Case study: Confidential
Industry: Financial services.
The Challenge
Our customer urgently needed to deploy a sophisticated and agile end-to-end solution to reduce operating costs and boost life-time value of customers.
A newly appointed CEO envisioned that new technology would be the mechanism to evolve the business. He successfully enrolled the company on a partnership with Konfront to co-create this solution.
Our approach
Through design thinking, we co-created potential solutions and a roadmap to tackle the challenge.
We prioritized 4 key initiatives to drive revenue growth through a digital channel:
- Create an Omnichannel strategy.
- Digitize and automate back-end processes.
- Soft-launch a prototype.
- Build customer insights.
The prototype
Our Transformation Success team led the creation of a prototype to validate and better understand the business case.
In 4 to 8 weeks, our team developed and launched a Minimum Viable Product, focusing on 3 principles:
- Maximize the end-user's ability to request the service
- Generate a progressive Web Application
- Semi-automate back-end process and priority services.
The result
A quick and adaptative omnichannel platform, enabled by a web application that generates leads for our customer.
This agile web application started capturing data and allowed Konfront and our customer to generate insights on how to launch the next product iteration.
The impact
During the first quarter of 2019, we validated the omnichannel solution for our customer with 153 end users.
Through out the year, we continued to build digital capabilities and re-iterate user experience to establish a fully fledged Web platform.
The evolution
To boost results and increase digital conversions, we created new and better features for the web application.
As the User experience improved, we automated key aspects of the product to optimize profitability.
The cherry on the top
To reduce operating costs and maintain exceptional customer service, we deployed a fully automated chatbot.
Our chatbot automated a whopping initial 48% of conversations, after two quarters we grew to a 65% success automated customer service and lead orientation activities.
The exponential curve
One year into implementation, the digital channel of our customer shifted from being non-existing to accounting for 15% of the total business.
The growth faced from August to December was the result of repeated iterations and the adequate use of customer insights.
Return on investment
Through our partnership model, the newly appointed CEO gave credibility to an omnichannel strategy whilst achieving a 170% return on investment.
This positive return allowed the company to broaden and prioritize their omnichannel strategy and grow the partnership with Konfront.
