customer knowledge augmentation and...
TRANSCRIPT
Customer KnowledgeAugmentation and Activation
KEY TAKEAWAYS
Understand how to leverage customer insight.
Build an integrated and tailored E2E customer journey.
Learn more about the technology enabling Customer Value Augmentation.
WHO SHOULD READ THIS DOCUMENT?
CMO
CIO
CDO
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Drowning in Data... Missing the Gold
Leveraging Long-Lasting Relationships Insights
In the mining industry, regardless of all the technology now available, there is still
some guesswork involved. Looking at geologic traits and other indicators, miners
know where there is a good possibility of finding gold but have no certainties.
In the financial industry, however, banks and other organisations, know where
the rich ore-bearing ground is. They are seating on a proprietary, non-replicated,
or copied asset that can make all the difference in knowing customers, their
patterned behaviours, risk profile, and how they prefer to engage, but struggle to
extract the coveted nuggets.
There aren’t many industries where organisations have so much data about
customers for such a long period of time. For example, I have had the same bank
for the last 25 years which, by the way, is the same as my father’s.
My bank has been my partner when I wanted to go to university or buy my first
apartment. It knows how much I make and where I spend it, but I never truly
felt they used that knowledge to either enrich my experience or deliver tailored
offers. Why is that?
There is a wealth of value to explore in untapped customers’ financial
behaviour and banks are in prime position to reap the benefits, but they need
to adapt.
The transformation has already begun with banks introducing more channels, learning best practices from digital native banks and fintechs, and even creating new digital business models to test what works, aiming to later integrate those learnings into the core business.
Still, banks are drowning in data and have very little insight on how to transform
it into actionable knowledge to better serve customers, personalise offers, and
deliver a consistent customer experience.
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Furthermore, through segmentation, banks can use their knowledge about
current customers to define campaigns and other initiatives to fulfill one of their
main objectives, attract new customers. Their continuous appetite for growth
steams from delivering unique and innovative value propositions to current but
also future customers which today can be, in many situations, challenging.
It’s clear that very soon ‘Customer intelligence’ will be the most important
predictor of revenue growth and profitability. The use of behavioural analytics will
be key to identify customer friction points and there will be a surge in building
technological capabilities to get more insight on customers’ needs.
From risk takers, tech-savvy, and hungry for innovation customers to techavoiders that value human touch, banks must accommodate different engagement approaches and insights to differentiate customer profiles. This happens not because they don’t have the data, but because they can’t mine it.
A New Engagement Model for the Digital Age
By nature, financial products are complex and both companies and individuals
are deeply affected by their financial choices, so there’s a foreseeable need for
contact, ensuring a correct understanding of what is at stake.
Bank tellers, financial advisers, and other resources are key in accommodating
customers’ requests and providing value-added and timely information. They
benefit first-hand from customer insights, which enable them to provide not
only a better service, but also to increase the customer value by offering the best
solutions.
In addition to assisted channels, there is the emergence of self-service
applications aiming to allow customers to engage on their terms, when they
want, going as far as allowing customers to configure product features, including
pricing. If, in this case, the human factor is eliminated, the need for accuracy is
even greater, otherwise, the sale may fail or the inquiry can go unanswered.
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Customer expectations have changed mainly due to the experience from other
digital native organisations, coming or not, from the financial sector. The easy
interactions, the tailored offers, integration between physical and digital channels
or the unmatched service, creates a gap between what many financial institutions
can deliver and what customers are getting elsewhere.
Responding to the pressure to change, banks must find a balance between
opening but guaranteeing trust continues to be paramount, at all levels.
Up to this point, the perspectives presented argued for the need for banks to
not only gain insights and knowledge from the data they already have, but also
the challenge in adjusting to new customers’ demands and how they choose to
engage.
However, the biggest challenge is how to orchestrate these two dimensions and provide customers with experiences that leverage the knowledge banks have delivered in a seamless way, using whatever channel customers choose from.
The holy grail of an enhanced experience in the banking sector is to have an
holistic and end-to-end perspective of the customer experience.
Sca
le e
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entl
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Inv
olve
Securely
Enable Readiness A
ctivate New
business
Provide Seamless Experience
CUSTOMER & BUSINESS DATA
BUSINESS & AUTOM
ATION
OP
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BA
NK
ING
L
OYA
LTY
& P
ARTNERSHIPS
AI O
PE
RA
TIO
NS CUSTOMER TOUCHPOINTS
COGNITIVE & AUTOMATION
SM
AR
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AM
PAIGNS
CU
STO
MER
INSIGHT
Handle your data
Ac
tivate m
eaningful insights
Tailor yo
ur custom
er
Readiness & CustomerCentricity to fuel a Digital Strategy
CUSTOMER
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Celfocus Customer Knowledge Augmentation and
Activation is a modular and integrated framework tailored
to leverage banks’ customer knowledge and deliver tailored
services.
This framework is anchored in 2 main modules. The first comprises the tools and
technologies to augment customer knowledge by activating every single customer through automated AI and Cognitive data insights, and the second aims at delivering tailored experiences that trigger new targets, portfolios, and customer lock.
By encompassing the Customer Value Augmentation and Enhance Customer
Experience modules, the solution provides banks’ full control of the customer
journey from planning to execution, focusing on building the technology
capabilities to get more intelligence about customers’ needs, and how to best
serve them.
Celfocus Customer Knowledge Augmentation and Activation
ENABLEscale & speed
TRIGERnew business
PROVIDEa seamless experience
Enhanced CustomerExperience
HANDLEyour data
Cognitive &Automation
TAILORyour customer
ACTIVATEmeaningful insights
Customer ValueAugmentation
BusinessAutomation
CustomerTouchpoints
Open Banking
SmartCampaigns
Machine LearningEngine
Smart CampaignsManagement
Automated Products Portfolio
Robotic Process Automation
Business ProcessManagement
API Monetisation
API Management
Systems Decoupling
Home & MobileBanking
Customer ValueOptimisation
Customer Journeys
Automated Document Classification
Automated Transactions Classification
CustomerInsight
Customer Hologram
Customer Profiling
AutomatedDocument Parsing
CUSTOMER VALUEAUGMENTATION
UNLOCK DIGITALTRANSFORMATION
ENHANCED CUSTOMEREXPERIENCE
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Customer Value Augmentation
CUSTOMER VALUEAUGMENTATION
CUSTOMER INSIGHT
Giving a meaning to massivevolumes of data, transactionsand documentation
Fast Data Access and Data Profiling based on Machine Learning patterns. Enables tailored user experiences o�oading Core systems data demand.
SMART CAMPAIGNSIntegrates Customer Profiling into Product Portfolios, activating pro-active and tailored campaigns based on profiles and behaviours.
88%EFFORT REDUCTIONof document classificationactivities on a US Tier 1 bank
ESTIMATED REDUCTION OFCALLS TO THE CORE SYSTEMof a Saudi Arabia Tier 1 Telco.
85%
OF PRODUCT CAMPAIGNSacross customer channels are
BEING AUTOMATEDON A TIER 3 TELCO.
93%
CUSTOMERHOLOGRAM
CUSTOMERPROFILING
MACHINELEARNING ENGINE
AUTOMATED PRODUCTS PORTFOLIO
SMART CAMPAIGNSMANAGEMENT
COGNITIVE & AUTOMATIONAutomated AI and ML systems that accurately extract, classify and deliver large volumes of data with minor human intervention.
AUTOMATED DOCUMENTCLASSIFICATION
AUTOMATEDDOCUMENT PARSING
AUTOMATED TRANSACTIONSCLASSIFICATION
Using advanced AI and ML algorithms, the solution empowers banks to look at
customers from a different stance. It can be used in a wide array of solutions to
improve customer lifetime value and optimising the sales of financial products.
Using the same data, banks can understand what attracts some segments and
drive them to act and others to leave. This knowledge offers an opportunity
to target the in-danger segments with motivating offers and products, thus
reducing churning.
Never like today could Mass Customisation be achieved. Microsegmentation
enables more precision in the type of offers proposed, but also additional
agility on how those offers are delivered, through a robot advisor or reacting
immediately to a customer behaviour (like proposing insurance when renting a
car or alerting customers of higher-than-average spending patterns).
Still, generating insights have very little value, if they aren’t actionable. Celfocus Cognitive Automation solutions ensure customer activation through automation, managing complex and diverse smart campaigns.
Investing in retention, intelligent engagement, and nurturing loyalty are key to
transform the customer experience. Banks have a unique advantage to explore
these dimensions.
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Enhance Customer Experience
Celfocus Customer Knowledge Augmentation and Activation framework
automates and orchestrates back office processes leading to shorter turnaround
times, faster answers, and transaction transparency, thus providing better service,
regardless of the channel used.
It looks at the journey from a holistic perspective, breaking organisacional
transational and data silos, putting the customer at the realm of the experience,
and building the response around it. Customer experiences are vastly improved
with automation, from onboarding, product acquisition or service benefits,
both at the assisted or self-service level.
With the plethora of interaction touchpoints available, customers don’t really
care which one they use but they are keen on having the same consistent,
context-based and customer-oriented experience, from the moment a customer
visits the website, engages with a customer service representative or visits a store.
Banks must focus on two different axes when it comes to
their engagement strategy. On one side, provide access,
from reinforcing assisted services response, supported
by empowered front-line resources, to develop its self-
service capabilities. To provide meaningful experiences,
banks must remove friction and deliver value in
each interaction. Open banking is one of banking’s
transformation levers. A business model, framed by
the European directive on digital payment services
PSD2, which defines how data can be exchanged in the
financial ecosystem and a driving force for innovation.
Celfocus Customer Knowledge Augmentation and
Activation framework delivers an open banking platform
to integrate with the bank’s ecosystem through secure
and monitored API’s, thus enabling the emergence of
new business models, improving digital agility, multi-
industry collaboration, and overall customer satisfaction.
ENHANCED CUSTOMEREXPERIENCE
OPEN BANKING
Digital enablers leverage the business to new scale, models and experiences
Continuous solutions delivery, through secureand monitored APIs. New o�ers and bundles are activated by a flexible monetisation process.
CUSTOMER TOUCHPOINTSMaximising Customer engagement through highly personalised and integrated journeys across multiple customer touchpoints.
96%TIME SAVINGtime saving was achieved withRPA in a timesheet process of1.000 employees on a Tier 1 SIin Portugal.
MONTHS from Project kick-o� to 1st invoicewas our delivery time-to-marketon a central Inter-Banking entity.
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CUSTOMER SYSTEMSINTEGRATED under a single unified frontendon a tier 1 telco in Ireland.
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API MANAGEMENT
API MONETISATION
SYSTEMS DECOUPLING
HOME & MOBILEBANKING
CUSTOMER VALUEOPTIMISATION
CUSTOMER JOURNEYS
BUSINESS AUTOMATIONEnables a scalable back o�ce, through automated events and actions. Activates processes e�ectiveness and a seamless user experience.
ROBOTIC PROCESS AUTOMATION
BUSINESSPROCESS MANAGEMENT
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Unlocking Digital Transformation Through an Innovate Delivery Approach
Over the last 30 years, Celfocus has worked with customers across the globe,
incorporating the latest technological trends and delivery methods to better
serve customers.
A company driven by a strong engineering backbone and human-centric
innovation capabilities, Celfocus helps companies carry out their vision and
transform their business by leveraging next-generation technologies and
multi-disciplinary agile teams.
With extensive hands-on experience in critical information systems, we know that
delivering successful projects requires knowing how to minimise risks and that
is why Celfocus’ approach to deliver innovative solutions is based on solid Key
Architecture Principles, Reusable Components, and Service Design approach.
Celfocus’ success was built by working in partnership with customers by
delivering:
Nearshore Capability - experience in multi-location
models with delivery team located in Europe.
Non-Intrusive Solutions - Our solutions enrich the
Client’s IT landscape without major transformations
on Core systems.
Test Automation & Engineering - Quality Assurance
assets speeding up delivery and leveraging Client’s
capabilities & autonomy.
Multi-Industry Experience - Predictability and
reliability through a wide range of multi-industry
knowledge and lessons learned.
Agile & DevOps Delivery - Collaborative and joint
delivery approach focused on Customer value and
Business time-to-market.
ACTIVATEProject setup &organisation activation
BUILDSolution foundationsdelivery
Handover
Inception
Knowing yourlandscape
Activate jointorganisation
Project Management Delivery Governance Solution framework readiness Solution Go-Live Handover to Continuous Delivery
Project Management Teams ramp-up / ramp-down Customer Success Management Governance & Reporting Continuous Knowledge Sharing Continuous Product Increments Operation in Production
KICKOFF
Solution Pillarsare ready
End of service notice
Handover toClient’s team
Unplugservice
Minimum Value ProductContinuous Collaborative
Delivery & Operation
EVOLVE & OPERATERoadmap delivery & utilisation by customers
About Celfocus
Celfocus is a fast growing, global high-tech company with a reputation for developing and implementing successful projects and solutions that drive business value.
By combining a deep business knowledge with the understanding of different technologies, while never losing sight of the customer experience, Celfocus built a reputation leveraged on an unexcelled track record.
Serving Clients in 25+ countries, Celfocus helps organisations transform their business in order to improve competitive positioning and ultimately their performance.
For more information about CELFOCUS, please visit our website
www.celfocus.com
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