial products, service levels and brand and respond proactively where appropriate to manage customer satisfaction or resolve small fires before they reach crisis level.
7 – Income generation: sales agents
Enabled service agents can feed the sales pipeline by identifying opportunity and following machine learning and AI-driven next best actions to meet customer live needs. Cross-departmental single customer view and connectivity allows enabled agents to make smart recommendations, complete transactions or hand over to experienced sellers to pick up the lead.
8 – Have it your way: omnichannel agents
Cross-channel customer engagement isn’t a ‘nice to have’ in the Financial Services industry in 2022, it’s minimum service level. Enabled Financial Service agents are set up to transact and interact with customers across voice, email, chat, bot, in-app, social, portal and other self-serve channels. Omnichannel for Customer Service supports an always-on customer experience, treating each customer journey as a single transaction made up of a series of multi-channel interactions in the full customer environment.
Get in touch with us to discover more on how Dynamics and Power Platform can transform your customer engagement.