In a world of "digital enablers" – Web capabilities, mobile applications, VOIP telephony, payment tokenization, etc. – you would think that the omnichannel would be easy. You would think that joining a few customer contact channels, just the voice, the SMS, the email, the Web, the automated payments, the application and a few others, would be quite simple.
The reality, of course, is very different. The reality is that you have to manage existing systems (and many of them), integration challenges, disparate data sources and regulatory compliance with a growing list of abbreviations (OFCOM / OFWAT / OFGAT, FCA, GDPR, IFRS 9). ]
You might, in fact, begin to wonder if the omnichannel is worth it.
At FICO, we believe that the best answer to this question comes from your customers. We recently conducted a series of customer surveys in several countries to understand customer communication behaviors and preferences related to debt repayment.
In the United Kingdom, here's what consumers told us:
The most popular chain to inform customers of late payment remains the traditional method of mail / courier . This is followed closely by SMS and email. Mobile app notifications have not yet taken off, with only 5% of customers receiving a notification this way.
In contrast, 52% of customers want reminders of late payments via SMS and mobile app notifications much more than they currently do and certainly a lot less than the postal method .
48% of customers told us that they were more likely to respond to a friendly and helpful message from a trusted source. This makes the branding and tone / text of any messaging critical in improving the customer's propensity to respond.
When paying their account, in response to a late payment reminder, 30% of customers indicated that they would prefer to pay via an online web site / portal 76% preferring to pay by direct transfer or debit card. When this is linked to the customers' growing desire to be contacted by SMS and mobile app, making sure the payment process is transparent will be the key to providing a "frictionless" customer experience.
Although there is much talk of the use of social media and chat applications in the collection process (94% of respondents regularly use social media), a considerable number (19459005) admitted that They would not be comfortable receiving a late payment reminder through these channels.
Does this surprise you? This should surprise somebody because the survey has clearly revealed that many lenders do not use the channels that customers prefer, and the channels that are most likely to get results.
I will discuss these results with my clients when setting up or redesigning their customer contact strategies. This will focus on defining the most appropriate contact channels to get the most out of FICO Customer Communication Services our omnichannel orchestrator.
Which brings me to my next article, where I will look at the key elements of analysis and the use of data-driven decisions to improve both the data and the data. efficiency and effectiveness of the customer contact process.
This video discusses the high-level results of our British survey. Contact us for more information.