7 Insightful Financial Services CX Case Studies to Read in 2022

Discover how companies in the financial services sector are improving CX

7 Insightful Financial Services CX Case Studies to Read in 2022
Contact CentreNews Analysis

Published: January 26, 2022

Rebekah Carter

The financial services market is one of the largest sectors in the world, responsible for dealing with all of our banking, investment, and payment needs. 

According to studies, the financial services global market is growing by 9.9% every year. Aiming to grow with this trend, companies within this sector are rapidly investing in technology to stand out from the crowd, enhance CX, and build customer trust. 

Let’s explore just some of the ways CX innovators can achieve these goals by sharing stories of how those in the finance sector have recently implemented new technology systems. 

1. Talkdesk and PaySimple

Launched in 2005, PaySimple offers a host of billing and payment solutions to more than 17,000 businesses daily. With PaySimple, companies can accept easy payments anywhere, at any time, which makes it simpler to manage ongoing cash flow. Unfortunately, PaySimple struggled to deliver excellent customer service due to a flawed contact centre solution.

The PaySimple contact centre technology wasn’t user-friendly and was often described as outdated and unreliable, resulting in lost revenue and poor customer experience. Fortunately, with Talkdesk, alongside key integrations from Slack and Salesforce, PaySimple enhanced its contact centre operations, taking them to the next level. Read the full case study here.

2. Avaya and Canon Financial Services

Canon Financial Services is responsible for managing hundreds of enquiries from dealers and customers related to leasing for printers, copiers, high-end cameras, and medical equipment. According to Canon, the agents in this area act as the faces of the business, dealing directly with customers and influencing their perceptions of customer experience.

To stay ahead of the curve in an evolving customer service market, Canon Financial Services decided to implement a new level of self-service support for clients. To accomplish this goal, the company worked with Avaya on a comprehensive plan, tying in crucial data and creating an easy-to-navigate IVR solution. You can learn more about the journey here.

3. Twilio and Chime

Twilio is one of the biggest companies in the world for CPaaS technology and CX innovation, known for working with a wide range of innovative companies. So, it was the natural choice when Chime, the US challenger banking provider, decided to update its CX strategy. The Chime team leveraged Twilio’s programmable messaging APIs and implemented tools to build a personalised IVR solution through Twilio Studio.

The flexible integration that Twilio provided, along with its exceptional ease of use, enabled the quick installation and optimization of the technology. The team even created an integration with a platform for A/B testing, allowing for fast experimentation and real-time insights when connecting the customer data pipeline for overviews of customer trends.

4. Genesys and DNB

DNB, the largest financial services group in Norway, strives to be the best in the world at offering excellent customer service experiences. As such, evolving its contact centre technology architecture was crucial. With the Genesys Multicloud CX solution, the company did so while leveraging AI to drive better experiences for users.

The Genesys and DNB partnership also involved access to Genesys’ workforce management technology (WFM) to help with forecasting demand and scheduling agent time as effectively as possible. These WFM tools integrate fully with various contact centre systems and routing technology. DNB, therefore, generates highly accurate demand forecasts.

5. Verint and Riyad Bank

Among the largest financial institutions in the Middle East, Riyad Bank offers many Sharia-compliant and innovative financing solutions via a multinational and multi-channel network. Believing that excellent customer experiences do not happen by chance, the Bank strives to provide more intelligent, meaningful experiences.

Through Verint’s technology, Riyad Bank has not only improved the way it supports multichannel experiences but enhanced access to new tools for collecting information about customer experiences and trends. The analytics-focused solution meant Riyad Bank could develop a better end-to-end view of its customers.

6. Enghouse Interactive and George Banco

George Banco, a dedicated UK lender focused on personal loans, believes in the importance of excellent customer service to facilitate business growth. Though the company had an excellent contact centre team to assist with selling its products, they lacked visibility and control over the process. For instance, the company didn’t know how many daily calls agents made or how long they were on the call.

Turning to Enghouse Interactive’s Communications Centre solution, George Banco rectified this issue. A dedicated quality monitoring solution and integrated voice recording capabilities are now part of the George Banco contact centre ecosystem. Learn more about the case study here.

7. 8×8 and Live Oak Bank

A nationwide lender providing financial solutions to smaller companies across the country, Live Oak Bank is one of the most active US small business lenders. The company wanted to create branch-like experiences via virtual interactions when growing as a branchless, digital bank. Unfortunately, old-fashioned CX solutions simply weren’t suitable for this purpose.

To achieve a truly flexible and immersive experience, which supports customers and agents in the field, Live Oak Bank decided to work with 8×8. Through 8×8 technology, integrated with Salesforce, the company could create a comprehensive engagement platform where employees could collaborate and serve customers through a range of channels, both in the office and in the field. The comprehensive solution includes state-of-the-art security in the cloud too. Learn more about the  Live Oak Bank and 8×8 integration here.



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