Those insurance, commercial banking, and capital markets companies that make up the financial services sector worldwide are working to redefine core operations and improve the overall customer experience. However, this is not easily achieved because of the volume of business challenges financial services companies deal with today.
In the insurance industry, the main challenge lies in improving customer service while keeping claims agents productive. For many claims agents, the volume of phone messages and paperwork that follow an auto accident, for example, can make resolving an insurance claim both frustrating and counter-productive. Indeed, auto claims — with the amount of estimates, adjustments, repairs, billing and more that they necessitate — are extremely time-consuming and expensive for both parties. In the end, these challenges lead to a poor customer experience and inefficient company workflow.
Many of the challenges of commercial banking rise from the constant need to improve customer relationships while minimizing costs. To give a customer personal attention, bank personnel must have a detailed understanding of the individual’s past banking relationship, as well as an idea of how demographic trends affect customer behavior and response to bank services. In addition, banks are challenged by fluctuating market conditions and driven by the need to decide which new products to provide and how to innovatively market them to the customer base. To capture new markets without loosing existing customers, banks must continue to support branch systems while developing new customer “touch points” such as the internet, self-service applications, ATMs and kiosks.
In an industry where time is truly money, technology continues to play a vital role. Capital markets are undergoing significant transformations driven by market volatility, the need to change previously inefficient processes and new governmental regulations. XpertSHARE™ transforms the economics of financial professional services delivery: opening new markets, increasing revenue, and driving business productivity. Financial Services organizations deliver an array of expertise-based services to their clients – generally in person or over the telephone. Each service is designed to solve problems or address opportunities in a specific market – at a particular price or cost. The spectrum of these services and the skills required to deliver them range from call-center-based telephone support for mass retail products and services to specialized advising for high-net-worth individuals or institutional clients. The following diagram illustrates the relationship between cost and service complexity.
1. Grow revenue by offering complex products and services that require human expertise and interaction on-demand and to a broader market.
2. Lower costs and improve customer access to company expertise by consolidating existing resources and improving the dissemination of specialized knowledge throughout the organization.
3. Improve client and partner support by more effectively directing customer queries and calls within the customer service department, and applying existing company resources, knowledge and experience in innovative new ways.
4. Develop a new and powerful business intelligence resource. The aggregation of expert advisory session data can reveal important trends and information that may influence the development of new client services, products and advisory methodologies, as well as positively affect future training and hiring practices.
5. Create an archived record – useful for legal, compliance and other business matters, such as Sarbanes-Oxley.