Reaching beyond stellar. Using digital technologies to get there.
Reaching beyond stellar. Using digital technologies to get there.
September 2019
By Jennifer Wagner
While having access to these services is the important beginning of the passage to sustain long-term, mutually successful client relationships, that is only the first step. To maintain, and supersede, a level of service that can be called the “continuum of client support,” providers must actively invest in new technologies and tools that embed forward-thinking processes to strengthen and propel their interactions with clients.
Viewing the customer experience as a range of behaviors along this continuum – rather than a static deliverable – offers powerful visibility into the entirety of a client’s journey, allowing providers to recognize not just the points of high satisfaction (which BNY Mellon surveys tell us where we are actively achieving1), but also insight into any shortcomings.2 As part of this holistic insight, success for clients around servicing and implementations in today’s market means doing more than ever before: increased understanding around client expectations, quickly translating feedback into action items, and keeping pulse with industry trends for all customers, across all channels, continuously.
— Jennifer Wagner, Global Head of Client Support, Treasury Services
As the needs of the market increase, and that effort becomes increasingly challenging, the industry is reading the tea leaves. According to one recent industry survey3, 56% of customer service personnel say handling complex issues is the most challenging feature of their jobs and 32% acknowledge that addressing demands will increase in complexity over time, while 41% believe that new technology will help that effort via less administrative tasks. Service providers are increasingly turning toward digitally advanced internal systems and processes to meet their customers’ expanding needs for faster, enhanced information that will free clients to solve important business issues – with less time spent solving inquiries and waiting for answers.
We are actively reimagining how clients onboard our solutions toward a digital experience that provides increased levels of transparency and leverages a simpler, more optimal operating model for the entire continuum of their experience with us. The initiative leverages Artificial Intelligence (AI) and cutting-edge machine learning to catapult our process beyond manual and time-consuming procedures and systems to handle digitized data capture for an increasingly seamless continuum of client experience.
Through a cloud-based Onboarding Data Repository, our clients will be able to use digital documents to increase process efficiencies around necessary – though time consuming – protocols, including tax processes; regulatory requirements (such as KYC and AML); account openings; straight through processing; resiliency management; etc. The initiative is being designed to:
BNY Mellon is also digitizing workflows via the use of AI to further streamline and manage data in a way that provides clients with fast access to servicing protocols. The aim is to refocus clients’ staff away from handling and making inquiries to managing and growing their business, a huge redirect in effort, highlighted by the fact that BNY Mellon Treasury Services alone currently handles more than 6,700 inquiries per month:
As the financial services industry begins to focus on how the latest technologies can digitize client interactions for exponential improvement, the transitions are, and will continue to be, a monumental undertaking. The effort requires a complete reimagining of how current workflows can employ growing technological capabilities. For BNY Mellon, our collaborative and personalized approach to servicing – that is deeply embedded in our culture – has enabled us to launch this journey while continuing to offer the consistent, flexible, knowledge-focused and solutions-driven services that have been profoundly successful for our clients. We have embarked on the digital journey that all financial providers must begin to take to meet the evolving needs of a digitized future. By embracing simpler, smarter and safer technologies to transform how we operate, providers can empower clients to spend their time growing and developing their business, while leaving the servicing to us.
1 BNY Mellon Servicing data reports overall satisfaction of Treasury Services clients at 87 percent, with 91 percent of Treasury Services clients indicating they would recommend BNY Mellon to others.
2 The Truth about Customer Service; Harvard Business Review; Rawson, Duncan, and Jones; September 2013.
3 Calabrio Research; AdWeek; The Widening Gap between Customer Service and the Customer; March 12, 2018; https://www.adweek.com/brand-marketing/infographic-the-widening-gap-between-customer-service-and-the-customer/
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