A consumer’s end-to-end credit journey in a digital, mobile-first world is predictable, but not simple! Cards are commodity products and consumers today have an intense appetite for frictionless, intuitive and highly personalized experiences. Thanks to Amazon and Netflix (among others); they set a new market trend by leveraging AI and Machine Learning to provide personalized recommendations for new products or movies based on their consumers’ past purchases and behaviours.
All financial institutions, particularly credit card issuers, have great difficulty in delivering such “proactive CX” in meaningful ways that provide real business value. Six out of ten financial institutions admit that they really have no idea where CX should fit into their overall business strategy, according to Worldwide Business Research.
A great CX is more than just simplifying the retail credit processes, with only a few swipes required to submit credit card or personal loan applications. Neither is it to provide self-service options that are convenient and intuitive! It’s all about retention, crossselling and reducing churn during the entire life-cycle as a prospect, or customer.
Since credit is one of the key ways that financial institutions make money, it is critical to provide bettercustomer experiences to consumers. It requires the card issuers to ensure exceptional customer journey with immediacy of communication for both potential and existing cardholders in a marketplace flooded with credit card companies. However, ensuring better experience is not easy!
Eye opening facts
- A recent study by the National Retail Federation (NRF) and Forrester reports that the top initiative for payment leaders over the next 18 months is to better support omni channel retailing scenarios.
- Unhappy credit card customers take on average 12 months to consider switching to another card.
- In 2012, the total value of credit card transactions in the U.S. alone was $2.48 trillion. In the same year, twothirds of all in-person sales were madewith plastic, while only 27% were made with cash.
- Exponential technologies — distributed ledger technology, cryptocurrencies, IoT as POS, wallets and tokenization, will expand consumers’ and merchants’ options for how to pay and receive payment. ~ Deloitte’s 2019 payment trends
- Customers conduct more than 50% of their banking interactions through digital channels.
- 63% of US consumers are comfortable communicating with their financial provider using technology, such as texting, email or virtual technology)
- 43% of customers believe their primary bank does not understand their needs.
Customer insight & co-ordination – Many credit card firms manage their outbound strategies largely within single campaigns without developing a data-driven segmentation model. In most cases, these campaigns have limited results and coordination with other campaigns, leaving customers with huge volumes of communication through multiple channels on an irregular basis.
Outdated customer support – Most cardholders feel a sense of dread when they think of calling card issuers to report fraudulent transactions, complaints about credit cards, or for inquiries about offers, reward points, interest rates, credit limit or late payment fees. They just don’t want to spend countless minutes listening to soul-destroying hold music, only to wind up with an unhelpful customer service agent.
Synchronization – It’s a common challenge. A bank wants to sell a credit card to an existing customer, but the departments don’t talk to each other and synchronize their activities. The customer gets frustrated asking “Why do you contact me so many times to get information you already have from me?”
Right Party Connect (RPC) – You cannot simply dial people from a pre-defined contact list to make successful outbound calls. Some cardholders change their numbers to dodge calls from credit card issuers. Today’s most outbound dialling systems do not provide the ability to validate the contact information or get the new numbers.
Regulations – Credit card issuers are increasingly under significant regulatory pressure to demonstrate compliance with a variety of new and updated regulations overseen by a number of government agencies.
Slow digital transformation – It’s a digital age, but most financial institutions are still playing ‘catchup!’ This results in poor productivity and efficiency, particularly when they have a host of products and services to manage, fragmented customer strategies, complex business processes and high volumes of customer interactions across multiple channels.
Looking for answers to overcome these challenges? Acqueon’s conversational engagement software helps credit card companies reinvent the end-to-end credit card journey by addressing challenges across all facets of the business, starting with customer support, sales, fraud, compliance and collections.
Who we are
- Personalized outreaches based on preferred channel and time/day of every contact.
- Automated validation of customer contact information to provide better Right Party Contacts
- Hyper-personalization to improve upselling success and lead generation
- Full customer journey visualization for the agents with context and recommendations for next-best action
- Centralized list management for inbound, outbound and blended contacts
- Advanced dialling strategies and queue management
- Integrated contact monitoring and digital voice/screen recording and real-time analytics
- Ability to generate sales lists and uncover upsell/cross-sell opportunities
- Advanced options such as appointment setting, automated messaging, virtual agents etc.
- Accurate data and agent monitoring; on-demand and real-time reporting
- Regulatory Compliance for DNC and consumer privacy and protection legislation; in-built data privacy and compliance tools
Our mission is to help you deliver an exceptional, end-toend customer experience that sets you apart. With our “fullydigital” inbound and outbound campaigns, we enable the banks to have a 360-degree of the customer relationship and provide delightful and personalized experiences across all channels.
What we offer
Offer the best support management anytime
With Acqueon’s built-in AI conversational model, armed with full customer journey visualization, custom alerts and recommendations for next-best action, agents can deliver the right message at the right time to the right prospect and maximize the results. When a call is connected, agents get an instant 360-degree view of the customer journey from late payments, promises-to-pay, current cards, purchase history, and payment behaviours to past interactions and buying propensities. This empower agents to offer best support and relevant products that offer rich signup bonuses, cash-back, high reward points, low interest rates etc.
Take the lead generation and sales to the next level
By cutting the clutter of disconnected / unanswered calls, Acqueon’s campaign orchestration tool automatically determines cardholders’ preferred channel/time/date to connect, offering better contact rates, higher upselling & collections rates. This improves the lead-to-prospect conversation ratio. Acqueon can generate sales lists that uncover upsell/cross-sell opportunities, based on criteria such as cardholders’ spending, psychographics, current credit cards, buying propensity etc. If several failed attempts to reach a prospect via telephone, the smart automated dialler will switch to text messaging or emailing. This helps to boost contact rates and increase sales potential.
Right party connect verification
Acqueon’s Right Party Connect can seamlessly verify the consumer contact information (name, address, additional phones, additional emails, property, demographics, and phone attributes) for the identification, scoring, and segmentation of individuals. It provides the level of verification on a scale of 100 points that reflects the overall status of the ID verification and can be used to make a pass / fail decision on a given customer.
Harness upsell and cross sell capabilities
Acqueon’s conversational engagement software uses the latest context from open cases, past interactions and upselling history to recommend the most suitable offers to each cardholder. Your agents will appear more relevant to the called party, and their success in upselling will improve. Our Customer Effort Analysis feature automatically identifies and contacts at-risk cardholders so that your customer rescue team can offer them an incentive, for example, to keep them from leaving.
Vigilant collections campaigns
Acqueon’s outbound messaging and campaign tools enable agents to execute their collections campaigns vigilantly. Our unified list management tool for inbound, outbound and blended contacts maintains a highly refined and flexible calling lists that reflect cardholders’ payment details etc. A consumer is instantly removed from the outbound collections campaign list once payment is made. This avoids any unnecessary and embarrassing reminders to pay! For late payments, the system automatically sends reminders via text and email and even enable payment authorization right from the message via “click” or “push here” features.
Efficient fraud alerts and reconciliation
Acqueon can automate much of the fraud alerting process to speed and enhance the reconciliation of live fraudulent activity. Once a suspicious purchase is detected, the Acqueon system will send automated notifications to the cardholder with easy options for confirming or denying the fraud. When fraud does occur, the card can be frozen immediately to prevent future erroneous purchases, which your business is on the hook for.
Advanced customer, operational and enterprise analytics
Acqueon’s analytics engine can provide all customer as well as enterprise analysis imaginable. For instance, it can generate sales lists that uncover upsell/cross-sell opportunities, based on criteria such as cardholders’ spending, psychographics, current credit cards, buying propensity etc to maximize the potential of outbound campaigns. Analytics can also be derived to identify workflow roadblocks which are restricting sales success, and more.
Serve with world-class regulatory compliance
Any violations to PCI-DSS or GDPR are not an option. Penalties and reputational damage can be severe. You need to ensure your agents comply and protect your cardholders’ personally identifiable information (PII). Our customizable, adaptive and automated workflows make it easy for your agents to comply. Acqueon supports pause/resume recording and DTMF touchtone data entry, and all data is encrypted in transit and at rest.