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LivePerson Enterprise for Financial Services
Cement Customer Loyalty, Cross-Sell Customers, Increase Online Sales Industry Snapshot
LivePerson Enterprise for Financial Services was built on LivePerson’s Engagement Marketing platform and methodology, which enables online banks to target the right visitor with the right message in order to affect the desired outcome.
This comprehensive third-generation engagement solution blends a proven value-based methodology with an active rules-based engagement engine and deep domain expertise to advance online conversions and service initiatives.
Increase conversion rates. Increase the rate that loans that are funded and the number of account applications submitted by reaching out to visitors whose behavior indicate a propensity to complete the application if engaged by an account, mortgage or loan specialist. The LivePerson Enterprise rules-based engagement engine analyzes traffic patterns in real time, identifying and engaging visitors who are most likely to benefit from live assistance to dramatically increase conversions. In fact, LivePerson financial services customers enjoy 40 percent application submission rates (vs. five percent via self-service).
Upsell and cross-sell loyal customers. LivePerson Enterprise monitors specific events that indicate visitors may be interested in products offered in other lines of business, and applies business rules to trigger proactive invitations to these pre-qualified leads. For instance, visitors who login to their checking accounts to pay bills and visit a home equity loan product pages in the same session can be targeted for an engagement. By integrating the institution’s CRM system with Web data, agents can determine if visitors are likely to qualify for loans by their FICO score. If visitors are not strong candidates for the loan, an alternative product, such as a credit card, may be offered.
Reduce service costs and increase agent productivity. Shifting service requests from telephone to highly cost-effective online channels increases the number of agent interactions per labor hour by more than 20 percent, significantly reducing the average cost per interaction. Savings stem from concurrency: chat agents can handle three to four concurrent chats using LivePerson, versus one per phone call, greatly boosting their efficiency rates.
LivePerson Enterprise also maximizes agent utilization and eliminates long wait times with its comprehensive predictive dialer, which simultaneously assesses agent availability and the number of hot lead visitors, then synchronizes invitation delivery accordingly. As a result of these efficiencies, LivePerson drives down the cost of acquisition.
Gain insight with real-time monitoring and reporting. Glean valuable insight into online customer acquisition initiatives with real-time reporting on conversion rates, abandonment points, entry pages, navigation paths, rules effectiveness and campaign performance. Using these tools, financial institutions can monitor visitor behavior in real time, and optimize the processes for completing applications for services and loans.
Foster long-term customer loyalty and satisfaction. LivePerson Enterprise for Financial Services promotes customer-centricity, a critical driver of acquisition, satisfaction and retention in today’s commoditized online banking environment. The solution’s sophisticated productivity and analytics tools ensure that customers are routed to appropriate skill-groups, speeding time to resolution. In fact, LivePerson financial services customers realize customer satisfaction rates of greater than 85 percent.
- LivePerson Enterprise for Financial Services Solution Sheet
- Wall Street Journal Article
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“If banks continue to satisfy customers with the online experience while increasing usage, the end result should be a larger number of satisfied and loyal customers. In addition, increasing adoption of the online banking channel will reduce the cost required to service customers. Banks will be able to provide a more satisfying experience by delivering service through a lower cost channel (online vs. offline).”
Larry Freed
President and CEO
Foresee Results
National City uses proactive chat to boost application completion rates and account openings.