digital advice for banking and finance

Digital Advicefor Banking and FinanceBe more than just another bank

In years past, having a branch in close proximity to customers and providing friendly service at the counter were the top customer experience priorities for banks.

For the modern consumer, that is no longer enough. Customers want convenience. How much loyalty a bank can drive directly depends on ease of customer experience.

Competitive rates and fees matter, but it is the allure of a better customer experience provided by innovative banks that convinces and pulls customers away.

According to EY’s Global Consumer Banking Survey, customers are expecting instant gratification, outstanding service quality, simple, intuitive processes, 24/7 availability, self-service, transparency of products and pricing, personalization,

Why?

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and a consistent experience across channels.

Many banks find it difficult to differentiate

themselves from competitors. Only one third of customers perceive product differentiation among providers, and only 14% feel extremely

(Source: EY’s Global Consumer Banking Survey)

The SMARTASSISTANT Digital Advice Suite helps banks to facilitate more creative, accessible, and personable experiences.

It allows banks to greatly simplify the decision-process, provide unbiased, high-quality advice suited to a customer’s financial needs and goals, and offer individually tailored solutions to every customer.

Delivering against Growing Customer Expectations in the Banking and Finance SectorA number of factors put pressure on banks to improve the user-experience across channels; competition, changing customer behavior in the banking sector, and the increasing popularity of FinTech companies are all pushing the banking industry into the future.

confident in the banking industry today.

Digital Advice for Banking and Finance

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“Over a third of customers are digitally savvy but do not have a firm grasp of financial products and the financial choices they are making. They need better advice and more hand holding through digital channels than is currently available in the market.” (EY)

Digital Advice takes the confusion out of banking and makes it much more accessible for the customers. Consumers in turn reward banks for this simplicity by remaining more loyal over time.

How Digital Advice Helps Tailor Propositions to Different Types of Customers

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What is Digital Advice and what does it do for BankingDespite the progress being made in the fields of digital technology and ecommerce, customers’ migration to mobile and online banking remains relatively slow.

The foremost reason behind customers’ reluctance to adopt digital banking is that they feel it is complicated. It is crucial for banks to develop easy, user-friendly solutions that customers feel comfortable using.

That is exactly what Digital Advice helps you do.

You are able to design an online interaction that is conversational and quickly provides customers with products that are just right for their needs and situation. It helps customers understand complex features and pricing, so they don’t have to deal with information overload and can conveniently choose from the most relevant options.

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What?

A digital advisor asks customers some very targeted, inclusive questions regarding every aspect of the banking services so as to assess their wants and needs. Answers to these in turn enable the digital advisor to provide relevant information and shortlist only those products and services that meet these wants and needs.

This approach that is based on transparency and a better understanding of customer needs enables banks to build and earn trust through unbiased, high-quality advice.

In addition, Digital Advice lets you offer appropriate product bundles and tailor propositions to different types of customers. All in all, digital advice helps you assist the customer like an understanding bank teller that is on call 24/7.


How?

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How SMARTASSISTANT Digital Advisors help your customers choose in 3 Steps

UnderstandAsks the right questions to understand your

customer's needs and expectations. This customer-centric approach allows any user, from novice to

expert, to discover the product or solution that's just right for their individual situation.

EducateSeamlessly informs and educates users about

available options and benefits in a needs-oriented way. This way you can avoid that your customers are overwhelmed with information that is not relevant

within their current decision context.

AdviseThe intelligent algorithms of the

SMARTASSISTANT Digital Advice Suite identify suitable products or solutions based on your

customer's expressed needs. The advisors also explain why items have been suggested and how

well they satisfy your customer's needs.

Where?

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InstoreMobile / ChatbotsDesktop

Be available whenever and wherever your customers need your advice to make a decision

Guided Selling Provide Needs-based Navigation & Better Decision Making69% of consumers get confused and abandon navigating banks' product and service portfolio, which results in poor conversion rates.

What they really need is a supportive way to understand primary differentiating factors between the various products you offer in order to make an informed decision. With SMARTASSISTANT Digital Advisors, you can design an interactive experience that guides users - whether they are branch representatives, contact center professionals, or prospects - through the buying process.

This interactive, needs-based approach reduces complexity helps them makes sense of financial products and services. It ensures consistency in the sales communication, accelerates sales time, and increases the average conversion rate of online leads.

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Benefits


Expert Advice Provide Reassurance and Inspire Confidence73% of Americans who have a bank, trust that their bank knows what financial products and services to recommend to best meet their personal needs.

Banking customers seek validation and reassurance.

SMARTASSISTANT Digital Advisors allow you to incorporate interactive advice, guidance, and education to increase decision confidence among consumers.

This way, you can ensure that customers get what they need, driving up satisfaction rates, decreasing switching rates and increasing wallet share per customer. It helps communicate individual benefits of products in a transparent, needs-based way, which in turn inspires more confidence in your customers.

This level of comfort helps you leverage upselling and cross-selling opportunities which would otherwise be viewed with some suspicion and distrust.

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Benefits


Self-Support Provide Assistance 24x7 People don't just want to be sold to anymore. They want to be educated by experts.

With SMARTASSISTANT Self-Support capabilities, you can provide customers with helpful and relevant content in an engaging, interactive way.

You can integrate contextualized information in your advisors and dynamically proffers relevant articles tailored to the consumer's expressed needs or life stage.

Banks get to step up as trusted experts, become proactive in a consumer's buying journey, and grow with the consumer to foster loyalty.

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Benefits


Digital Experience Enhance Digital ChannelsBanking consumers expect user-friendly digital channels and solutions that are easy-to-use, interactive and integrate seamlessly across different channels.

Leveraging technology to enhance digital channels allows banks to offer a truly differentiated experience that sets them apart from competitors.

With SMARTASSISTANT, you can improve the omnichannel banking experience as the customer moves between touchpoints and channels.

Be it at home, on mobile, or in the store on kiosks or touchscreens, the information from the Digital Advisors is available across devices to deliver a frictionless, tailored, and consistent digital experience.

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Benefits


Personalization Offer Timely Advice34% bank customers say that they would like their bank to better anticipate their financial needs and offer them more timely advice.

A survey conducted by a large national bank found that

30% of their customers used accounts that did not suit their needs specifically, as customers were not aware of their options.

True personalization requires a deep understanding of customer needs.

SMARTASSISTANT does that in the most effective manner possible. It engages the customer in what feels like a real conversation and encourages them to share what they like and what they want from their bank.

Knowing their individual, specific needs allows you to capture and integrate information about customer needs into your CRM systems to tailor offerings and deliver most relevant and timely advice proactively.

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Benefits


Assisted SalesStreamline the Sales ProcessIntegrating SMARTASSISTANT digital advisors into your online journey helps you to generate qualified leads and enables branch representatives to be more productive.

Upon completion of the online advisor, the prospect's profile and needs can be made available to the banker to continue the advising process and facilitate a more informed sales communication.

For more sophisticated product scenarios that require deeper expertise such as mortgages and wealth management, SMARTASSISTANT Live Engagement enables banks to integrate live chat and screensharing to advance the customer experience and create richer, more engaging interactions.

This way you can make sure that the needs of your customers and your business are met in the best possible way.

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Benefits


The SMARTASSISTANT Digital Advice Suite

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- across all channels (online, mobile, call center, and in store),

- throughout the entire customer lifecycle from acquisition to retention

- and covering all customer-facing business units

(Commerce and Sales, Marketing, Customer Service).

Global businesses of all sizes and industries leverage digital advisors in more that

100 product categories and over 35 languages to increase customer satisfaction

and simplify decision-making.

You can use SMARTASSISTANT to quickly create intelligent, digital advisors to

guide your customer's individual choosing and selection processes in a way

that is closest to how humans make decisions.

Interested in taking the next step to help your visitors make decisions?

Visit www.smartassistant.com

Contact us: [email protected]

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