Cultivate Customer Service Across All Your Channels

Solving these problems means cultivating personal customer service across all your channels. To do this, you’ll need to:

Fintechs are creating new experiences that are pulling away your customer base. Google, Amazon, and other familiar technology brands are also entering the financial services sector, offering solutions that match your customers’ heightened expectations for speed and convenience

Increasing Pressure on the BranchIn addition to the pressure on your digital channel, these innovations are shrinking another critical aspect of your business: the traditional branch. In the 12 months ending in June of 2017, banks have closed 1,700 branches.1 And, in the past year, there’s been an 11 percent decline in customers coming into the branch.

However, a recent JD Powers study found that overall retail bank satisfaction was significantly higher among customers who visited a branch within the past 12 months versus those who used only digital channels. It’s essential that you keep these customers, and that means developing the necessary efficiencies to provide them with an easy, consistent, and personal experience.

“ 92% of banks rank customer experience as the most important guiding principle dictating these digital strategies.”

Create near-real-time automated workflows for your enterprise.

Make the digital experience as personal as the branch experience.

World Retail Banking Report, Capgemini and Efma, 2018

Your big-picture success Your big-picture success depends on something much smaller: the everyday interactions with your bank’s customers—interactions that are being profoundly affected by the customer-centric transformation that’s underway in the banking industry.

2CULTIVATE CUSTOMER SERVICE ACROSS ALL YOUR CHANNELS

Bank of Missouri spent

54hrs, or $1kper month, on deposit fee refunds alone.

With net-interest margins shrinking, the pressure is not just to do more, but to quickly access all your information and data, whether stored in the core infrastructure or in third-party systems. This access to data needs to happen more consistently, all while reducing wastefulness and inaccuracies.

Like most banks, you have disparate systems that require an array of manual steps just to keep up. You might also be relying on emails or forms to convey information, two methods that increase the probability of human error, in addition to being too time consuming.

All too often, workers enter items multiple times to get the daily routines done for the entire system. That means compiling data, making sense of it, and ensuring that it’s all going to the right place. It’s inefficient processes like these that lead to more failure points and put you at greater regulatory risk and reflect poorly on your customers’ experience.

Your Challenge:

Performing More Efficiently Each Day

3CULTIVATE CUSTOMER SERVICE ACROSS ALL YOUR CHANNELS

The Jack Henry Banking®

Solution:

Automated Workflows

You can automate manual processes and repetitive tasks with jhaEnterprise Workflow™. You’ll have a near-real-time environment with guaranteed accuracy, which effectively creates a system of record for auditing and monitoring of your automated business processes.

With PowerOn® from Jack Henry Banking, you can customize your core system to meet the unique needs of your bank and the diverse needs of your customers. You’ll be able to pull in third-party data and meld it into a single view. And you’ll streamline the input and processes of your data, so you can quickly verify information and display it in your core system.

This gives you a host of advantages, including maximizing the functionality of your systems, so you can reduce operating costs and labor needs and increase staff efficiency and productivity.

And when you use JHA Marketplace™, you can save time and money by downloading any prebuilt solutions that have been created by Jack Henry, vendors, or other banks. You can also charge a fee for your solution, which creates a non-interest income, so you can defray the cost of development time and earn a profit.

To eliminate inefficiencies and drive the customer-centric transformation, you need to create near-real-time automated workflows for your enterprise.

4CULTIVATE CUSTOMER SERVICE ACROSS ALL YOUR CHANNELS

For years now, you’ve been investing in and rolling out digital technology solutions to keep up with customer expectations. The potential benefits are enormous: boost revenues per customer by more than 50 percent; increase customer penetration by more than 30 percent; and reduce operating costs by up to 20 percent.

But like many of your peers, you’re having a hard time keeping pace with the tech companies now invading your market. Google, Apple, Facebook, and Amazon are all game changers that are dramatically affecting the financial services industry. Today, it’s all about speed and convenience. Consumers today expect self-sufficiency, flexibility, and greater customer service no matter where they go. Banks of every size must keep up with this trend or become obsolete.

Many institutions have decided to partner with digital companies and fintechs to improve business and offer new services. Stop-gap solutions will no longer suffice, and you’ll need to make significant investments that give you the flexibility to capitalize on the opportunities in the digital space.

54% of banks believed partnering with

fintech has improved revenues

87% of banks felt that they have already helped cut costs2

Your Challenge:

Catching Up to the Digital Revolution

5CULTIVATE CUSTOMER SERVICE ACROSS ALL YOUR CHANNELS

The Jack Henry Banking®

Solution: Make the Digital Experience as Personal as the Branch Experience

Your customers demand an intuitive, engaging, and always up-to-date digital experiences.

With the digital suite, you can enhance and coordinate every aspect of the growing channel—from user experience and engage-ment to dynamic content management, state-of-the-industry security, data-driven digital marketing, and more.

Banno gives your customers a single ecosystem - the same digital experience on any device. Whether on a tablet, laptop, or phone, it’s all the same look and feel, which increases loyalty and enhances revenue opportunities. When your customers can’t come to you, Branch Anywhere™ enables your staff to take the branch into the field, servicing customers on location demonstrating a commitment to service while strengthening the relationship.

At the same time, you can give your bank staff members the freedom and flexibility to leave their desks and go to the customer. With alerts, accounts, and customer dashboards available, your employees have all account holder information at their fingertips, including the services they use.

You can increase customer loyalty, enhance cross sell opportunities with your various solutions, and reduce costs by enabling alternative channels. This mobile solution means more flexibility for your team, improves customer service, and showcases your bank as a more innovative and cutting-edge institution.

6CULTIVATE CUSTOMER SERVICE ACROSS ALL YOUR CHANNELS

Eliminating inefficiencies and driving the customer-centric transformation that’s underway in the banking industry. You can customize your core system to meet the unique needs of your bank, as well as the diverse needs of your customers, no matter how much they might change.

Implementing enhanced features that meet the demand for digital experiences. You can make the consumer digital experience as personal as the branch experience, essentially recreating that personalized touch and culture from the branch, and ensuring it’s represented in the digital space.

With Jack Henry, you can accommodate long-term growth and stay ahead of the technology trends shaping today’s financial services industry. To learn more, please visit jackhenry.com.

Jack Henry Banking is committed to investing in and updating its core systems. Our technology enables a consistent, personalized experience across channels by:

Why Jack Henry Banking?

7CULTIVATE CUSTOMER SERVICE ACROSS ALL YOUR CHANNELS

1 Banks Shutter 1,700 Branches in Fastest Decline on Record, Wall Street Journal, February 2018.

2 https://www.quovo.com/finserv-blog/wealth-management/fintech-partnerships-may-boost-bank-bottom-line/

© 2019 Jack Henry & Associates, Inc.®

“ Progressive financial institutions are the backbone of our economy; they are constantly evolving to meet customer preferences while consistently providing for their communities. Jack Henry Banking provides these growing financial institutions with the dynamic functionality necessary to help meet the needs of their target markets. Jack Henry Banking is committed to helping bank partners successfully scale and compete in all areas of their business.”

Stacey Zengel Vice President, Jack Henry & Associates® President, Jack Henry Banking®