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LivePerson Enterprise for Financial Services
Cement Customer Loyalty, Cross-Sell Customers, Increase Online Sales Industry Snapshot
The growing adoption of the Internet has changed the way consumers manage their personal finances. Online banking is by far the largest sector of e-commerce and today, as some 44 percent of consumers regularly go online to pay bills, apply for loans and credit cards, research investments, and trade stocks and bonds. By 2011, that number will grow to 76 percent.
The growing acceptance of the online medium has been a boon for financial institutions seeking to attract and retain customers by offering a wide range of Internet services. Moreover, consumers who value online banking tend to be highly desirable, often qualifying for premium products and mortgages.
While the proliferation of online banking provides many benefits to institutions, it doesn’t come without its challenges. The Web makes it easier for consumers to both shop around for better terms and open new accounts with the institutions offering the best rates at the moment. Consumers can apply for credit cards and loans at multiple institutions in a matter of minutes, and select the institution with the best terms without ever rising from their desks.
Furthermore, while favorable rates and terms certainly attract consumer attention, they’re not enough to secure their loyalty. Over the past few years, online banks have lured investors with introductory interest rates that beat the industry, only to lose those customers when the introduction ends and a rival bank bests the offer. Institutions need to cement customer relationships by providing superior customer care, and for the high-value online banking customers, that care must be provided through those customers’ preferred channel: the Web.
At the same, financial services institutions are extremely interested in cross-selling and up-selling their customer base. Checking account customers are prime candidates to open mutual fund accounts; savings account customers make excellent prospects for home mortgages. The Web is a logical place to take advantage of such opportunities.
Thus, in the years ahead, financial institutions will need to identify their potential cross-sell and upsell opportunities by integrating data from their website with the CRM systems. They’ll need to identify website visitors whose behaviors indicate a propensity to open an account, and target them with personalized assistance. And they’ll need to enable their call centers to provide high quality customer care via the Web.
That’s why LivePerson has introduced LivePerson Enterprise for Financial Services, a third-generation engagement solution that enables financial services institutions to take control of their websites by applying to the online medium some of the best practices long relied upon by the brick-and-mortar counterparts, specifically visitor segmentation and targeting.
- LivePerson Enterprise for Financial Services Solution Sheet
- Wall Street Journal Article
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“If banks continue to satisfy customers with the online experience while increasing usage, the end result should be a larger number of satisfied and loyal customers. In addition, increasing adoption of the online banking channel will reduce the cost required to service customers. Banks will be able to provide a more satisfying experience by delivering service through a lower cost channel (online vs. offline).”
Larry Freed
President and CEO
Foresee Results
National City uses proactive chat to boost application completion rates and account openings.