Advance retention strategies, enable self-sufficiency and obtain better customer insight with Nuance

The consolidating financial services industry faces some complex challenges today. Key issues include achieving growth without sacrificing cost efficiency, intensifying competition on a global scale, fraud prevention, regulations and compliance and, not least of all, an increasingly demanding and fickle customer. Many organizations are asking, what is the best way to grow the business while maintaining a customer focus?

Improving customer satisfaction and loyalty typically improves relationships and it can be cost-effective. Banks are looking to increase share of household spend with sophisticated cross-selling and up-selling initiatives targeting specific opportunities or demographics. Typical results have shown that $1 spent on customer retention will return $2.70 in revenue.

Technology trends in financial services demonstrate the critical nature of channel integration, business intelligence and analytics, security and mobility. The objectives are to deliver a consistent and satisfactory customer experience, gaining deeper insight into customer behavior, eliminating fraud and associated concerns, and keeping pace with the growth of mobile applications that allow employees and customers alike to conduct business any time, anywhere.

Banks are finding higher satisfaction rates among consumers who have greater choice in where, when and how they do their banking. TowerGroup found that the most profitable customers are those who use a variety of service channels, both assisted and self-service.

The challenge for financial services organizations is to integrate retention strategies with IT investments. This can be achieved by developing a strategic customer service approach that blends communication capabilities with business goals and IT directives.

A financial institution, wants to offer appropriate service through the customers preferred channel, whether inbound or outbound, land-line or mobile. Nuance, the leading provider of speech and imaging solutions, offers communication capabilities for financial services that enable inbound services such as account and loan balance status, pay-off status, transfers, address changes, check orders/copies and bill pay.

General inquiries and fraud activities such as ATM/branch locators, application status checks, fraud reports and discrepancy inquiries can also be automated. Customers can set up new accounts, apply for new products or services and set up direct deposit via Nuance solutions. In the burgeoning area of outbound communications, Nuance automates outbound alerts, satisfaction surveys and routine account information inquiries such as account statements and timed account renewal notices.

All of this can be accomplished using Nuance financial services solutions. Nuance solutions are affordable and scalable, achieving a return on investment within months rather than years. Each solution supports the necessary regulations from Basel II to SOX. Nuance solutions consistently deliver superior customer service, when and how your customers and employees demand it.