Effective customer information management builds better digital experiences

Introducing OpenText Total Experience for Financial Services

Delivering excellent digital customer experiences has become a defining factor for financial services organizations today. The Financial Brand suggests that banks with customer-centric cultures are 60% more profitable than others. Yet, after years of trying, financial services institutions (FSIs) are still not delivering the experiences that customers expect. Why is that?

Whether in retail or commercial banking, insurance or wealth management, meeting the expectations of your customers means really understanding them. You require a 360-degree view of customers, across the entire enterprise, at each stage of their journey.

Yet full customer lifecycle management is an under-developed discipline in the Financial Services sector. Early attempts have been fragmented and often siloed in different departments or business units. FSIs that understand replacing this fragmentation with a holistic, end-to-end approach will reap substantial benefits in gaining visibility into the customer or client, understanding their needs and preferences, and being able to personalize products and services.

The benefits of total experience

In this, data should be friend not foe. FSIs have all the data they need to fully know their customers but, at the same time, so much data that it can become daunting to derive value from it. Questions like ‘what data do we have?’, ‘where is it stored?’, ‘is it up-to-date and accurate?’, ‘is it secure and compliant?’ and ‘who should have access to it’ are common to ask yet incredibly complex to answer.

Both customer and employee experiences are critical to FSIs’ future relevancy. In order for companies to achieve this, they must embrace the fact that there is no customer experience without employee experience. This is referred to as the total experience as it helps drive transformation and resiliency and deliver results that matter – employee and customer satisfaction and loyalty, brand advocacy and ultimately more revenue.  ​

Key benefits include:

  • Gaining customers for life Delight your customers across the entire customer journey by providing rich, relevant, and targeted communications across all channels.
  • Empowering employees to deliver for customers Take advantage of effective systems that support customer interactions. Ensure employees have the most current and relevant content across critical business systems with a single source of customer truth. Better target offerings that are timely and relevant.
  • Getting insight for better decisions Increase the use of AI and analytics to manage information overload and optimize customer marketing and support. Fuel customer-facing teams with AI-driven intelligence to anticipate the next-best action, next-best offer, and next-best channel throughout the customer journey.
  • Managing risk and compliance Preserve privacy, adhere to information governance policies and ensure compliance.

Introducing OpenText Total Experience for Financial Services

This OpenText™ solution is designed to address the end-to-end customer journey in retail banking, commercial banking, wealth management and insurance.  Total Experience for Financial Services  manages customer-focused information from on-boarding support to services to sales. Based on OpenText™ Extended xECM, the solution integrates with key CRM systems – such as Salesforce – to ingest, analyze, manage and distribute the content needed to support all customer-related business processes. This provides a single source of truth to support any customer process or enquiry.

In addition, Total Experience for Financial Services includes OpenText™ TeamSite™ and OpenText™ Exstream™ to optimize customer-focused and personalized experiences. This integrated solution creates a real-time, 360-degree view of the customer to empower employees to provide superior service, deliver optimized customer experiences, enforce governance and risk management and reduce operational costs.

Read the white paper Banking Transformed: Using Data and Insights to Deliver Improved Customer and Employee Experiences written by industry expert Jim Marous to learn how to exceed customer and employee expectations.

Banking Transformed: Using Data and Insights to Deliver Improved Customer and Employee Experiences
Download the report Banking Transformed: Using Data and Insights to Deliver Improved Customer and Employee Experiences

Monica Hovsepian

Monica Hovsepian is the Global Industry Strategist for Financial Services at OpenText. With more than two decades of financial industry experience, Monica has become a trusted subject matter expert in the Financial Services Industry, having worked with numerous large and international banks in North America, Europe and Asia.

Related Posts

Back to top button