How Standard Chartered humanizes the digital customer experience with Sprinklr
customer engagements in four years
YoY increase in social care interactions
first response within 10 minutes
case resolution within the channel
Standard Chartered is on a mission to make online banking simpler and faster for their customers, no matter where they are. But achieving that goal is no easy feat: headquartered in London, the multinational banking and financial services company has a presence across 59 markets, each with different behaviors and expectations.
As the bank builds out its digital capabilities in areas such as virtual banking and banking-as-a-service, customers also expect more personalized service in real-time.
They interact with the bank through a mix of channels throughout their banking journeys — and get frustrated if they have to repeat themselves to resolve issues. This adds pressure on customer service agents.
In order to provide a frictionless user experience, Standard Chartered knew it needed to be able to monitor conversations across all channels. At the same time, it wanted to better understand the needs of customers for data-backed insights that support business growth.
To transform its digital customer experience, Standard Chartered needed a solution that would:
Listen across all social channels in order to monitor trends and inform strategy
Track customer interactions across multiple channels
Reduce churn and cost per engagement by reducing customer query response time
Convert social media engagement into sales
Standard Chartered implemented Sprinklr in 2014. Within four years of platform adoption, the bank had handled one million customer engagements, with social care interactions growing ten-fold year over year. More than 220 Standard Chartered employees, including marketing staff and contact center agents, now have access to a unified customer experience management (Unified-CXM) platform for customer care, listening, triaging, analysis, and engagement across 31 retail markets, enabling them to deliver exceptional customer experiences.
Turning customer data into insights
Standard Chartered believes that all customer interactions provide useful insights. Through extensive social listening capabilities and sentiment analysis from Sprinklr Insights, the bank is able to better understand customer behavior, such as spending habits and financial or investment needs, which then enables them to recommend the right products for customers. By further analyzing the motivations behind their feedback, the bank is not only able to recommend the right product, but to explain it in a way the customer can understand.
Supporting marketing efforts with social media engagement
Using Sprinklr Social for social marketing and listening, the bank identifies customers’ emotional reactions to content that it shares across digital channels. Paying attention to what customers like and dislike on social media, the bank can then fine-tune marketing strategies to retarget customers based on their behavior and preferences. At the same time, Sprinklr automatically escalates posts and comments to the right channels, so customer issues are resolved quickly — before they turn viral.
“The shift to digital is inevitable. Consumers do everything on their mobile phones,” says Aalishaan Zaidi, Global Head, Personal Banking, Standard Chartered. “Sprinklr’s Unified-CXM platform helps us serve customers through their channels of choice, be it a chatbot, social platform, or messaging app, like WeChat or WhatsApp. We think omnichannel CX, coupled with AI and analytics, is the only way forward.”
Sprinklr provides a unified desktop approach, so agents can manage email, social, and chat interactions without switching applications.
“We want customers to have the best possible experience when they bank with us, says Zaidi.” Using Sprinklr’s conversational AI, we plan to digitize 70% of conversations to free up live agents for complex transactions that require a human touch, such as mortgage applications and wealth management.”
“Consumers do everything on their mobile phones, so the shift to digital is inevitable. Sprinklr’s Unified-CXM platform helps us serve customers through their channels of choice, be it via a chatbot, social platform, or messaging app, like WeChat or WhatsApp. We think omnichannel CX, coupled with AI and analytics, is the only way forward.”
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