Happy Customers = Happy Banks


With the increase in technology making competition for customers more fierce than ever, banks have a huge incentive to improve their customer experience. The post Happy Customers = Happy Banks appeared first on Blueworx. Blog AI Banks Customer Experience CX IVR

Advantages of Banking Virtualization

Revation Systems

While many customers are still most comfortable banking at their local brick-and-mortar branch location, we’d like to think it’s because they enjoy seeing their favorite teller and not because they’re afraid to try online banking. 13 Essential Online-Banking Security Tips.

Restoring trust across banking channels


Whether they’re using stolen data to open a new line of credit online or spoofing telephone reps, authentication processes play a central role in protecting customer data from scams designed to steal identities and impact a bank’s brand reputation. .

Bank Innovation 2018: Chatbots, Fintech & Customers — Oh My

Revation Systems

Interested in learning more about how fintech and chatbots are enhancing the customer experience at banks and credit unions today? Join our team, along with other top leaders in the financial field, at the 7 th Annual Bank Innovation Conference (March 5-6).

Big Banks: What Are They Hiding?

Beyond Philosophy

Big banks have proven yet again that they cannot be trusted to do what is best for the consumer. Banking industry lobbyists fought hard for this change and gained significant support. After contacting the bank (or not), most people just drop it. Do you trust your bank?

Unbelievable Violation By World Renowned Bank – Record Fines!

Beyond Philosophy

A: Wells Fargo Bank, the latest bank to suffer the scrutiny of the truth and forced to answer for taking advantage of its customers’ trust. Carrie Tolstedt , unit leader of Wells Fargo’s community banking division, is set to retire at the end of this year after 27 years of service.

Report: Small Banks Are More Customer-Centric

Toister Performance Solutions

A new report from the American Customer Satisfaction Index (ACSI) shows branches and ATM machines are just about the only place where credit unions and community banks lag behind larger financial institutions. Here's the breakdown of overall customer service ratings by size of bank.

What are Bank Contact Centers Doing Right?


inContact’s research shows that banking was in the highest tier for customer satisfaction with 54% of respondents ranking it for the most satisfied recent interaction. The American Customer Satisfaction Index (ACSI) reported that banking customer satisfaction increased 5.3% Forrester Research, in their annual Customer Experience Index, also finds that banking and credit card companies lead the way in customer experience excellence when compared to other industries.

10 bank fraud lessons of 2012


As much as we’d like to think that remote banking is safe, the reality is threats across all customer channels still exist. With new and emerging threats facing financial institutions every day, banks need to stay one step ahead of today’s tenacious criminals. Continued education is essential for fighting bank fraud : With crooks cooking up new schemes all the time, bank fraud teams need to keep up with the latest criminal trends and tactics.

Faces of Customer Experience: Ali Banks

Customers That Stick

Meet Ali Banks! Ali Banks’ began her career in architecture but left her real estate development job to pursue her love of food at Le Cordon Bleu, Paris. To connect with Ali Banks further visit her at www.sitkasalmonshares.com.

How pre-answered caller authentication helps prevent telephone bank fraud


When it comes to providing a trusted customer environment, banks are typically better at resolving problems stemming from non-predictive authentication and fraud than preventing them. What I mean by this is when banking customers place a call into a contact center, the very act of answering the telephone sets the stage for criminals to start their elaborate social engineering schemes. Done right, however, it can also have the biggest payback for both the bank and customer.

Combating bank fraud that targets user behavior


Even with fraud defenses in place, individuals are still the ones who have to ultimately make banking decisions that could put them at risk. The recent article, “How to Address Security’s Weakest Link,” explores one of the most inherent security vulnerabilities that banks face today — people. The TrustID® network-based Physical Caller Authentication incorporates proactive fraud detection to instantly educate bank agents about the legitimacy of incoming calls.

Digital Transformation in Retail Banks: Potential Impact on Brand Equity, Customers, and Employees

Beyond Philosophy

It is having most impact, and will likely continue to do so, in traditional industries such as retail banking. Digital innovation in banking can be seen in the transformative way people transact and organize their finances. Michael Lowenstein, Ph.D.,

Banks continually challenged with securing growing sales channels


Along with providing faster and more convenient ways to bank, financial institutions are constantly challenged with making sure all of their customer channels are protected. The problem with offering customers more tools for customers to bank remotely is the ability to successfully secure the growing number of sales channels without impacting the user experience. And this says nothing about the damage that security questions can have on the goodwill of banking customers.

Intersecting Viral Marketing With Emotional Customer Connection: TD Bank’s ‘Home Run’

Beyond Philosophy

My example is TD Bank, where viral communication meets real, and valued, experience delivery on a personalized, and deeply emotional, level. The mini-documentary TD Bank created about the campaign has been viewed over 5 million times on YouTube. – Michael Lowenstein, Ph.D.,

Security concerns prompting banks to invest in multi-factor authentication


With fraud against financial institutions on the rise, what will banks be focusing on in the coming year? The recent BankInfoSecurity article, “New Insight on How to Respond to 2013’s Top Fraud Trends,” suggests that fraud attempts against banks and credit unions will continue to increase this year. Deploying a multi-factor authentication strategy can play a critical role in preventing fraud across all banking channels. Authentication Banking Fraud

Stronger customer authentication only way to mitigate risk of bank fraud


Without it, or worse, relying on unvalidated resources like personal identifiable information (PII) to identify customers, puts every banking transaction at risk. Much like any other banking channel, financial institutions need to strengthen their customer authentication if they expect to stop fraud in the financial services industry, said Neil Schwartzman of secure messaging infrastructure provider, Message Bus. Sitting at the core of every financial transaction is trust.

Remove friction from the contact center experience


When it comes to improving banking efficiencies and protecting customers over the telephone channel, contact center supervisors have traditionally relied on knowledge-based information to authenticate customers.

What customers want


In a perfect world, when a customer has a question or needs to resolve an issue, they call their bank’s contact center and a live person immediately picks up. Over time, this can save an organization significant labor costs and improve their profitable bank-customer relationship.

At A Fork In the Road: As a Customer Relationship Driver, Where Is Branch Banking Headed?

Beyond Philosophy

Both quotes seem to apply to what is currently transpiring with retail branch banking, and where it seems to be trending. Banks can’t quite make up their minds about what branches are supposed to be. At a time when banks are closing branch locations at a record pace (over 1,400 in 2014, with Bank of America, alone, closing more than 140) that is likely to continue, the need for the services they offer remains pretty much the same. Why does banking have to be a chore?

Employee Culture: Why Amazon is on Top and Bank of America Isn’t

Beyond Philosophy

Last year’s survey revealed that Amazon claimed the top spot and Bank of America…well, didn’t. That is to say, Amazon has it—and Bank of America doesn’t. The Bottom 10 Companies Technically, Bank of America isn’t listed here by name but they do fall under the label of “Any Bank.” I would argue that this is true of Bank of America. I am not a fan of banks. In my experience, banks don’t ever put the customer first.

The one constant in a changing customer environment


Advancements in banking technology have largely been driven by customer convenience. To avoid having to physically visit their local branch, today’s busy consumers demand remote solutions that allow them to bank from anywhere at any time.

Using physical ownership to strengthen customer authentication


They give us the ability to bank and purchase products wherever we go, at our convenience. Some banking institutions are even allowing credit card transactions based on mobile phone proximity. Physical ownership.

Is Trust Really an Emotion? Generally,Yes…And It Is Critical In Customer-Supplier Relationship…Just Ask Banks!

Beyond Philosophy

Consumer financial service industries, such as banking, investments and insurance, are sectors where trust and confidence play a particularly important role in key elements of the customer life cycle: selection, loyalty, and defection. Retail banking, in particular, has seen both success and failure because of customer trust. Big national and large regional banks are particularly vulnerable. In classic psychological terms, trust is considered more a ‘feeder’ of emotion.

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Protecting the things your customers value the most


To avoid becoming low-hanging fruit for social engineers, banks need to provide a secure and seamless experience that meets increasing customer demands. This removes any disruption to a legitimate customer’s banking journey.

Employee Culture: Why Amazon is on Top and Bank of America Isn’t

Beyond Philosophy

Last year’s survey revealed that Amazon claimed the top spot and Bank of America…well, didn’t. That is to say, Amazon has it—and Bank of America doesn’t. Technically, Bank of America isn’t listed here by name but they do fall under the label of “Any Bank.” I would argue that this is true of Bank of America. Zhecho Dobrev , a one of Beyond Philosophy’s Senior Consultants, recently told a story on our blog about his experience with Bank of America.

How pre-answer caller authentication differs from fraud detection


While fraud tools are designed to spot bad actors, TRUSTID is an authentication system that helps banks validate good callers. For banks, the identity interrogation process is time-consuming and drives up operating expenses.

Top contact center authentication stories of 2017


To protect themselves, consumers need to work with the credit monitoring agency and their bank to closely monitor their credit activity for, what some experts believe, the rest of their lives. When you have it, you still have to continually work to maintain it, which all banks do.

Lose the Customer’s Confidence and You Lose the Customer


My wife and I were on the phone with our bank. At the end of the “interrogation,” the bank’s rep said he didn’t have what he needed to verify Cindy’s identity, and he was transferring her to another rep. So, what was the cost to the bank?

CX: The Shift from Call Center to Contact Center

Revation Systems

Today the role of cloud and multi-channel features has changed the game entirely, and shifted what was merely used to aggregate inbound and outbound phone calls into a complex communications hub able to transform multiple industries such as healthcare and banking.

Effects of the Equifax Data Breach, Part 4: Long-term consumer threat


There’s been much speculation about the Equifax security breach, and we’ll likely continue to learn more about what happened and what the security steps consumers and banks need to take to protect themselves in the weeks and months ahead. Staying ahead of identity fraud means consumers and banks need to take proactive steps to ensure strong authentication solutions and monitoring tools are in place to spot and stop threats today and in the future.

What to expect over the holidays


Higher call volumes: As consumers start spending over the busy holiday shopping season, this means a spike in inbound customer calls to retail and bank contact centers is coming.

Real-time telephone authentication needed to identify risky in-bound calls


With financial institutions pouring so much effort and investment in online security strategies, banks really need to consider the same when protecting their call centers. Without effective authentication tools that can verify telephone locations, bank contact centers remain vulnerable to various types of fraud over the phone channel. The way criminals scam bank phone representatives typically comes in the form of social engineering.

2017 Temkin Trust Ratings, UK: Nationwide, John Lewis, and M&S Food on Top

Customer Experience Matters

2017 UK Temkin Ratings Audi Bank of Scotland BMW John Lewis M&S Food Nationwide Nissan Virgin AtlanticTrust is a critical component of a strong relationship with customers. That’s why Temkin Group has been measuring trust for several years in the U.S. This year we’re publishing the 2017 Temkin Trust Ratings, UK, which evaluates 157 companies across 16 industries based on a survey of 5,000 UK consumers in January 2017 (see full list […].

Effects of the Equifax Data Breach, Part 5: The top takeaways


Accessing this information in real-time allows banks to make instant security decisions on known spoofed calls, as well as suspicious calls coming from high-risk regions and countries. Moving forward, banks and businesses need to implement authentication tools that identify customers without relying on sensitive customers data. As with any data breach, we learn more details over time. It’s been two months since Equifax disclosed its massive data leak.

"Follow the Leader", Featuring Al Hopper

Call Center Weekly

Banks might not want to measure their Net Promoter Score against sporting goods stores. However, banks checking Customer Satisfaction against other banks makes much better sense. He spent 12 years working in the main contact center for a major international bank.

The Transparent Customer Experience: how measurement can benefit both company & customer


I am writing this blog having just watched a Hollywood movie about the 2008 banking crisis – The Big Short, featuring Christian Bale, Steve Carell, Ryan Gosling and Brad Pitt is a tough watch – not because of the quality of the acting, but because of the almost completely unbelievable plot.

Social Customer Service Rankings: Where Do You Stack Up?

Chad Schaeffer

Banking is also an online and mobile experience, making it easy to launch Twitter and tweet a question or concern by consumers comfortable with social media. It was May 2001 and I was just kicking off my first contact center software implementation as a project manager.

Do your customer calls all look the same? They shouldn’t.


In other words, if all calls appear the same there’s no way to answer some of the key questions all banks should know about customer calls, such as: Which calls are trustworthy? To improve the overall security and efficiency of the telephone channel, banking institutions need to be able to confidently identify which customer calls are trustworthy and which ones pose a risk. But this hasn’t stopped criminals from migrating to other, less protected banking channels like the telephone.

Restoring the trust and usability of Caller ID


With more banking transactions still being conducted over the telephone than the Internet, financial services industry needs to re-establish Caller ID and ANI as trusted sources for authenticating customers. IN fact, it can put a bank’s information and customer accounts at serious risk. And once the trust between the bank and customer is lost, it can be a long road for financial institutions to win back that important trust with customers and the public in general.

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