Future Forward: CX strategies and opportunities for TSB Bank - Inspiration and motivation for optimistic realists.
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Future Forward: CX strategies and opportunities for TSB Bank Inspiration and motivation for optimistic realists.
AI-FIRST INTELLIGENT ENGAGEMENT FOR TSB
Contents
3 A time for TSB to look forward with hope—and confidence
4 Make every customer interaction more valuable
− 1: Meet customers where they are
− 2: Offer proactive, personalised experiences
al
e s h if t to digit SB
A s th T
7 Make agents’ lives easier g a c c e lerates,
− 3: Improve the agent experience bankin r the simple,
fe l
− 4: Improve First Contact Resolution (FCR) must of , conversationa
s s
ef for tle s customers
n ce
10 Make fraudsters’ lives harder e x per i e
.
− 5: Tackle fraud head-on demand we can
se e ho w
to
− 6: Take the effort out of authentication R ead on ther to make it
e
work tog
13 Let’s get started
happen.
2
AI-FIRST INTELLIGENT ENGAGEMENT FOR TSB
A time for TSB to look
forward with hope—
and confidence
A lot of organisations talk about transformation, In this guide:
but few are able to drive customer experience Learn how you can leave
(CX) transformations that have a genuine business the barriers to change in
the past
impact.
Discover innovative ways
For any customer engagement leader, having the ambition and vision to to accomplish your goals
steer the brand on a new course is vital. But it’s equally important to have
the tools, insights, and support to turn grand visions into operational And get inspired by the
realities—and powerful business outcomes. results that pioneering
organisations are already
achieving
Bold CX ambitions that we can help you achieve
Here at Nuance, we’re already helping many of our customers upgrade
their capabilities to handle the increased demands on digital channels
and help their agents work effectively and securely from home. And we
plan to double-down on our efforts, helping many more brands accelerate
ambitious CX transformations, so they can:
n Meet customers where they are, and offer them personalised, proactive,
and secure experiences
n Give agents the tools, information, and support to be more effective
and productive
n Build trust, reduce customer friction, and stop fraudsters in their tracks
3
Make every
customer interaction
more valuable
1 Meet customers where they are
2 Offer proactive, personalised experiences
4AI-FIRST INTELLIGENT ENGAGEMENT FOR TSB
1. Meet customers Real-world results.
where they are
Remarkable business
outcomes.
When you’re trying to navigate organisational silos,
get various technologies to talk to each other,
19
of the 20 largest
and manage a growing number of engagement worldwide financial
channels, keeping your omni-channel promises institutions use
isn’t easy. Nuance solutions
And keeping those promises has never been more important. Building
brand trust has always been essential, but this year, the trust customers
place in brands that give them much-needed peace of mind will be even
more valuable. Learn why.
So, what if you could keep those promises? What if you could offer
consistent, contextual, and convenient experiences in every channel?
It’s time to make customer journeys seamless, meeting customers
grating
By inte s on every
in their channel of choice and guiding them along the fastest path to
resolution. Let’s enable customers to move between channels freely, ce
without losing context, so contacting you is a pleasure, not a chore. experien from the
—
channel to the backend—
d
fronten you to let
b le r
Let’s make it happen
we ena
s m an age thei
er
custom their way.
s
By integrating experiences on every channel—from the front end to the account
back end—we enable you to let customers manage their accounts their
way. With our technologies and expertise, you can:
n Differentiate your brand by providing simple, satisfying experiences in
every channel, and proactively meeting customers where they are
n Build conversational banking experiences once and quickly
adapt and deploy them across all digital channels
Now tha
n Make authentication effortless with biometrics, t
reducing friction and increasing customer turning customers are
m
satisfaction to phone ore of ten
and dig
channel ital
s
bank, it to contact their
’s
easy for vital to make i
c t
busines ustomers to do
s with y
channel ou
they lik on any
e.
5AI-FIRST INTELLIGENT ENGAGEMENT FOR TSB
er
a k in g custom
2. Offer
By m rom eve d
ry
i g h t s f
ins
e l a v a ilable an Real-world results.
chann in every ble
proactive, a b l e Remarkable business
acti o n en a
g ag e m ent, we outcomes.
en he
o o f f er t
personalised banks t personal touch
ch
38%
in-bran annel.
ch
on any
experiences
conversion rate
increase
To give your customers what they want, you need
to make decisions based on insight, not instinct.
Luckily, you’re already sitting on a goldmine of
customer information that contains all the insights 87%
you need. higher CSAT
So, let’s get proactive about customer service by taking an AI-first approach
to deliver automated, human-assisted, and connected experiences. Let’s
get every ounce of value from that data, using predictive analytics to
106 %
understand what customers are likely to want—and when they’re likely
to want it—to bring the personal touch to voice and digital engagements,
whether they’re with live or virtual agents.
increase in customer
Let’s make it happen lifetime value
By making customer insights from every channel available and actionable
in every engagement, we enable banking and financial institutions to offer
the in-branch personal touch on any channel. Work with us to: A major US mortgage
n Use all your customer data—structured and unstructured—to provider uses the Nuance
understand who your customers are and what they want Proactive Notifications
n Integrate your omni-channel engagement platform with your existing Platform to automate
systems to keep the data-driven insights flowing
follow-up on web
n Offer personalised interactions and predictive service to add huge leads, reaching 80% of
value for customers (while reducing costs and increasing revenue for
your business)
prospects within minutes
of completing the online
application and doubling
the conversion rate of
first-time attempts.
6Make agents’
lives easier
3 Improve the agent experience
4 Improve First Contact Resolution (FCR)
7AI-FIRST INTELLIGENT ENGAGEMENT FOR TSB
er
w a s t e custom ng
Why havi
e r e s o u rces by ne
car routi
Real-world results. 3. Improve ag e n t s handle ount
es like a
inquiri ecks and regu
ch
cc
lar
the agent balance ents? Let’s
Remarkable business
m
outcomes. bill pay resources more
s e
use tho y and enable
experience tl
ef ficien ts to focus on .
23%
en ts
your ag ue engagemen
al
higher v
increase in agent
Behind every great customer experience there’s
satisfaction
a great agent. But too often, skilled agents don’t
have the tools and information they need to add
value to customer engagements, and new hires
37% can find it difficult to become productive and
effective quickly.
increase in agent It’s no surprise that there’s such a high turnover of contact centre staff in
availability most organisations (and up to 40% a year in some organisations). Agents
don’t feel empowered to do their best work—they feel undervalued and
overstretched.
75%
So let’s put as much focus on agent experience as we do on customer
experience. Let’s give agents—even if they’re working from home—
everything they need to have their best day every day.
call reduction
Let’s make it happen
We’ve helped many of the world’s leading financial institutions increase
agent satisfaction and reduce turnover by enabling them to focus on
adding value, not ticking boxes. Using our latest conversational AI
innovations, you can:
n Have intelligent VAs handle routine inquiries, freeing human agents to
solve complex issues
n Use AI to support agents with real-time, contextual customer
information, best practice advice, compliance reminders, and product
or offer recommendations
n Onboard agents faster, train them better, and keep them longer
n Use authentication and fraud prevention solutions to improve agent
experience and empower them to deliver a better service by freeing
them from burden of interrogating customers at the start of each call
or session
8AI-FIRST INTELLIGENT ENGAGEMENT FOR TSB
Real-world results. 4. Improve First Contact
Resolution (FCR)
Remarkable business
outcomes.
85% When all your agents, both live and virtual, have
better tools and can easily access relevant, up-
FCR increase
to-date information, it’s much simpler for them
to resolve customer inquiries the first time. Plus,
they can answer queries faster, reducing hold
88% times, Average Handle Time (AHT), and contact
centre costs.
virtual assistant FCR So, let’s help agents improve FCRrates by using advanced AI technologies to
serve them the knowledge and insights they need, when they need them.
325% Let’s make it happen
Many customers are struggling with their finances right now, so if your
agents understand the context and history of each customer, they can
improvement
quickly find the best ways to help them through tough times. Work with
in upsells us to ensure you can:
n Give agents cross-channel insights to handle even the most challenging
customer requests with confidence
n Pass customers from the IVR to phone or digital agents with
the full context of the conversation so far
Just three months after and historical interactions
deployment, Swedbank’s n Automate simpler inquiries to
their
Nuance Virtual Assistant reduce contact centre volumes, u st o m er pays first
If a c he
bill on t th,
was already handling
leaving agents fresh and ready to
d it c a rd n
take on the next challenge cre
a y o f e very mo
30,000 conversations Tuesd ts (live w
and
r a g e n
you no
a month, with a 78%
ir t u a l) should k ser vice
v e
FCR rate. o f f er th
that and eeding to be
n
without
asked.
9Make fraudsters’
lives harder
5 Tackle fraud head-on
6 Take the effort out of authentication
10AI-FIRST INTELLIGENT ENGAGEMENT FOR TSB
5. Tackle fraud head-on Real-world results.
Remarkable business
outcomes.
A successful fraud attack is bad news for your
business. But it’s worse news for your customers.
In the past, adding security meant adding friction to the customer
experience, making customers supply detailed personal information or
600M
answer a battery of security questions to verify themselves to you. The
voiceprints—
trouble is, knowledge-based authentication (KBA) methods add frustration and counting
for customers and agents and don’t do anything to stop fraudsters.
Passwords, PINs, and security question answers are easy to buy, steal or
circumvent through social engineering. It’s time to move beyond KBA.
So let’s take the fight to fraudsters by using biometrics to identify the actual
fraudster behind every case and cutting the attacks off at the source, once
and for all.
£1.5B
fraud losses
prevented each year
Let’s make it happen
Biometric authentication is a big deterrent to fraudsters looking for easy
90%
targets, and it’s also a clear demonstration to your customers that they
can trust you to keep them protected. With Nuance biometrics, you can:
n Authenticate customers in seconds based on who they are, not what
they know, with voice, behavioral, and conversational biometrics
detection rate for
n Prevent fraud, mitigate fraud losses, and empower fraud teams
fraud attempts
n Protect your customers and your business—and disrupt organised
crime
Royal Bank of Scotland
Group has dramatically
know? s
Did you UK retail bank reduced fraud loses with
5 ics
T he top uance biometr Nuance Security Suite,
N
rely on eir customers, helping it generate an ROI
th
to of fer , secure
ss of over 300% in the first
ef for tle ation whilst
ic
authent fraud at tacks. year of deployment.
g
reducin
11AI-FIRST INTELLIGENT ENGAGEMENT FOR TSB
6. Take the effort out Real-world results.
of authentication
Remarkable business
outcomes.
When customers contact TSB Bank, they don’t 3
SECONDS
want to waste time remembering passwords
and the answers to security questions. But or less of audio
they still want to know you’re keeping their to authenticate
accounts protected.
So, let’s remove the friction from authentication—while making it more
84
secure. Let’s make it simpler and faster for customers to authenticate,
reducing AHT and, more importantly, letting customers get straight to
the point.
SECONDS
Let’s make it happen time saved on
Nuance uses biometrics and other factors to authenticate customers authentication
during the first few seconds of their natural conversation with an agent or per call
speech enabled IVR, With Nuance biometrics authentication, you can:
n Deliver a more streamlined, personalised customer experience
51 %
n Empower contact centre agents to focus on helping callers, rather
than interrogating them
n Show customers you take their security seriously, and that you know
their time is valuable contact centre
NPS increase
A Large UK Bank is now
Effortless, secure authentication for TSB Customers
Here’s why the Top 5 UK retail banks rely on Nuance voice biometrics1
500+ Enterprises | 600M+ Voiceprints | 8B+ Transactions | £1.5B+ Fraud Savings
using our passive voice
TSB Bank is dedicated to helping customers get more
out of life. With Nuance voice biometrics, you can use
passive authentication to deliver seamless experiences
“The use of Nuance’s voice biometrics
technology has been integral in
our mission to deliver an excellent
biometrics in the IVR to
authenticate customers
that minimise their effort while protecting them from customer experience. The customer
fraudsters. TSB customers will be able to get the
and employee satisfaction results
speak for themselves.”
answers they need and then get on with their day—
a better experience for them and less cost for TSB. — Anne Grim, Head of Global Client Experience,
Barclays Wealth and Investment Management
PINs and passwords add friction to the
authentication experience—and put customers’
accounts at risk.
Nuance voice biometrics passively authenticates
customers in seconds. No passwords, no effort.
Passive biometric authentication removes
friction and protects your customers from fraud within 3 seconds of
18.6 1. 3
natural speech before
% of 4-digit PINs are 1234,
0000, or 11112
Nuance Gatekeeper captures more
than 1,000 characteristics of each
or less to authenticate,
with no passphrase needed
customer’s voice to create their SECONDS
unique “voiceprint”.
80% 2. 15 %
they even reach an
of cybercrime attacks in 2020 The next time a customer calls, reduction in AHT
are password-related3 Gatekeeper compares their voice to
the voiceprints you have on file and
51%
a watchlist of known fraudsters.
increase in NPS in the contact
85 %
of consumers want to replace centre
passwords with modern
3. During the first few seconds of
agent—eliminating
authentication methods 4 normal conversation, Gatekeeper
84
authenticates the customer, creates
an alert in cases of identity mis- seconds time saved authenti-
of consumers say their
88%
match, or flags a known fraudster. cating customers on each call
perception of a business is
LEARN MORE:
improved by investment in CX,
including security5 Nuance customer outcomes
1 https://www.advratings.com/europe/top-banks-in-the-uk
2 https://www.datagenetics.com/blog/september32012/ accessed 16 October 2020
3 https://www.weforum.org/press/2020/01/forgotten-your-password-not-having-one-will-make-you-safer-says-world-economic-forum/, accessed 16 October 2020
4 https://www.helpnetsecurity.com/2017/03/22/frustrated-passwords/, accessed 16 October 2020
5 https://www.experian.com/decision-analytics/global-fraud-report/, accessed 16 October 2020
Visit THE TSB friction and shortening
call times.
Copyright © 2021 Nuance Communications, Inc. All rights reserved. Nuance, and the Nuance logo, are trademarks and/or registered trademarks, of Nuance Communications, Inc. or its
information Hub.
affiliates in the United States and/or other countries. All other brand and product names are trademarks or registered trademarks of their respective companies. ENT_4218_01_IF, Feb 24 2021
12AI-FIRST INTELLIGENT ENGAGEMENT FOR TSB
Let’s get started
Every CX transformation needs optimism,
courage, and ambition. But confidence in success
comes from working alongside an expert, Together, we can make
experienced partner. your CX transformation
a success, so you can:
We believe that the best outcomes rely on an AI-first approach. It’s about
using AI to automate as much as you can, bridging AI automation and n Give your customers
human engagement, and empowering your agents with AI. And instilling
trust in your brand through biometric identification and fraud prevention. effortless,
We’ve built our business around using both AI and human engagement personalised,
together, for the most comprehensive customer journey strategy.
proactive, and secure
So, let’s work together to ensure you look back on your transformation experiences—in any
efforts with pride.
channel they choose
n Give your agents the
A true partner tools and insights to
With decades of global experience in the financial services industry, bring their A-game
Nuance is uniquely positioned to meet your needs in a powerful,
impactful way.
every day—wherever
they’re working
Nuance banking and financial services solutions provide conversational
automated and live agent engagement powered by proven AI with fraud n Give fraudsters the
prevention and authentication spanning digital and voice channels. They
offer a consistent and frictionless experience throughout the customer toughest fight of their
journey, employing an omni-channel platform powered by AI and lives—and win
integrated fraud prevention and authentication capabilities.
Nuance not only delivers predictive, personalised interactions, but
empowers agents through an intelligent desktop, plus insightful analytics
and reporting. Through flexible deployment and partnering, Nuance is
used by 19 of the 20 largest financial institutions in the world to
increase multi-functional self-service, conversion and
u ss
agent effectiveness while reducing operating costs. e to disc
lik
If you’d challenges
he
any of t tunities we’ve
or , or
and opp d in this guide n
t e ca
highligh e about how we
or r
learn m t ouch with you
i n
help, get ccount director,
a
Nuance ing, at jim.
rr
Jim She nuance.com.
@
sherring
13Jim Sherring
Strategic Account Director
Nuance Communications
jim.sherring@nuance.com
About Nuance Communications, Inc.
Nuance Communications (Nuance) is a technology pioneer with market leadership in
conversational AI and ambient intelligence. A full-service partner trusted by 90 percent
of U.S. hospitals and 85 percent of the Fortune 100 companies worldwide, Nuance creates
intuitive solutions that amplify people’s ability to help others.
© 2021 Nuance. All rights reserved.
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