The banking landscape has changed significantly over the years. In the past, the only interaction customers had with their bank was opening a personal account. Today, customers have a wide range of relationships with their bank such as multiple checking and savings accounts, credit cards, mortgages and personal loans. Moreover, Banks now have multiple lines of business including Insurance, Collections, Brokerage, Fraud and Merchant services. In addition to more sophisticated product offerings, and primarily as a result of the financial meltdown, banks need to contend with increasingly burdensome legislation and regulation.
Banking customers who have relied on Jacada’s banking process optimization and customer service improvement expertise:
To provide high-quality customer service, contact center agents must be able to view a customer holistically – that is, the agent needs to see all of the customer’s information in a single view. With the myriad of applications on an agent desktop servicing the different products and lines of business, it is impossible for the agent to understand the array of products the customer has, and the history of interaction behind each of those products. This results in customer frustration, and worse, poor customer service. All too often an Agent may haggle over a request to waive a late fee, when in actuality the client is a multi-million dollar brokerage account holder at the same bank!
The industry term for multiple, disparate, and unconnected applications is “Siloed applications”. As a result of these applications not being integrated with each other, contact center agents have to navigate between numerous disconnected applications, all with different user interfaces and log-in passwords, to view all of a customer’s information. Even worse, each application typically keys a customer by a different identifier, making quick look-ups almost impossible.
This problem of siloed applications is compounded in larger banks, where they have been growing by acquisition. In most of these cases, merging the IT infrastructure is either impossible or very costly. In these banks, you will find multiple disparate contact centers, all lacking a standard front end, and staff that is not empowered to service customers beyond their narrowly carved job responsibility. These banks would benefit from having a Universal Agent – an agent who can handle multiple call types for multiple product lines.
Jacada has experience working with traditional banking lines of business in addition to niche departments including high volume Forex trading with significant real-time requirements. Our flagship Jacada WorkSpace Agent Desktop can alleviate the issues facing banks today. When coupled with our Agent Scripting solutions, Jacada guides agents through complex processes. And with our strong heritage in legacy system connectivity, we can fit seamlessly into banking environments.
Jacada Experience: Why Customers contact Banks
- Charge disputes
- Product inquiries
- Account maintenance
Banking Pains and Jacada’s solutions
Multiple Siloed Applications/ 360 View of a Customer – Because applications are running in Silos, seemingly trivial customer inquiries can become an unwieldy, time consuming process. Customer information is spread across multiple applications and multiple lines of business. Agents need to focus on providing a quality customer experience instead of dealing with underlying application complexity. With the Agent Desktop, your existing applications are interwoven into new customer friendly processes and enabled by tools that empower your agents.
Universal Agent – Larger banks have grown by acquisition. As a result, you’ll find them running multiple call centers, each one running its “old” bank. To better serve customers and decrease cost, bank are attempting to consolidate these call centers. With multiple applications serving multiple lines of business, this is no small feat. By leveraging Jacada WorkSpace Agent Desktop agents are equipped with the resources to handle multiple product lines and services - customized to the task they are performing. The appearance and arrangement of the desktop can adapt based on the specific function the customer service representative is performing, allowing agents to handle multiple call types.
Compliance and Regulations – In a climate of increasing legislation and regulations, Banks are feeling the burden of compliance. Relying on agent heuristics is risking non-compliance and does not adapt readily to changing regulations. By utilizing Jacada Agent Scripting, agents are guided through call processes ensuring adherence to current regulatory requirements. Full auditing and reporting is provided as part of overall compliance management.
Legacy Applications – Few environments are as dependent on their legacy systems as Banks are. Over the many years of product growth, regulatory compliance and continual acquisition, these large legacy systems have been highly customized to meet their own unique requirements. With so many business rules and process flows critical to the business embedded in these applications, moving away is no small feat.
Since 1990, Jacada’s award winning legacy integration products, have yielded a rich heritage of integrating into the most complex of legacy systems. Best of all, the business rules and processes you’ve come to rely on in your legacy application are preserved in their entirety, and no changes to your legacy system is needed. That’s what we call a return on your investment!
Cross Sell / Up Sell – Banks are under pressure to boost revenue. Successful cross-sell and up-sell initiatives require analyzing a number of customer metrics in real-time. These metrics likely come from multiple underlying applications and data sources, making it unfeasible to rely on an agent performing this effectively during a call. To add complexity, the likely success of an offer is further determined by examining the timeline of interactions with the customer. Jacada WorkSpace Agent Desktop is able to analyze all these factors “behind the scenes” while the agent is on a call servicing a customer, and can provide appropriate offer recommendations on an opportunity basis. Results of the acceptance/non-acceptance of offers can be tracked and analyzed.
Customer Verification – It happens on every call: The agent must identify and verify the customer they are talking to. This is particularly important when access to personal bank account information is provided. There are a number of dimensions to this problem. The verification must be an enforced process, and not relied on for the agent to perform out of choice. Enforcement means not only that verification occurs in the workflow, but that in-depth verification actually happens. Further, complete auditing of verifications should be performed. Jacada WorkSpace Agent Desktop has sophisticated customer verification workflows pre-built, and they can be configured to your specific processes.
Single Log-in – The problem is well known. For agents to be productive at the start of every shift and perhaps even at the end of every break, they need to log-in to multiple applications on their desktop. Each application has its own user ID and password. Inevitably, these passwords are written down on “sticky notes”, probably in direct contravention of all security protocols, especially when one considers the strict security requirements prevalent in banking. Moreover, forgotten passwords and system lockouts add additional delay to being ready to take calls. Jacada WorkSpace Agent Desktop automates this process allowing an agent to log in once, and automatically be logged into all the other applications behind the scenes in a secure manner. It is not uncommon to see savings of hundreds of thousands of dollars or more simply by eliminating the multiple log-in requirements.
Jacada Solutions for the Banking industry
|Provide consolidated account information
Jacada WorkSpace Agent Desktop
|Solve complex regulatory compliance issues
Jacada Agent Scripting
|Integrate disparate legacy systems
Jacada Integration and Automation
|Improve Customer Retention
Jacada WorkSpace Agent Desktop
|Automate Single Sign-On