Today their role hasn’t necessarily changed. However, the value organisations place on them certainly has. The focus is shifting from fitting customers around business processes to reshaping contact centres around customers’ needs.

For years, the role of contact centres was limited – often confined by traditional 9-5 working hours. It was predominantly aimed at driving down costs and improving efficiencies.

This was reflected by the way companies measured their success. They had KPIs ranging from targets for call volumes to queue times and abandonment rates. These inward-focussed efficiency metrics have, however, consistently failed to put the customer at the centre of the service.

In today’s increasingly digitalised environment, this is no longer sustainable. Nothing is more valuable than customer experience and customer outcome. Organisations are fast adapting to the idea that great customer experiences convert into customer loyalty and new customers. People increasingly sharing their positive and negative experiences online. As a result, financial institutions can no longer afford to underestimate their services.

Contact centres are transforming. From unempathetic, 9-5 services reliant on a standard agent script, to becoming a customer experience centre. They don’t just focus on a service but the total customer experience across an organisation.

This presents a new opportunity for financial services companies to become fully connected organisations driven by technology. Embrace solutions that connect and unify all their channels – from digital to physical and mobile. As a result, they can create seamless, connected customer experiences that distinguish them from their competitors.

Understanding the needs of financial services customers

To better equip contact centres to service customers, we first need to look at how the needs of these customers have changed over time.

The past few years have seen the customer landscape evolve and diversify significantly. Alongside more traditional customers, organisations are increasingly welcoming a new generation of tech-savvy, socially connected customers. They come with a fresh new range of expectations.

Empathy, passion and hyper-personal connections are key drivers behind their demands. They centre around being understood and supported throughout their customer journey. Failure to do so can have catastrophic effects for organisations. Not only will it risk customers leaving their service but also expressing their frustration online.

This means one thing:

The more you know your customer, the more you can tailor your service to them.

A customer who’s been with your organisation for decades will be likely to seek support through traditional landlines or your website. On the other hand, the younger, digitally savvy customers will want mobile and self-service options, pursuing a more digital experience.

So how can organisations make sure that all these needs and preferences are satisfied? Put simply, the more diversified the audience, the more diversified the services.

Breaking down silos in contact centres

To really drive customer satisfaction across your evolving customer base, you need to invest in omnichannel engagement. Encompassing anything from social media to instant messaging, webchats and physical customer support, customers choose their channel of preference.

But this hasn’t always been the case for organisations in the financial services industry. Organisations may have invested in technologies to support a growing number and type of customer-facing channels. However, these are often used in silos and operated by different vendors.

This leaves customer data confined. Additionally, it prevents agents from surfacing customers across multiple systems. Most importantly, it prevents organisations from leveraging customer insights and using them to better orchestrate the customer journey.

Organisations who adapt and unify these siloes will be more likely to succeed at improving the customer journey. Doing so will empower employees to be more collaborative and productive. It will also reduce time to serve customers and provide an overall higher quality of service.

But it’s not enough to change the internal ways of working. Organisations must improve the way they build relationships with their customers. Looking ahead, they need to improve their ability to capture interactions in the moments that matter. They must continuously adapt and improve using this new-found knowledge.

To do this, they need an infrastructure and technology foundation. One that can empower them to capture these moments, understand their context and orchestrate the best, most optimal route across any function. All to deliver fast, impactful and personalised services that convert prospects into long-lasting advocates.

The rise in automated self-service technology

In a world that increasingly relies on digital innovation and newly found tech capabilities, automation can play a key role in improving customer services and contact centres.

Until recently, these have had virtually no front-door filter standing between customers and operators. Self-service has only just started to become a reality, leaving agents to deal with more complex cases.

This is where automation comes in. As data-based insights and capabilities become the norm, organisations have the opportunity to identify the simpler customer queries. They can then direct them to self-service areas, virtual assistants and AI-powered services.

Conversational virtual assistants are a powerful tool. Especially when it comes to harnessing data to gain insights on the customer. This data can be used to understand customer demands, their purchase history and previous complaints and other crucial information that can help them address their query entirely autonomously.

If the customer wants to transfer to a human, all that data can be carried across. Using AI, potential knowledge articles and recommendations, agents can successfully solve a customer’s request.

AI can also assist with more complex tasks such as pre-authenticating customers before speaking to an agent. This time-saving feature benefits both the customer experience and a contact centre’s inward metrics. With the addition of voice-biometric technology, a virtual agent could also help detect and prevent fraud by comparing a customer’s voice against their customer profile. A more cost-effective solution to training agents on fraud prevention and extra reassurance to customers that their money is secure.

These kinds of innovations aren’t there to make calling a contact centre redundant. There will always be a need to speak to agents to help manage banking relationships or advise on future monetary decisions. But for simpler, everyday tasks, financial organisations can empower customers to self-service rather than waiting to speak to an adviser.

Challenger banks have been particularly good at pushing innovations in this way and raising the customer service bar. Many of them are truly revolutionising retail banking by reducing typical applications processes from a week to minutes. By promoting a digitally-native experience, more traditional banks are forced to reconsider their own customer experience.

Keeping customer data secure in the cloud

Data breaches happen far too frequently today. And as financial institutions can hold an entire customer’s wealth – from mortgages to loans to bank balances – there’s an enormous responsibility to ensure that data is kept safe and secure.

This presents an immediate challenge to spend millions innovating on an existing IT infrastructure. This may require a huge amount of capital investment and resources to maintain. We’re seeing many leading insurance companies and banks choosing to migrate their contact centre operations from on-premise servers to the cloud.

If you consider Azure for example, Microsoft has already spent billions creating a secure cloud solution and helped protect leading organisations from cyber-attacks, fraud and Denial-of-Service on an intraday basis. This reassurance makes migrating to the cloud not just a business decision for better data security, but also for greater cost efficiency by eliminating the many overheads that physical servers require.

The cloud also offers advantages when it comes to complying to financial regulations such as how organisations handle data, offer services and prevent financial crime. By working with a trusted cloud provider like Microsoft, a lot of this responsibly can be shared and evidence can be provided to show that data is being kept securely and systems are operating within regulations.

An all-in-one solution for financial services contact centres

Financial organisations are changing. Their reputation and global presence is increasingly tied to customer experience, online reviews and the quality of their services. As a result, they must reimagine their services with a new, more demanding and diversified customer base in mind.

At the same time, switching banks or insurers has never been simpler. Therefore, it crucial for organisations to innovate their contact centre and make the end-to-end experience as efficient and helpful as possible.

The key is to not consider every channel as a separate challenge. A 2021 Forrester report commissioned by Microsoft, Boost Your CX With A Better Integrated Contact Center, CRM, And Collaboration Systems, found that 74 percent of contact centre agents in organisations typically use four or more applications to service customers. This gives a disconnected experience for agents. But by implementing an all-in-one contact centre solution such as Microsoft Dynamics 365 Customer Service, financial organisations can manage their operation through a single platform. From initial customer contact to automated self-service with AI virtual assistants, to agent-guided case management and back office collaboration with Microsoft Teams.

This allows live agents to interact with customers on any channel. They have a complete overview of all previous interactions to give a frictionless and effective customer journey. It also helps to free up their time. So they can focus on the most complex and sensitive requests that virtual assistants aren’t equipped to handle.

Find out more

Envisioning the Future of Customer Experience

Microsoft Dynamics 365 Customer Service

About the author

Chris leads the Dynamics 365 Customer Engagement portfolio for Microsoft UK within the Dynamics 365 Business Group. Chris is responsible for developing and orchestrating the go-to-market strategy across this portfolio for the UK geography to generate awareness, create excitement and drive business development. The Dynamics 365 Customer Engagement portfolio is a suite of intelligent front office business applications designed to accelerate digital transformation across sales, marketing and customer service.

The post How data and AI will transform contact centres for financial services appeared first on Microsoft Industry Blogs - United Kingdom.

Data can help an organisation identify new opportunities and uncover hidden efficiencies. The business world is no stranger to disruptions and changes, and when you extract as much value from data as possible, your organisation will be able to move with speed and gain competitive advantage.

Data maturity helps empower employees to collaborate, gain new insights and take action to deliver operational efficiencies. It can help teams be more innovative with their product development. Ultimately, this leads to delivering a better customer experience.

95% _{of surveyed organisations have deployed big data initiatives on a department or enterprise level}

To drive tangible outcomes, leaders should build a solid data foundation to start maximising opportunities. By fusing the power of Azure data and AI with Dynamics 365 and Power Platform, organisations can start to unlock new insights and more critically – take action.

But what stage are you on in your journey? And how do you leverage the right tools to stay agile and deliver the results you need and drive innovation?

_{Data-driven organisations are growing at an average of} 30% _{or more annually}

What stage is your organisation in your data journey?

1. Good
   • Better understand your customers, employees and use data to drive collaboration.
2. Better
   • Identify needs and trends, and adapt quickly to new business models, drive efficiencies and reduce costs.
3. Best
   • Empower employees with insights and drive meaningful change.

Step 1: Good

Customers have high expectations of brands. They want to be heard, understood and have personal, meaningful experiences.

73% _{of customers will consider switching to a competitive brand after one bad experience.}

How can leaders meet these goals in an ever-changing world?

• Make customer experience an organisation-wide priority.
• Be agile enough to respond to customer needs quickly.
• Respond honestly and authentically.
• Meet customers in the channels they expect.

When you unify and centralise your customer experience technology, you’ll gain insights to build deeper customer relationships.

Royal Enfield offers a frictionless experience to both its potential and existing customers at different touchpoints, ensuring they can access their data on the spot instead of starting anew each time.

75% _{of organisations have proved that customer satisfaction leads to revenue growth through increased retention or lifetime value.}

These insights will help employees deliver a more personalised experiences to customers. They will also be able to make decisions faster and with greater confidence, to deliver insights to the right stakeholders and the right time.

Rolls-Royce provides targeted and actionable insights at the point of need to inform business decisions, such as which factors will have the most impact on fuel performance.

How?

Microsoft Dynamics 365 Customer Voice

Helps you better listen to, understand and satisfy your customers. When combined with the Microsoft Dynamics 365 suite, it will help collect customer feedback across channels and form more authentic customer relationships.

Microsoft Dynamics 365 Customer Insights

Get a 360-degree view of customers and identify new unfound segments to support customer retention or create new revenue stream. Optimise and orchestrate real time personalised journeys to create fans improve loyalty.

Power BI

Gives every employee within the business the ability to respond in real-time with data-empowered insights on a secure platform.

Step 2: Better

To make sure your organisation continues to meet changing expectations, leaders must collaborate across business functions to align data goals and initiatives. At the same time, continued disruption, and budgeting means cost saving measures are critical.

64% _{of IT leaders say they’re using two or more analytics solutions}

When you consolidate your data, you’re creating a single source of truth for the enterprise. And by combining it onto one tool like Power BI, you’ll reduce costs.

PwC provides their clients with the data they need to on one platform. They use Azure to process the data and push it to Power BI, before shutting down (to save costs). From there, clients can view their data across customisable dashboards from anywhere.

48% _{of business goals driving data initiative investments is to improve decision making}

Power BI

Align your data across organisational silos. Employees can easily self-serve to get the data they need when they need it. Take advantage of cloud tech such as AI and automation to create cross-team reports that gain more insight. Plus, industry-leading data security capabilities help keep your insights protected.

_{The average time-to-insights is} 27% _{faster with Power BI}

Step 3: Best

Now you’ve laid the groundwork for a data-driven culture, you can use these insights to drive meaningful change and adapt at speed.

45% _{of users want real-time data aggregation and analysis}

To fully take advantage of your data, leverage automation and AI tools to process, aggregate and analyse data in one place in real-time. This, combined with user-friendly tools allows any employee to pull insights that are relevant for their role, right when they need it.

82% _{of users agree that self-service analytics is a top priority at their organisations}

This gives rise to the citizen analyst. Employees can get the answers they need while reducing the burden on IT staff. This better places your organisation to make decisions at speed.

66% _{of users say these capabilities are critical when evaluating new tools and solutions}

Data and AI can also enable predictive analytics, helping you respond quicker to upcoming changes, uncover new opportunities and better support customers. Dynamics 365 Sales, Dynamics 365 Commerce or Dynamics 365 Marketing can help you find new segments to market to, or drive customer retention with Dynamics 365 Customer Service.

_{Preemptive digital transformations have a} 50% _{higher ROI than reactive ones}

Identify operational inefficiencies with analytics to streamline and optimise back-end tasks, for example, monitor equipment health in manufacturing or healthcare or reduce manual tasks. Dynamics 365 Supply Chain can maximise your supply chains operations.

Analytics can also be used to amplify your organisation’s work. Take, for example, healthcare. AI is being used to analyse medical imagery, leading to quicker diagnosis and helping doctors focus on patient care.

Move forward with confidence

Making data-driven decisions with the right technology will help you make bold business moves with confidence. As a result, you’ll empower your employees, deliver better customer outcomes and stay agile in a fast-paced environment.

Find out more

Discover how to build a data strategy:

Imagine business powered by data

Learn how to put your data to work

Get data-driven insights

Get fresh perspectives on business modernisation:

Watch Microsoft Envision UK on demand

Explore data management solutions:

Power BI

Dynamics 365 Customer Voice

About the author

Chris leads the Dynamics 365 Customer Engagement portfolio for Microsoft UK within the Dynamics 365 Business Group. Chris is responsible for developing and orchestrating the go-to-market strategy across this portfolio for the UK geography to generate awareness, create excitement and drive business development. The Dynamics 365 Customer Engagement portfolio is a suite of intelligent front office business applications designed to accelerate digital transformation across sales, marketing and customer service

The post KPIs and ROI: Quantifying the impact of data management in your business appeared first on Microsoft Industry Blogs - United Kingdom.

Demand for this bespoke treatment has increased. Today’s expectations are for hyper personalisation across all channels of engagement between the customer and organisation. This move towards an omnichannel model has increased the scope in which companies can reach customers in new ways. 

Where should a business start in this vast landscape of customer touchpoints to craft a personalisation strategy that leads to customer delight and long-term loyalty? Let’s examine this now.

1.    Understand your customers

The goal is to make every customer feel that the service they are receiving is 100 percent customised to them. However, this isn’t always achievable due to time and budget constraints.

Instead, a crucial step is to analyse your own data estate. From your customer relationship management (CRM) system, to social channels and customer engagement (CE) platforms. Integrating this data for analysis with a Customer Data Platform (CDP) can help to surface rich insight by creating a single customer view that generates individualised personas. 

Predicting customer behaviours using these data-driven personas can allow businesses to segment their customers more effectively in order to better align customer treatment strategies. 

2.    Embrace omnichannel experiences

The ways that customers engage with your business continues to expand. This offers a huge opportunity to benefit from the increased customer data flowing into your business.

Unifying this data into a consolidated customer profile that can carry across any customer touchpoint is fundamental to a business’ personalisation efforts. As a result, conversations are more targeted and relevant. Additionally, customer service agents gain a greater understanding of the events leading up to a customer interaction if this unified omnichannel profile is accessible and properly collated.

3.    Make the most of innovation to personalise

AI adoption for customer service has been widespread. However, its full potential to drive personalisation lies beyond the simple Q&A functionality that has become a popular standard.

Conversational AI’s ability to learn about customer interests and preferences, and then re-engage with personalised product recommendations at key stages of the buying process has become a key personalisation capability for companies to adopt.

The more simplistic virtual assistant functionality also has its place. For example, where customers need to action more simple tasks, such as getting an update on an order status. These systems complement the more complex analytical use cases. AI should be thought of as augmenting existing processes that extend the consistency of your company identity. 

4.    Personalise – but don’t overdo it

It can be a fine line to tread between providing a customer with bespoke service and appearing to be compromising their privacy.

Location-based personalisation techniques such as offers/greetings sent to apps on consumers’ phones when they pass by a store can come off as invasive.

At the same time, be as transparent as possible when it comes to informing consumers how and why their data is used. Regulations like GDPR have helped created industry standards for this. However, companies can always look to bolster trust with their own in-house messaging and policy statements.

5.    Don’t lose the human touch

The capabilities of AI and data analytics are crucial to develop the insights necessary for understanding customers, building profiles and offering bespoke offers and interactions.

However, businesses should not over rely on these automated capabilities. The moments that matter are often those of one-on-one human connection. Take time to establish a comprehensive culture of communication that is agile to change. This is essential to empower your customer service agents with the empathetic skills they need to help find resolutions for customer that are personal and valued.

Personalise your customer’s experiences

The ways that personalisation will be felt across customer service will continue to evolve. Either from ongoing trends of increasing digital touchpoints or unexpected factors. Being agile to change is key.

At Microsoft, we work with customers across industries to implement modular solutions that fit in to existing customer service ecosystems to unlock new personalisation capabilities.

Find out more

Download our e-guide: Create outstanding experiences in moments that matter

Watch our webinar: Envisioning the future of customer experience with guest speaker and Senior Forrester Analyst Vasupradha Srinivasan

Learn more about Dynamics 365 Customer Service

About the author

Chris leads the Dynamics 365 Customer Engagement portfolio for Microsoft UK within the Dynamics 365 Business Group. Chris is responsible for developing and orchestrating the go-to-market strategy across this portfolio for the UK geography to generate awareness, create excitement and drive business development. The Dynamics 365 Customer Engagement portfolio is a suite of intelligent front office business applications designed to accelerate digital transformation across sales, marketing and customer service

The post The top five ways to personalise your customer service appeared first on Microsoft Industry Blogs - United Kingdom.

In today’s environment, to meet customer expectations, organisations should equip themselves to deliver an ‘always-on’ service. Yet, the traditional service hours (9-to-5) are still common practice across industry. No longer do they need to be. With advances in Artificial Intelligence (AI), AI-powered chatbots are empowering organisations to provide 24/7 support and are fast becoming an integral part of the entire customer service ecosystem. 

Today, AI and automation is a broad ideal that includes a range of customer service applications:

• AI-powered virtual assistants across the web and SMS that facilitate customer self-service.
• Conversational interactive voice response (IVR) over the phone, matching customer intent with the best available live agent.
• Process automation, e.g. automatic case creation, triaging and next best suggestions. 
• Live agent augmentation with AI-guided scripts and knowledge base.

The ability to ingest and analyse an organisation’s historic and live data has opened new customer service strategies that integrate the best of AI and live-agent experiences. However, AI is not a silver bullet.

Let’s review how AI can benefit your business, and how it can improve your customer experiences.

Knowing when to automate

It’s important to carefully consider the areas that make sense to automate. Repetitive tasks and simple queries for customer service agents are an obvious first choice. For messaging, stick with questions that are frequent and simple to answer. The more complex a question is, the more generic a reply will be given by the AI, and the less personalised the customer experience. 

The importance of contextual data in AI

Data on its own is not enough. Shaping an agile customer experience depends on developing an understanding of how a customer’s entire data footprint relates to a given situation. It means taking inputs like date of last purchase, status of last customer service call, recent attitude towards your company and placing them into a larger picture. Contextual data is at the heart of the omnichannel experience. As a result, it helps organisations get a more up to date, broadened view of the needs of every customer.

Empathetic engagement with AI and automation

Automating simple, repetitive tasks enables customer service agents to concentrate on the more complex cases that require live assistance. Therefore, AI and automation can work in tandem. It can equip agents with the tools and knowledge they need to address issues quickly and empathetically. Contextual information about a customer service case will already have been gathered throughout the customer journey up to this point. For example, if the customer is high value, what their current sentiment is, how many historical complaints they have submitted. This leaves AI to suggest personalised routes that drive faster resolution and increased customer satisfaction.

The importance of ongoing customer sentiment

Your customers are the best source of data for identifying the benefits and shortfalls of your AI integration across your customer service. Using sentiment analysis combined with customer intent and speech analytics, organisations can gain an ongoing understanding of the parts of the customer journey that are working or falling short, without customers having to fill out any kind of feedback form. This is hugely beneficial for an organisation’s long-term customer service strategy. By delivering sentiment in real-time, insights can help leaders to understand blockers in their processes.

Finding the right balance between AI and automation empowers organisations to maintain the human touch across customer service, whilst optimising cost efficiency. It’s crucial that your workforce has the ongoing job satisfaction brought about by handling the more engaging and challenging tasks. With AI as a complementary tool, your agents have the skills and knowledge at their fingertips to deliver first time resolution. As a result, case handling times are reduced and customer satisfaction increased. The key is identifying when automation is appropriate. Getting this right can generate huge value for an organisation. However, getting it wrong can damage your reputation through poor customer satisfaction.

At Microsoft, we work with customers across industries to implement modular AI solutions that fit in to existing customer service ecosystem. This helps to unlock new value from data, create new efficiencies and drive improved customer lifetime value.

Find out more

Download our e-guide: Create outstanding experiences in moments that matter

Discover Power Virtual Agents: A quick-start introduction to creating powerful chatbots 

Learn more about Dynamics 365 Customer Service

About the author

Chris leads the Dynamics 365 Customer Engagement portfolio for Microsoft UK within the Dynamics 365 Business Group. Chris is responsible for developing and orchestrating the go-to-market strategy across this portfolio for the UK geography to generate awareness, create excitement and drive business development. The Dynamics 365 Customer Engagement portfolio is a suite of intelligent front office business applications designed to accelerate digital transformation across sales, marketing and customer service

The post How far should AI lead your customer service journey? appeared first on Microsoft Industry Blogs - United Kingdom.