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Is Web Self-Service Right for Your Financial Institution?

Is Web Self-Service Right for Your Financial Institution?

Ratings: (0)|Views: 15|Likes:
Is Web Self-Service
Right for Your Financial
Services Institution?
Published by IntelliResponse
6 Tell-Tale Signs That Your Institution –
And Your Customers – Are Ready For Next
Generation Web Self-Service
IR KNOWLEDGE SERIES
According to Forrester Research, 72% of U.S.
online consumers prefer to use a company’s
Website to get answers to their questions
rather than contact companies via telephone
or email.
Clearly, the financial services industry is no
exception to this greater consumer trend
as more and more consumers choose the
web (and this term now firmly includes the
increasingly important mobile and social media
channels) as their primary first point of contact
for conducting financial transactions and
looking for information about financial services.
Despite this fact, frustration and inefficiency
abounds online, resulting in unsatisfied
customers and increases in escalations to
expensive contact center mainstays like phone
calls and e-mails.
For many financial services organizations, the
“answer” to next generation customer service
includes deploying the latest multi-channel
self-service tools now available. Often described
as answer agents, virtual assistants or “smart
FAQ’s”, this new breed of technology, when
delivered effectively – has significant impact on
key business measurements such as:
• Customer Satisfaction
• Inbound Call Volumes
• Inbound e-Mail Volumes
• Corporate Brand Identity
But how do you know when you and your
organization are ready for web self-service?
Where do you begin, in terms of diagnosing
whether or not it makes sense for you to
explore a web self-service strategy for your
organization?
Read on to find out..
To help you better understand
whether or not your
organization and customers
would benefit from deploying
next generation self-service,
we’ve pulled together our
knowledge of industry best
practices and research
conclusions from the likes of
Forrester, Jupiter Research,
Gartner and others, and
compiled this list – six telltale
signs that your institution,
and your customers, are
poised to benefit from next
generation self-service.
Is Web Self-Service Right for You? 2
Is Web Self-Service Right for You? 3
Telltale Sign #1:
The primary customer service features
on your website are FAQ and help pages
and/or a site search tool.
For financial services companies that offer a
breadth of products to consumers, traditional
online answer tools like FAQ pages, HELP and
SEARCH technologies are antiquated resources
that no longer do a good job of giving self-service
customers the information they need in the form
of ANSWERS to their questions.
According to Forrester, “Help sections, frequently
asked questions (FAQs), and site search often fall
short of customers’ expectations.” 1 Conceptually,
FAQ pages are a great idea and, in fact, they can
be rather helpful for very small companies or
organizations that sell a single or simple product
line or are espousing a simple concept or value
proposition. Financial services companies,
however, do not fit this description. What’s more,
for the financial services company with social
media and mobile touch-points in addition to their
customer-facing website, the limitations of these
primitive web tools become evident quite quickly.
Take the typical FAQ page as an example, and
consider this dilemma:
Even the most well-written and comprehensive
FAQ sections remain difficult to navigate due
to the sheer volume of information that is to be
sifted through (and this assumes that you have,
by some miracle selected the absolute best list
of FAQ’s for the majority of your customers to
begin with). Even when the available mountains
of data are drastically reduced after a keyword
relevancy search, still, customers are offered
tens, hundreds or even thousands of results to
search through.
A more streamlined FAQ section, one that has
been heavily edited to reduce the volume of
data, may be slightly easier to navigate; however,
what is gained in navigation ease is lost in the
Is Web Self-Service
Right for Your Financial
Services Institution?
Published by IntelliResponse
6 Tell-Tale Signs That Your Institution –
And Your Customers – Are Ready For Next
Generation Web Self-Service
IR KNOWLEDGE SERIES
According to Forrester Research, 72% of U.S.
online consumers prefer to use a company’s
Website to get answers to their questions
rather than contact companies via telephone
or email.
Clearly, the financial services industry is no
exception to this greater consumer trend
as more and more consumers choose the
web (and this term now firmly includes the
increasingly important mobile and social media
channels) as their primary first point of contact
for conducting financial transactions and
looking for information about financial services.
Despite this fact, frustration and inefficiency
abounds online, resulting in unsatisfied
customers and increases in escalations to
expensive contact center mainstays like phone
calls and e-mails.
For many financial services organizations, the
“answer” to next generation customer service
includes deploying the latest multi-channel
self-service tools now available. Often described
as answer agents, virtual assistants or “smart
FAQ’s”, this new breed of technology, when
delivered effectively – has significant impact on
key business measurements such as:
• Customer Satisfaction
• Inbound Call Volumes
• Inbound e-Mail Volumes
• Corporate Brand Identity
But how do you know when you and your
organization are ready for web self-service?
Where do you begin, in terms of diagnosing
whether or not it makes sense for you to
explore a web self-service strategy for your
organization?
Read on to find out..
To help you better understand
whether or not your
organization and customers
would benefit from deploying
next generation self-service,
we’ve pulled together our
knowledge of industry best
practices and research
conclusions from the likes of
Forrester, Jupiter Research,
Gartner and others, and
compiled this list – six telltale
signs that your institution,
and your customers, are
poised to benefit from next
generation self-service.
Is Web Self-Service Right for You? 2
Is Web Self-Service Right for You? 3
Telltale Sign #1:
The primary customer service features
on your website are FAQ and help pages
and/or a site search tool.
For financial services companies that offer a
breadth of products to consumers, traditional
online answer tools like FAQ pages, HELP and
SEARCH technologies are antiquated resources
that no longer do a good job of giving self-service
customers the information they need in the form
of ANSWERS to their questions.
According to Forrester, “Help sections, frequently
asked questions (FAQs), and site search often fall
short of customers’ expectations.” 1 Conceptually,
FAQ pages are a great idea and, in fact, they can
be rather helpful for very small companies or
organizations that sell a single or simple product
line or are espousing a simple concept or value
proposition. Financial services companies,
however, do not fit this description. What’s more,
for the financial services company with social
media and mobile touch-points in addition to their
customer-facing website, the limitations of these
primitive web tools become evident quite quickly.
Take the typical FAQ page as an example, and
consider this dilemma:
Even the most well-written and comprehensive
FAQ sections remain difficult to navigate due
to the sheer volume of information that is to be
sifted through (and this assumes that you have,
by some miracle selected the absolute best list
of FAQ’s for the majority of your customers to
begin with). Even when the available mountains
of data are drastically reduced after a keyword
relevancy search, still, customers are offered
tens, hundreds or even thousands of results to
search through.
A more streamlined FAQ section, one that has
been heavily edited to reduce the volume of
data, may be slightly easier to navigate; however,
what is gained in navigation ease is lost in the

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Published by: IntelliResponse Systems Inc. on Sep 09, 2011
Copyright:Attribution Non-commercial

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03/12/2012

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Is Web Self-ServiceRight for Your Financial Services Institution?
Published by IntelliResponse
6 Tell-Tale Signs That Your Institution –And Your Customers – Are Ready For NextGeneration Web Self-Service
IR KNOWLEDGE SERIES
 
According to Forrester Research,
72% of U.S.online consumers prefer to use a company’sWebsite to get answers to their questionsrather than contact companies via telephoneor email.
Clearly, the financial services industry is noexception to this greater consumer trendas more and more consumers choose theweb (and this term now firmly includes theincreasingly important mobile and social mediachannels) as their primary first point of contactfor conducting financial transactions andlooking for information about financial services.Despite this fact, frustration and inefficiencyabounds online, resulting in unsatisfiedcustomers and increases in escalations toexpensive contact center mainstays like phonecalls and e-mails.For many financial services organizations, the“answer” to next generation customer serviceincludes deploying the latest multi-channelself-service tools now available. Often describedas answer agents, virtual assistants or “smartFAQ’s”, this new breed of technology, whendelivered effectively – has significant impact onkey business measurements such as:
Customer SatisfactionInbound Call VolumesInbound e-Mail VolumesCorporate Brand Identity
But how do you know when you and yourorganization are ready for web self-service?Where do you begin, in terms of diagnosing whether or not it makes sense for you toexplore a web self-service strategy for yourorganization?Read on to find out..
To help you better understandwhether or not yourorganization and customerswould benefit from deploying next generation self-service,we’ve pulled together ourknowledge of industry bestpractices and researchconclusions from the likes of Forrester, Jupiter Research,Gartner and others, andcompiled this list –
six telltalesigns that your institution,and your customers, arepoised to benefit from nextgeneration self-service.
Is Web Self-Service Right for You?
2
 
Is Web Self-Service Right for You?
3
Telltale Sign #1:
The primary customer service featureson your website are FAQ and help pagesand/or a site search tool.
For financial services companies that offer abreadth of products to consumers, traditionalonline answer tools like FAQ pages, HELP andSEARCH technologies are antiquated resources that no longer do a good job of giving self-servicecustomers the information they need in the formof ANSWERS to their questions.According to Forrester, “Help sections, frequentlyasked questions (FAQs), and site search often fallshort of customers’ expectations.”
1
Conceptually,FAQ pages are a great idea and, in fact, they canbe rather helpful for very small companies ororganizations that sell a single or simple productline or are espousing a simple concept or valueproposition. Financial services companies,however, do not fit this description. What’s more,for the financial services company with socialmedia and mobile touch-points in addition to theircustomer-facing website, the limitations of theseprimitive web tools become evident quite quickly.Take the typical FAQ page as an example, andconsider this dilemma:Even the most well-written and comprehensiveFAQ sections remain difficult to navigate due to the sheer volume of information that is to besifted through (and this assumes that you have,by some miracle selected the absolute best listof FAQ’s for the majority of your customers tobegin with). Even when the available mountainsof data are drastically reduced after a keywordrelevancy search, still, customers are offered tens, hundreds or even thousands of results tosearch through.A more streamlined FAQ section, one that hasbeen heavily edited to reduce the volume of data, may be slightly easier to navigate; however,what is gained in navigation ease is lost in thecomprehensiveness and accuracy of availableanswers, leaving the visitor unsatisfied despitebest efforts.Forrester points to self-service technologies asa means to provide better customer service,but explains that these technologies are not yetwidely used by many of the organizations thatcould most benefit by their deployment.
2
By andlarge, most organizations rely on FAQ, help andsite search to quarterback the web customerservice effort, despite the negative impact on thecustomer experience.The opportunity that modern web self-serviceaffords is not only the ability to enhance thecustomer experience online, but to also enjoya competitive advantage by doing so. In otherwords, financial services companies now have the opportunity to introduce this superiorself-service experience earlier than manycompetitors. 

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