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Customer-Centric Communications

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 on boarding and contract completion.

However demanding customer have ever greater expectations, choice, convenience, speed and security and if you’re not responding to these demands you can expect to lose business to your competitors that are.

Typical sales goals are therefore unsurprisingly focussed around: -

  • Improving conversion metrics
  • Transacting more quickly
  • Winning new customers
  • Improving customer experience
  • Offering more choices

There are affordable tools available now that can assist you to reach these goals without compromising security. It is not uncommon to very quickly see like for like improvements of the following magnitude: -

  • 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

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 transaction. You may recognise the steps below which typically mean a four to eight week cycle.

Sales Activities.png

You can then see that using our tools timelines can be considerably shortened the time-line, without cutting any corners or leaving exposure to fraud.

Sales Activities Improvement.png

This delivers more than the immediate saving in time.

  • 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 for example, millennials expect to work paperless using mobile devices
  • It is more convenient for the client as no physical meetings are required
  • There is a complete archive of all documents and discussions for future reference and protection against mis-selling claims
  • Fraudsters are far more likely to try somewhere else when meetings are recorded

As a first step to seeing if you could benefit try plugging your numbers into this simple Return on Investment calculator.

What can be done to improve the Maturity rating?

A modest investment in further analysis and possibly also supporting technology could both minimise the potential for fraud and improve the customer user experience.  These blog posts and related pages explain how to achieve this and the options available:

 

Alternatively, if you are ready, contact us to discuss further. Working with you to answer your most pressing digital improvement questions and running through a simple return on investment matrix will enable us to see if you positioned to take advantage of these technologies and if there is a financial case for investment.

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