Effortless Experiences
Easy Digital Onboarding
Lisbon, October 2019 DIGITAL ENABLERS
PRIVATE & CONFIDENTIAL
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EFFORTLESS EXPERIENCES
Frustration is a big cause of onboarding dropout. DIGITAL ENABLERS
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EFFORTLESS EXPERIENCES
It’s Time to Reduce it
Create Low-Effort Service Experiences Instead of delighting your customers, help them solve problems quickly and easily. Our research shows that this is the most successful way to build customer loyalty. Customer effort is an excellent indicator of customer intent to repurchase, and increase spending. Leading organizations measure customer effort, identify issues, prioritize customer service investments, create a low-effort environment, and manage self-service and multichannel service. in Gartner.com
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EFFORTLESS EXPERIENCES
But please, don’t overthink it! Wow-Factors Only, Don’t Bring New Customers
Wowing customers requires high investment and relies on subjective tastes. And as the data shows: customer delight won’t bring them back to your brand. Rather, customer loyalty depends on how easy you make it for your customers to do business with you and that’s when they’ll return your service with their repeat use and business. in Gartner.com
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EFFORTLESS EXPERIENCES
Start by improving the quality of your users facing digital tools!
1.
Fees
Raising fees is the number one reason why customers consider leaving in the first place. However, poor service ends up being the primary reason for actually leaving.
2. Rates Return rates are highly competitive across fintech startups, new online entrants, and the incumbents.
3. Branch Locations
6 key areas where banks
and financial institutions can improve their relation with current or prospect clients
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Some institutions have adopted an online-only model recently to save costs, but the majority of customers still like having a physical bank to get in-person guidance, conclude several international surveys
4. 24/7 Customer Service and Wait Times
No one wants to be on hold for any amount of time, especially when there is financial risk involved.
5. Breadth of Product Offerings
Customers want options and to feel they received the best rate when shopping for big-ticket items that require financing.
6. Quality of Digital Tools
In a recent survey, banking customers said to spend 69% of their time online or using the mobile app, with millennials even higher at 79%. As more of our daily needs can be accomplished with a smartphone, online and mobile experiences must be more smooth, easy, secure, and enjoyable for managing one’s finances.
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EFFORTLESS EXPERIENCES
Check Your Onboarding!
Is this touchpoint really user-centered? as in... smooth, easy, enjoyable, secure & compliant
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EFFORTLESS EXPERIENCES
Customer’s First Interaction is Critical Onboarding a prospect customer can become a moment of friction and frustration! specially in banks, financial services and highly
See Theros’ S
olution
EASY ONBOARDIN G
for an effortle s
regulated verticals propositions.
s journey
developed in
FINANCIAL SERVICES INDUSTRY MOST IMPORTANT TRENDS
Removing Friction
61%
from the customer journey
Use Big Data, AI
57%
advanced analytics and cognitive computing
Improvements in integrated multichannel delivery
42% in The Financial Brand 2018 survey
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EFFORTLESS EXPERIENCES
Reduce Effort in Every Touchpoint! A typical onboarding session starts with an Interested User (research information, access an app or website) and ends when Your Product/Service is activated (credited account or a received card). TOUCHPOINTS : KEY EXAMPLES
SEARCH BEST PRODUCT
Set your goal and move from a lengthy-couple-of-weeks, paper based and high effort process to a smooth-couple-of-hours and omnichannel customer experience
CREATE ACCOUNT Secure & Validated CONTRACT Compliant & Signatures
Fill in pape rwork is cited by
3 8%
of banking users to be a cause to abandon a new enro lment
PRICE SIMULATION
PROPOSAL w/ Risk Assessment CUSTOMER SERVICE Contact Center, Online Support, etc.
CLIENT ACCESS CHANNEL Omnichannel challenges CRM Related Context
Time Spent and Quantity of Communications between Customer and Your Service can accumulate user frustration and ultimately contribute to lose another prospect customer!
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OUR SOLUTION
Easy Onboarding ENGINEERED by Theros
DIGITAL in partnership ENABLERS with
and
9
OUR SOLUTION
Easy Onboarding
in partnership with
ENGINEERED by Theros
+
BUILT-IN FOUNDATIONS
Know The Identity of Your Customers Flexibility to decide how to onboard customers, ensuring compliance with applicable KYC and AML/CTF and GDPR requirements and regulations.
Intelligent Customer Data Acquisition
Video-Interview & Biometry Support
Advanced OCR mechanisms, reducing journey duration and enhancing data reliability.
Secure video calls self-recorded or operator-guided interviews. Biometric enrolment capabilities and liveness checks.
Due-Diligence Advanced Checks KYC and AML due-diligence in processes like PEP, RCA and SIP checks. Authenticity and validity checks of 6000+ different ID documents.
KYC - Know Your Customer | AML – Anti Money Laundering | CTF - Counter-Terrorism Financing | GDPR - General Data Protection Regulation
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ENGINEERED by Theros
Easy Onboarding Experience Game-Changer Reduce Your Process Costs Secure & Compliant
This represents a move from a Lengthy-Couple-of-Weeks, paper-based and high effort process to a Smooth-Couple-of-Hours and omnichannel customer experience
CONSUMER CREDIT
NEW ENROLMENTS
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Quick Address Inevitable challenges:
• Decreasing cost/income ratio • Customers prefer online to physical • New technology driven competitors
RECIPE FOR HIGH VALUE & SCALABLE DELIVERIES
USER CENTERED SOLUTIONS DESIGN
+
DESIGN & ARCHITECTURE SERVICES
CONTRACT SIGNING
DIGITAL SIGNATURE
RIGH TECHNOLOGY INDUSTRY TRENDS
OTHERS
+
ADOPT AGILITY & LOW-CODE DEVELOPMENT PARADIGM
=
CONSTANTLY DELIVER VALUE ADDED TO YOUR CUSTOMERS
OTHERS
SIMPLE INTEGRATION (API AND SDK)
DOC. CAPTURE
MACHINE LEARNING
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ENGINEERED by Theros
Implement Easy Onboarding Adopting this new digital process requires a high level of security and low risks requires a revision to the overall Business Architecture.
EFFORTLESS EXPERIENCES
EASY ONBOARDING + Selfcare App
BUSINESS SUPPORT SYSTEMS
OPERATIONS SUPPORT SYSTEMS
DISTRIBUTED INTEGRATION APIS & CONTAINRES
3 Key Success Factors
• Step #1 Be User Centered Improve Customer Experiences
• Step #2 Architecture Technology & Business
PARTNERS
SUPPORT PLATFORMS
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REGULATION ENTITIES
Documents
Identity Mng. & Digital Signature
• Step #3 Compliance Always compliant & Scale
CORE BUSINESS SYSTEMS
Communications
Clients
Scoring
Risk
Decision
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EFFORTLESS EXPERIENCES
Simplicity by Design! The redesign of existing onboarding processes is a complex task that involves many different competencies, processes, providers, and systems. Simplicity by design makes everything much easier and reduces unneeded complexity to the overall solution. Adopting a Customer Centric approach and implementing effortless experience are key aspects to consider as quick improvements to your online service.
DIGITAL in partnership ENABLERS with
and
EFFORTLESS EXPERIENCES
Simplified User Journey : Step ID Scan
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EFFORTLESS EXPERIENCES
The truest test of loyalty is when something goes wrong DIGITAL ENABLERS
Banking customers spend
69%
of their time online or using th e mobile a pp, with millenn ials even higher at 79 %.
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EFFORTLESS EXPERIENCES
Why OutSystems?
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EFFORTLESS EXPERIENCES
Why OutSystems Because it can.. • Enable an integrated portfolio offering across variety of end user channels • Get developers closer to writeonce, run everywhere ideal • Support evolving infrastructure and org patterns • Address the lust for cognitive services
Leading low-code application full-stack digital experience development platform.
Teams to rapidly develop enterprise-grade applications, easily integrate with existing systems, and deploy to any device type across any platform. Combines the power of low-code development with advanced mobile capabilities, Used to deliver mission-critical, efficient, reliable, and compliant solutions that replace aging legacy ERP/CRM systems. Build mobile and web apps for internal processes, field services, and the frontline, dramatically improving employee effectiveness and satisfaction. Develop B2C customer experiences for online banking, account enrollment, and self-service, increasing customer satisfaction, creating new revenue streams, and leapfrogging competitors.
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Adopting Key Standard Scenarios
Others collaborative scenarios may be designed WAYS-FORWARD
3 possible ways-forward to adopt
1
Theros Agile + OutSystems
• • • •
proposition and move forward.
Keep your core doing what it does well Promote Balanced Co-Existence Implement Agile Deliver Enterprise App Fast
THEROS
2 • Transform your business • Implement Agile • Deliver Enterprise App Fast
YOUR CORE
THEROS
LEGACY SYSTEMS CURRENT
3 • Start Small • Discover Agility • Deliver Enterprise App Fast THEROS
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PERVASIVE CHALLENGES
How Low Code can help you face the challenges Insurance Technologists Will Wrestle With Five Pervasive Challenges In 2019
Innovation reshapes regulatory approaches. Approaching innovation with low code solutions allows a faster time to market and a response to regulatory changes that can represent a competitive advantage. Recession fears impact tech budgets and projects. Agile projects supported on low code platforms are flexible by nature, and allow fast response to external threats, easily scaling to adjust to available budgets. Stalled CX progress constrains future CX investments. Low code platforms are first class CX enablers, allowing your current vision to come true in an adequate timing, and faster reach the market with your vision for tomorrow. InsurTech and Big Tech inspire – and threaten. Either if you want to ride the wave and easily integrated with this new players, or if you want to run ahead, low code can enable your strategy.
in “The Top Insurance Tech Trends To Watch In 2019” by Forrester
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Large loss events become more frequent. Insurance companies know the value of feeling safe and covered, flexible solutions and project teams will enable the adequate adjustments the future may require.
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Thank You!
talk@theros.digital | www.theros.digital DIGITAL ENABLERS