🤔Here’s a business axiom you’ve probably heard countless times:
Acquiring a new customer costs 7x more than retaining existing ones. *(depends on who you ask, some estimates range from 5-25x)
While losing customers is painful, an equally concerning issue often goes unnoticed: your existing customers using other financial institutions for services you already provide.
Share-of-Wallet
Consider this crucial metric: what percentage of your customers’ total financial business are you capturing versus other financial institutions?
The percentage that comes your way is your share-of-wallet (SOW). And while it’s unrealistic to aim for 100%, there are strategies you can implement now to strengthen dollar retention and mitigate share-of-wallet attrition. In a volatile economic environment where interest rate margins are razor-thin and customers are more likely to consider other options, superior customer service can be the key differentiator.
Using an AI-Driven Contact Center Platform to Preserve and Grow Relationships
Glia’s AI customer interactions platform serves as a powerful defense against share-of-wallet erosion by enabling financial institutions to capitalize on every single customer interaction. By eliminating friction and ensuring customers are matched with the right agent (human or AI) and channel (voice or digital) for their unique needs, you can identify at-risk customers in real-time and provide immediate assistance.
This enhanced accessibility and personalized service approach not only helps retain existing relationships during periods of increased competition but also creates natural openings for relevant product discussions that can grow deposit relationships and expand share-of-wallet. Here’s how:
- ChannelLess® Customer Support
- Seamlessly transition between chat, voice, and video
- Meet customers in their preferred channel, eliminating the friction of phone-only support
- Maintain context throughout the entire customer journey, regardless of channel switches
- Proactive Interactions
- Identify customers at risk of abandonment before they leave
- Leverage sophisticated business rules to monitor signals like time on page and error messages
- Trigger timely interventions based on customer behavior patterns
- Digital Collaboration Tools
- Transform complex applications into guided experiences through CoBrowsing
- Enable loan officers and support reps to navigate alongside customers, just like in-branch assistance
- Significantly increase conversion rates through real-time, visual guidance
Optimized Interactions Drive Top-Line Growth
The idea that strengthening customer interactions impacts revenue growth shouldn’t come as a shock.
Forrester found that organizations that create the best customer interactions bring in almost 6x more revenue than their counterparts. Specific to FIs, Forrester estimates a 1-point improvement in customer experience scores for a large, multichannel bank creates an incremental $123 million in revenue. For direct banks the incremental revenue would be $92 million.
Optimizing each customer interaction delivers two key benefits:
- Improved customer experience, CSAT, NPS and customer loyalty
- Added revenue through upsell, cross-sell, increasing conversions and decreased abandonment rates
Glia’s AI-driven contact center platform is helping financial institutions achieve both:
35% Increase in Conversions
A Fortune 100 insurance carrier implemented our ChannelLess® AI-driven contact center platform across multiple business units including online sales and customer service. By enabling their front-line team to transition customers from chat to Digital Audio, they eliminated a high drop-off point during sales opportunities. This led to a 4 times higher conversion rate compared to their previous multichannel approach.
And through the use of the Glia Cortex suite of AI tools, the policyholder experience is now streamlined by intelligently routing customers who were interested in a new product to the representative who’s best able to capture that new business opportunity.
2x Loan Conversions, +36% Sales
Community First Credit Union accomplished their digital transformation with a “human-centric” approach, providing a seamless member experience across all forms of digital and voice interactions. The Glia Platform revolutionized their ability to convert new business by emphasizing their relationship with members:
“Our secret sauce is that we found a way to generate ROI by creating human connections through digital member services. Our lending team more than doubled production last year with Glia. It’s because we’re facilitating an experience that members find interesting and relevant.”
–Jimmy Lovelace, SVP Member Experience
This approach has paid off in a 9-fold increase in proactive member interactions and contributed to significant revenue growth that would never have been possible with their previous legacy technology.
72% Increase in Credit Account Conversions
Bancolombia has elevated their image as a progressive leader in digital banking and excellence in customer experience. Their goal was to find a partner that could help them engineer interactions where customers begin with digital self-service, then receive proactive offers to engage with a live agent at the exact right moment in their online journey.
Customer trust around digital interactions (which was sadly lacking in their primary markets, mostly due to poor experiences with competitors) quickly rose within just the first few months of going live on the Glia platform. By the end of their first year, they achieved 200+% of their annual sales quota. 🤯
Unlocking the Value of Customer Interactions is Key
Our AI-Driven Contact Center Platform’s unique ChannelLess® Architecture allows FIs to analyze interaction data holistically: Was the interaction as efficient as possible? Where did friction occur? When did a customer switch channels and why? Was the handoff AI-enabled and seamless?
By looking comprehensively at efficiency (lowering cost-to-serve, reducing AHT, eliminating unnecessary live interactions), effectiveness (revenue generation, increasing loan applications), and experience (CSAT, NPS, customer loyalty), organizations can have a more modern, detailed understanding of the value of their customer interactions—by connecting interaction metrics to business-level KPIs like share-of-wallet.
Remember those two key benefits you can expect from optimizing the ideal interaction for each customer? (Hint: increased customer experience AND added revenue.)
Well, with our ChannelLess® AI-driven contact center platform, you accomplish both simultaneously–sealing the hole at the bottom of their bucket–and retaining far more share-of-wallet from the customers you’ve already worked so hard to attract and serve.
