Ingenuity Insurance

15) Physical distancing has necessitated a sharp change in branch usage. In March 2020, 25 percent of branches globally were closed, and 15 percent remained shuttered by May. However, even before the crisis, branch contribution to core banking unit sales had fallen from 75 percent in 2015 to 55 percent in 2019 (although average sales value remains higher in the branch than other channels). During this same period, the number of branches declined by 18 percent, and branch staff by 16 percent.

14) Many banks have also experimented with remote advisory models, such as branch-to-branch, branch-to-hub, or hub-to-home. These capabilities offer convenient access to complex advice and match customers to the right specialists, making conversations more efficient. Effective remote advisory leverages screen sharing to replicate the advantages of in-person interactions and integrates digital capabilities, like authentication for instant fulfillment, to create a seamless, secure, and satisfying experience. A successful remote-advisory offering at a leading European bank increased meetings per adviser by 40 percent and income per meeting by 35 percent. Customer satisfaction also improved, rising 5 percent.

13) When calls do reach agents, new technologies like voice-to-text transcription feed data sets that can be analyzed by text analytics, sentiment analysis, and natural-language processing to generate unique post-call insights. A North American bank used these levers to reimagine their complaint-management journey, decreasing complaints per month from more than two million to fewer than 150,000; repeat calls were projected to fall by about 50 percent.

11) Coupling these changes with fine-tuned propensity models and event triggers increased pilot product sales by nearly 25 percent while maintaining high customer satisfaction.
12) As countries emerge from lockdown, banks can learn from pre-COVID-19 leaders on how to bring

16) Good nutrition is essential for a healthy body that’s able to fight off infections and function properly, but many individuals forego healthy eating for a variety of reasons, including lack of knowledge, hectic schedules and exhaustion. After all, it’s faster to microwave a meal or stop at a fast food joint than it is to prepare a healthy meal. Unfortunately, bad nutrition can lead to a whole host of problems, including high blood pressure, obesity, diabetes, poor sleep and lack of energy.

14) When calls do reach agents, new technologies like voice-to-text transcription feed data sets that can be analyzed by text analytics, sentiment analysis, and natural-language processing to generate unique post-call insights. A North American bank used these levers to reimagine their complaint-management journey, decreasing complaints per month from more than two million to fewer than 150,000; repeat calls were projected to fall by about 50 percent.

11) They expanded from three subsegments to 13, and for each group deployed test-and-learn techniques to tailor communications to individual customers (e.g., changing the subject text of the email, adopting a more colloquial tone, factoring in time of day) and built a multichannel contact

10) Leaders also invested in advanced analytics to enhance personalization. As part of a digital agile sales program, a large European bank microsegmented customers, using a mix of CRM data (e.g., socio-demographics, client and product tenure) and digital behavior (e.g., usage of tools and calculators, intensity of digital interactions).

9) A large North American bank set up a digital “factory” that brought together hundreds of staff to build new, best-in-class digital experiences and products, which enabled the bank to rapidly digitize multiple priority customer journeys.

7) To thrive in the next normal, banks not only need to meet customer preference for higher digital engagement but also must learn from precrisis leaders on how to meet more and higher-value needs via digital. While in many markets the crisis caused a significant drop in monthly unit sales across all channels, it also accelerated the sales mix redistribution as channels recovered at varying speeds

5) More importantly, high mobile usage enabled top performers to grow total customer touch five times faster than slow adopters and to generate over a third of all their digital sales via the mobile app.3 These differences in performance are driven by several factors: advanced app features, superior user experience, and innovative capabilities to proactively engage users.

6) Biometric authentication, quick balance checks, and easy transfers are increasingly table stakes for banking apps. However, leaders take a customer-centric mindset to developing new features that will capture the attention of customers and be adopted rapidly. For example, in the United States, banks with remote check-deposit capability had about 40 percent of checks deposited via their apps in 2019