Improve findability It is one thing to have content and another thing to be able to find the proverbial needle in the haystack, i.e. the answer when a customer is waiting on the line. While content management (CM) systems are good at content creation and maintenance, they are not good at findability. It’s important to have a knowledge management (KM) system that offers multiple ways for agents (and end customers) to find answers – dynamic FAQs, keyword and natural language search with or without chatbot front-end, topic tree browse, guided search, etc. If you already have a CM system in place, you are well-advised to add a findability layer to it with KM.
Leverage artificial intelligence (AI) You can’t address today’s business challenges with yesterday’s technologies. The need for smarter knowledge calls for the use of AI and here is the good news. Purpose-built AI, applied in conjunction with best practices, is guaranteed to deliver transformational business value. An example is eGain’s patented Case-Based Reasoning (CBR) technology, which has simultaneously improved multiple customer service metrics for blue-chip companies across industries.
Next-gen KM: It can transform your business
The Cure So what is the cure for customer service pain in BFSI? If you look closely at the consumer responses, you’ll find a common thread across them – all the issues can be addressed by infusing smarter knowledge across customer touchpoints. So what is driving the need for smarter knowledge? It is the increasing breadth and depth of customer queries, preference of next-gen customers for self-service, and the increasing ability of self-service systems to handle routine questions, which leaves the hard questions for the agents. Here are four steps to pain relief: Summer 2016
Unify across touchpoints Inconsistency of answers and process across touchpoints not only frustrates customers but also creates compliance risk for the BFSI sector, one of the most regulated among industries. The problem can be addressed by enforcing regulatory and best-practice compliance across content, interactions, and service fulfillment processes with robust omnichannel KM, infused with AI for guidance.
Optimise for performance It is important to expand and maintain your KM system on an ongoing basis to ensure its relevance and expand its business value. Make sure you leverage knowledge analytics to continuously improve the accuracy and scope of your knowledge base content. At the same time, measure the performance of your agents and customer self-service systems before and after deploying KM to quantify the business value of knowledge. Sample metrics include First-Contact Resolution
(FCR), Average Speed to Answer (ASA), customer satisfaction (e.g. NPS), reduction in training time, speed to competency, and call deflection rate (in the case of digital self-service).
The Gain Done with the right technology and best practices, knowledge, infused with AI, can transform any business while alleviating customer pain. Here are some examples from our blue-chip clients: Global BFSI giant: Scales to meet 100 per cent increase in demand for customer service without adding any advisors, improves FCR by 36 per cent, slashes training time by 60 per cent, and enforces regulatory compliance Premier US financial services firms: One improves FCR by 72 per cent, and another speeds up response time by 47 per cent and improves compliance attainment by 30 per cent, while reducing classroom training time by 30 per cent
You can’t address today’s business challenges with yesterday’s technologies Pan-African BFSI firm: Ascends from #3 to #1 in customer service NPS, cuts agent training time by 50 per cent, reduces agent churn to less than one per cent, and enables any agent to handle any customer query, even as it expands to 11 countries Transformational? Yes, that is exactly what next-gen KM can do for any BFSI company, and, in fact, for any business.
The Path What is the safest and best path to customer service transformation with next-gen KM? A proven approach our clients have taken is to start with eGain Try+Buy, a cloud pilot in a production environment, guided by best-practice experts for success, all free of charge with no obligation to buy. Once business value is established, these clients engaged with our experts to expand the value in rapid sprints. Agile transformation of BFSI customer service is, after all, no oxymoron. www.fintech.finance |