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Improve inbound engagement with a next best conversation

By Microsoft Financial Services on July 11, 2017

Filed under Financial Services - Banking & Capital Markets

In 2015, the financial services industry spent a whopping $7.31 billion on advertising.[i] Even with all that spend, banks still haven’t landed on the best way to engage customers. As it stands right now, nearly all financial institutions’ marketing takes place through outbound channels that push products and services through unsolicited emails, phone calls, or mailings. To differentiate themselves, banks must shift their focus and capitalize on their inbound engagements – customer-initiated interactions. They need to make sure that when a customer calls, visits a branch, or logs in on their mobile app, agents know the customer’s history, exactly how they can help, and which products or services are immediately relevant to that customer at that time.

In order to do that at scale, banks need a solution that models their entire portfolio and changes the paradigm for inbound customer engagements. Below are two use-cases illustrating how a next best action (NBA) solution enhances interactions for both customers and banks.

Improve customer engagement and targeting

improving customer engagement infographiConsider a bank promoting a new refinancing offer on existing home mortgages. When a homeowner calls the bank for any reason, a next best conversation notifies the agent who answers that the customer is eligible to refinance under the new promotion. The agent addresses the customer’s original reason for calling the bank, then positions the refinancing option’s benefits to the customer based on their personal information. Instead of an impersonal email, next best conversation turns every inbound activity into an opportunity to reinforce the bank’s personalized service and reach customers with targeted offers.

Next best action solutions trigger all kinds of customer-oriented alerts that assist with service personalization – including notifications that help with real-time retention. Say that a customer is about to transfer a large amount of money out of their account online or through their phone app. Large transfers usually indicate that customers are switching banks, and customer churn quickly adds up –  $30 billion in revenue is at risk for US banks due to customer attrition over the next year.[ii] Before the customer hits “complete” on the transfer, a next best conversation system can automatically trigger a targeted retention offer. By offering customers a real-time offer such as a better interest rate, banks have an opportunity to change the customer’s mind before it’s too late. These triggered offers enable banks to solve for customer pain points in real time, delivering new levels of personalization while expanding hardly any additional resources.

Flag and resolve regulatory compliance issues in the context of customer interactions

flag and resolve infographicWith a next best conversation system that enables inbound targeting, banks are also empowered to be more proactive about compliance. Once a regulation is built into the data model, the solution can automatically flag and target compliance gaps. With this automatic flagging, corporate relationship managers no longer need to spend time manually tracking gaps across hundreds of accounts. The next time a customer interacts with the bank through an app, phone call, or in-person, the next best action solution ensures that whoever is engaging with that client knows to ask for the missing compliance information. Of course, if a customer declines to get the necessary information to the agent in the moment, a next best conversation solution can always follow up with an automated outbound communication.

Enhance your inbound channels today

VeriPark’s Next Best Action solution enables banks to easily handle the above scenarios, arming employees with the next best conversation for every inbound customer. Built on Microsoft Cloud Technology, Next Best Action empowers contact center agents, bank branch employees, and relationship managers with the tools they need to make the most of every interaction. Whether it’s satisfying compliance requirements, cross-selling or up-selling, or just solving a quick problem, every bank employee now has the entire portfolio at their fingertips and the ability to engage customers along their preferred channel. A large European bank leveraged VeriPark’s Next Best Action to much success; selling 25,000 new SME loans to 400,000 identified prospects.[iii]

Try VeriPark’s Next Best Action solution for yourself on Microsoft AppSource today.

Learn more by visiting the Next Best Action solution page.


[i] https://www.emarketer.com/Article/US-Financial-Services-Advertisers-Continue-Expand-Digital-Spending/1013993
[ii] https://thefinancialbrand.com/55748/banking-consumers-attrition-loyalty-study/
[iii] http://nba.veripark.com/wp-content/uploads/2016/07/VeriTouchBDMPresentationV.0.3.pdf

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