Improve Customer Engagement with Omnireach: Enhancing Communication for Financial Services Consumers

A recent report from the UK’s financial watchdog, the Financial Conduct Authority (FCA), has highlighted a concerning issue – a staggering 7.4 million consumers were unsuccessful in their attempts to contact their financial services providers in the 12 months leading up to May 2022.

This lack of effective communication can significantly impact consumers, particularly the most vulnerable in society, who are more likely to struggle when trying to reach their banks or other providers.

The FCA’s Financial Lives survey of over 19,000 people has further emphasised the importance of addressing this problem. To tackle the issue and improve customer engagement, the FCA has implemented a new Consumer Duty. The Consumer Duty mandates that consumers receive communications they can understand, products and services that cater to their needs and provide fair value, and access to the necessary customer support.

While these new regulations are a step in the right direction, financial services providers must proactively improve customer communication. One solution that can significantly enhance customer engagement is Omnireach, developed by Saascoms.

What is Omnireach?
Omnireach is an innovative, award-winning communication platform that bridges the gap between customers and businesses. It offers a multi-channel approach, allowing customers to communicate through their preferred channels, whether it’s email, chat, phone, social media, or even SMS. This flexibility is vital as customers have varying communication preferences, and Omnireach ensures no customer is left unheard.

Features of Omnireach:
1. Omni-channel Communication: With Omnireach, financial services providers can seamlessly interact with their customers across multiple channels. This integration enables customers to switch between channels without losing the context of their inquiries, ensuring a smooth and efficient communication process.

2. Real-time Response: Customers often seek quick responses to their queries or concerns. Omnireach empowers businesses to provide real-time responses, significantly reducing waiting times and enhancing overall customer satisfaction.

3. Personalisation: Each customer is unique, and personalised communication can go a long way in fostering a strong customer-provider relationship. Omnireach allows businesses to tailor their messages and interactions based on individual customer profiles, ensuring a more empathetic and relevant approach.

4. Automated Support: To handle a high volume of inquiries effectively, Omnireach offers automated support features. These features include AI-powered chatbots that can respond instantly to common queries, freeing human agents to address more complex issues.

5. Data Analytics: Understanding customer preferences, pain points, and behaviour is crucial for improving services and communication. Omnireach provides in-depth data analytics to financial service providers, enabling them to gain valuable insights into customer trends and feedback.

6. Vulnerable Customer Identification: Saascoms Omnireach was developed to meet the FCA’s requirements to help in identifying vulnerable customers. Saascoms AI engine has monitored and analysed 130m+ conversations and agent responses in the Collections & Arrears environment over the last five years, refining our processing to 93.7% intent and sentiment match success rate.

The Power of Omnireach in Improving Customer Engagement:
By leveraging the capabilities of Omnireach, financial services providers can address the FCA’s Consumer Duty requirements more effectively and go beyond compliance to deliver outstanding customer experiences.

Here’s how Omnireach can revolutionise customer engagement:
1. Enhanced Accessibility: Omnireach’s multi-channel approach ensures that customers can easily reach out to their financial services providers through their preferred communication medium, making it easier for the elderly, differently abled, or those with language barriers to access support.

2. Increased Trust and Transparency: Financial service providers can rebuild customer trust by delivering personalised and timely communications. Clear and easily understandable communication will reveal transparency in product offerings and fair value.

3. Improved Customer Satisfaction: Quick and efficient responses to customer inquiries lead to higher satisfaction levels. Omnireach’s real-time response and automated support features help resolve issues promptly, leaving customers more content with their financial service providers.

4. Empowering the Vulnerable: The most vulnerable members of society often struggle with communication challenges. Omnireach’s user-friendly interface and personalised assistance cater to their needs, ensuring they receive the support they require without facing unnecessary obstacles.

5. Building a Positive Reputation: Word of mouth can significantly impact a financial services provider’s reputation. Satisfied customers are likelier to share their positive experiences with friends and family, attracting new customers and fostering loyalty.

Conclusion
While the FCA’s Consumer Duty sets the groundwork for improved communication in financial services, businesses must take the lead in adopting advanced solutions like Omnireach. By leveraging its multi-channel capabilities, real-time responses, personalisation, automated support, and data analytics, financial services providers can deliver exceptional customer experiences that go beyond compliance.

This proactive approach will elevate the industry as a whole, creating a more customer-centric and trustworthy financial services landscape in the UK.

One of our Omnireach clients has been using our service for over 12 months now have recently commented that:

• Queries answered up 14%
• Queries resolved up 9%
• Our digital agents can service approximately 3 times as many accounts as an inbound telephony agent does per
• Speed of response: Our average inbound call answer time reduced by 33%

Improve your customer engagement with Omnireach and pave the way for a stronger, more resilient, and customer-centric relationship with your customers.