Leading North American Bank Achieves 44% Reduction in Customer Servicing Cost by Re-Defining Self-Service Digital Platforms
The Bank’s Challenge
A leading bank in North America wanted to redesign their online application and self-service platform to encompass customer focused process design and user experience. At the same time, they wanted to facilitate strong performance and cross-functional collaboration across all channels.
The bank’s vision was to offer it's retail, wealth, business banking, and trust services clients a state of the art online service experience that provided a consistent process, user experience, and a single application to support both the online and mobile platforms for seamless continuity.
The Clovity Solution
Clovity was engaged in defining needs, designing the platform, and building a state-of-the-art self-service digital platform. By leveraging our deep understanding of current digital trends across industries, the complexities of the financial ecosystem, and the vast consumer needs across Retail, Wealth, and Commercial Banking, we created a new customized omni-channel digital platform that offered intuitive self-servicing options. When this was coupled with our AI-based predictive analytics tool, the platform was also able to provide “next best action” responses based on choices made by the customer.
The Bank completely transformed it's digital channels and is now better aligned with it's clients’ behaviors and preferences. The operational result was 35% reduction in call center usage, covering incidents like customer service, activations, profile management, etc. We also achieved a reduction in the project’s future operational cost by a staggering 44%.