Digital Transformations to
Eliminate Your Process Frictions
How can I grow sales without increasing the risk of fraud?
In every organisation there is a balance that must be struck between client user experience, transacting business and fraud. And because fraud is, quite rightly, a key concern some onerous and long-winded manual processes have been introduced into business for key activities such as onboarding and contract completion.
Typical sales goals are therefore unsurprisingly focussed around: -
- Improving conversion-efficiency metrics
- Winning new customers
- Improving customer experience
- Offering more choices
- Transacting more quickly
There are affordable tools now available that can assist businesses to reach these goals without breaking the budget or compromising security. With the use of smart technologies it is not uncommon to very quickly see like-for-like improvements of : -
- 10%+ improvement in customer enquiry conversion
- 40% reduction in contract timeline, from request to completion
- Improved campaign conversion rates of 20%
- Improved customer experience, 15% reduction in complaints and attrition
- >50% reduction in travel costs and information handling costs.
In short, you can now transact more business, more quickly and more securely without increasing headcount.
Looking at just one example, the typical timeline in a regulated new client acquistion transaction. You may recognise the steps below which typically mean a four to eight-week cycle.
Traditional processes often use a disjointed mix of different digital and paper processes.
But if smart tools are used with similar processes, this can to considerably shorten the time-line, without cutting any corners or increasing exposure to fraud (in fact strengthening organisational capabilities). Compare the timeline below - shown in DAYS not Weeks:
But how do these smart tools work? There is no single 'magic solution'. It's about selecting the right combination of technologies from compatible and easily configured functionalities within a platform matched to the processes, according to what the environment is already and the business context and aspriations.
For the example above, we would consider smart technologies such as integrated online meeting and digital office platforms, document scanning via web-cam/mobile, real-time identification checks, templated dynamic document creation, eSigning - all supported by AI and MCL assistance for ease and speed of use, with full or partial recording of all meeting elements as required by compliance guidelines (and reduces note-taking burdens). Where end-to-end journey design can be improved, these tools enable slick and seamless client engagement.
This delivers more than the immediate saving in time. Benefits include:
- More prospects are converted as there are fewer points where the opportunity can stall
- Business is completed faster with less overhead
- Appeals to a wider audience (e.g. millennials expect to engage paperlessly using mobile devices with low friction)
- Client convenience as fewer or no physical meetings are required
- Complete archive of all documents and discussions for future reference - and protection against mis-selling claims
- Fraudsters move elsewhere when meetings are visually recorded and biometrics with real-time tools are used.
We can assist with the right choices, project scoping, design, tools, support and a lot more. As a first step to seeing if you could benefit, try plugging your organisation's numbers into this simple travel-oriented Return on Investment Calculator to illustrate part of the savings.
A modest investment in further analysis could both improve sales without increasing risk exposures and improve the customer user experience.
Alternatively, if you are ready, contact us to discuss further. Working with you to answer your most pressing digital improvement questions and exploring the investment case will enable you to the opportunity scope for immediately taking advantage of these technologies and the scale of the financial case.
