INDUSTRY
Banking
Banking Services Transformation: Unlocking Exponential Value
Solution
Data and Analytics
Smart Data for AI: Building Agile, AI-ready Ecosystems
Enterprise Solutions
Accelerate Enterprise Digital Transformation for Sustainable Change
Highlights
- With customers preferring personalized and customized communication for products and services, banks are using digital solutions to gather information at every touchpoint.
- One such solution that has proven statistical benefits is a personalized video messaging solution; however, banks struggle to implement it at scale.
- TCS has tried to address this gap with the TCS Personalized Video Messaging solution to help banks make use of animation and voice messaging to deliver customers' personalized needs.
in this article
Overview
The prevalence of online banking has opened up new avenues for banks to understand their customers better by accessing their digital footprints.
Banks now have information gathered at every touchpoint of a customer’s journey, including demography, social status, life events, and purchase habits, at their disposal. The collected data can be inferred to personalize interactions based on individual needs and preferences and to deliver interactive video messaging, which allows for maximum conversion. However, despite abundant statistical evidence that proves the quantified benefits of personalized video messaging, banks find it challenging to implement it at scale.
TCS’ Personalized Video Messaging solution helps banks and financial service providers leverage multimedia to make mundane tasks exciting and noticeable. Video messages with customizable voices and themes can deliver account statements and explain complex financial or non-financial charges to customers. Cross-selling promotional messages can also be non-intrusively embedded through this solution. This interactive solution keeps the audience engaged and helps financial service providers connect with customers on a more personal level.
The opportunity
Customers are increasingly leaning towards personalized communication in their interactions with product and service providers.
The availability of innumerable options in the digital age has conditioned customers to look for the most personalized communication with relevant information. Customers’ lukewarm response to static account statements in print and digital formats is forcing financial organizations to rethink how they interact with them. Online campaigns and promotions by financial institutions are often lost among the perpetual information noise online. They need a comprehensive software solution that leverages multimedia to engage their customers and interact with them at a personal level.
TCS’ Personalized Video Messaging solution uses animation and voice messaging to deliver account statements and explain complex financial details to customers. It harnesses information from customer relationship management (CRM) and data warehouses to offer individualized, timely, and relevant messages, campaigns, and product demonstrations. The solution customizes voice and themes to match the customer’s personalized needs.
Solution
Some of the striking features of the TCS Personalized Video Messaging solution are:
- Multimedia coverage: Engage users through videos and animations to present content and add an interactive interface when required.
- Ads based on analytics: Embed non-intrusive cross-sell and upsell messages with detailed analytics on spend patterns.
- Interactive features and self-service functionalities: Allow users to make a payment, conduct equated monthly installment (EMI) conversion, raise a dispute, and report a stolen card from the bank statement.
- Customized presentation: Enable customization of voice and themes to match the preferences of the customer.
Benefits
Banks and financial services reap numerous business benefits with the Personalized Video Messaging solution:
- 60% increase in retail customer experience while accessing bank statements
- 30% reduction in customer queries related to charges
- 5.6% increase in e-mail open rates
- 96% increase in click-through rates on offers sent
- Increased email-open rates
- Reduced queries to call center
- Increased click on offers
- Increased customer experience score
The TCS Advantage
TCS is an industry leader in providing high-quality solutions that add significant business value.
By partnering with TCS, banks can benefit from the following:
- Comprehensive implementation: From content authoring to content distribution, TCS’ expertise enables it to implement all three stages of video personalization.
- Domain expertise: TCS’ team of writers and video producers understand the requirements to create impactful content, which are backed by domain knowledge.
- On-premise deployment: TCS offers customers an alternative to standardized cloud-based solutions, allowing companies to operate their customer interaction platforms on-premise.
- Robust, Adaptable Solution: TCS Personalized Video Messaging solution is highly robust, adaptable, and capable of being implemented separately and in combination to transform banks’ campaigns and marketing messages. TCS’ services are location independent and can be quickly leveraged to empower banks to deploy accelerated solutions.
- Research and Innovation: TCS has brought disruptive technologies to banks’ value chain such as TCS Pace Port™, which brings together all of TCS’ research and innovation under one umbrella.