Smart Digital Routing and Business Rules Are the Key
This article originally appeared in Bank Automation News. View it here.
When it comes to supporting customers online, strong business rules and smart digital routing may not be something that even crosses your mind. However, these little understood, behind-the-scenes instruments can make the difference between a competitive organization and one that struggles to keep up with customer needs.
In their simplest form, business rules provide the blueprint for how your institution routes your digital visitors through engagements within your digital properties, such as your website, digital banking portals, and mobile apps. While many financial institutions may think they have this covered already, the devil is in the details.
In fact, financial institutions have been using routing systems for calls since the 1970s with interactive voice response (IVR) systems. Pre-dating digital routing by a few decades, IVRs remain the workhorse of many contact centers even today. While they are helpful in managing large volumes of callers, many consumers are frustrated with the inability of these systems to directly route them to an appropriate contact who can help them. Plus IVRs are unable to pass on rich context, such as call history or even what the caller requires immediately. This is where the key benefits of business rules and digital routing in Digital Customer Service (DCS) come in.
When a Digital Customer Service platform includes specialized business rules and intelligent digital routing, it gives you an edge. You can detect customer behavior on digital channels and proactively guide them to the most appropriate representative before they get frustrated and leave. With abandonment rates as high as 97.5% for some online banking applications, it is important to effectively direct your visitors where they want to go and keep them from leaving.
What if a website visitor is spending a lot of time on your lending page, specifically exploring auto loans? Would your current system know how to keep this visitor engaged? For instance, could you send a personalized message through chat to offer assistance in providing rate information or even filling out an auto loan application? Could it connect them to a qualified specialist standing by, as needed?
Consider a scenario where a service representative offers guidance for an auto loan and easily directs the visitor to the appropriate application. Now imagine that the DCS system understands when that visitor needs help from a loan officer and is able to quickly make that connection online. Rather than forcing the customer to stop the digital engagement, call into a main number to reach a loan officer and start the whole process all over again, simply make the transfer online without breaking the digital connection. The loan officer picks up where the previous representative left off, without missing a beat. You can see how this would reduce the abandonment rate.
This is especially powerful when your DCS platform can transition from Chat to Voice or Video for a more personal experience in one seamless engagement. Helping a consumer get the loan approved to buy a new car—in their time frame—keeps them engaged and drives up conversions. Without the knowledge provided through business rules and digital routing, the visitor could have easily left in favor of another institution, most likely one offering a better digital experience, optimized with business rules and smart routing.
Increase customer lifetime value
Beyond the obvious efficiencies, consider how intelligent digital routing and business rules can drive long-term value. By connecting visitors with the most appropriate representatives at the right time, customers expend less effort in getting what they want. Low effort has a direct impact on their satisfaction. In fact, 94% of people with a low-effort experience have said they would repurchase. Not only that, but low-effort engagements are one of the best ways to increase loyalty, driving repeat business over the long run, and ultimately increasing their customer lifetime value.
When looking for Digital Customer Service solutions, make sure to dig into the details of how robust the business rules and digital routing are. While various digital solutions exist, Glia’s Digital Customer Service (DCS) provides your institution with the intelligent guidance and personalized transitions that customers expect in a digital world. Learn more about digital-first customer service.