These moments of customer interaction and engagement are crucial, and yet it’s in these moments that potholes often lurk. Unnecessarily cumbersome, slow and inefficient interactions threaten to exasperate the consumer or even disable the entire journey. The key to avoiding these potholes is to rethink customer journeys with an eye toward simplifying information-rich interactions and using intelligent automation (IA) to avoid those potholes and accelerate the journey to a positive outcome for everyone involved.
Pothole #1: Where time is wastedNo one likes unnecessary extra work – or has the time for it. So it’s understandable that customers hit the brakes when asked to re-enter information. Consider, for example, the journey of a customer who needs to submit an insurance claim. They haven’t traveled far into the process before they hit a pothole: a lengthy form asking for personal details – most of which they know their insurance firm already has.
With much of the information needed to complete the claim in their files, insurance companies can use IA to pre-populate the form. In doing so, they save the customer time and create a better customer experience.
Pothole #2: Where revenue vanishesEvery business wants new customers and the revenue that come with them. So, allowing prospective customers to fall into a pothole when they attempt to open a new account is just crazy – intelligent automation can avoid those potholes and help make that revenue materialize. A common problem is that application forms are too long, and businesses fail to recognize the opportunity to automate. For instance, one bank’s new account form originally had 45 fields, which it winnowed to 35. Yet they could have improved on that, says consultancy firm McKinsey, if they had “reduced the fields to 15 and pre-populated 10 of them from external data sources.”
Simplifying this process for consumers reduces the risk they’ll quit midway through. According to the Digital Banking Report , “When onboarding takes too long, your customers will seek other solutions. In fact, at some banks, customers abandon up to 90% of new account applications prior to their completion.”
With IA, businesses are more likely to keep new revenue. One telecommunications company increased customer satisfaction by 20 percent and reduced costs by 30 percent after it implemented a faster mobile-phone sign-up process, according to McKinsey.
Pothole 3 – Where silence is not goldenThe current labor market is tight, and companies are fiercely competing for talent. You may not give the employee onboarding process much thought – after all, the candidate may have accepted the job already – but often a great employee onboarding journey is needlessly hampered by potholes. In fact, 76% of HR executives say their organizations aren’t effectively onboarding new hires, according to a survey conducted by Kronos Inc. and Human Capital Institute.
Starting a new job is exciting. The employee wants to have a clear understanding of what they need to do and the organization needs to coordinate all the cross-functional people and systems that will get that new employee onboard smoothly. Silence from the company worries prospective new employees – did they make the right choice? Great onboarding means keeping that employee informed, while filling out paperwork, gaining access to relevant systems and resources and perhaps scheduling and completing induction and training. Intelligent automation handles these tasks even before the new hire steps foot in the office. HR staff and hiring managers then have more time to engage personally with the recruit and ensure they feel like a valued member of the team. In tight labor market or high-volume hiring environments, this approach makes it less likely new hires will jump to competitors.
A Smoother Journey with Intelligent Automation
When customers and employees get stuck in potholes, companies risk losing them, their goodwill and the revenue and other value they bring. But companies that work like tomorrow know that leveraging people, processes and the right intelligent automation technology is what’s needed to fill the potholes in onboarding processes. Turning information-intensive interactions into great moments of engagement creates a great experience and an efficient journey, and sets the organization apart from its competition.