Clarabridge, which offers Software as a Service and on-premises software products designed to help companies improve their customer experience management, on Tuesday announced a full-service solution for retail banking.
Clarabridge’s solutions use sentiment and text analytics to enable automatic collection, categorization and reporting on structured and unstructured data from social media interactions, call center notes, email, chats and surveys.
The company’s text analytics tools use proprietary natural language processing technology and patented algorithms.
Clarabridge “is the first customer experience management vendor to offer a packaged solution for the retail banking industry,” CMO Susan Ganeshan told CRM Buyer.
What Clarabridge’s Solution Offers
The company solution includes the following:
- Out-of-the-box data and system connectors to integrate customer feedback across all sources;
- Industry NLP category models that automatically normalize conversation topics using Clarabridge’s text analysis;
- Sentiment tuned for banking topics;
- Interactive dashboard templates to drill from an executive view into specific lines of business; and
- Managed services, with defined period deliverables.
Among its features:
- Omnichannel feedback integration;
- Enhanced natural language processing capabilities leveraging text analytics, which guarantees compliance with regulations of the United States Federal Deposit Insurance Corporation, the Consumer Financial Protection Bureau, and the Office of the Comptroller of the Currency;
- Advanced capability to segment feedback by demographics, so banks can provide better personalized customer care; and
- The ability to understand customer feedback across social channels and address it as it comes in.
Millennials prefer asking for help through social media rather than call centers, Clarabridge found. Further, at least 35 percent of tweets requesting customer service go unresolved.
The retail banking solution is based on Clarabridge’s experience working with more than 40 brand leaders in the retail banking space. They are designed to help banks achieve rapid implementation of their customer experience management initiatives, the company said.
The CX Challenge
By 2018, millennial incomes in the United States are projected to hit US$3.4 trillion a year, surpassing that of baby boomers, said Natalie Petouhoff, a principal analyst at Constellation Research.
“As this generation of digital natives gains more spending power, retail banks need to easily access and deliver a seamless customer experience across all touchpoints or risk leaving money on the table,” she told CRM Buyer.
Banks are part of a highly regulated industry, Petouhoff pointed out, so “a solution to support and provide better customer experiences by allowing banks to capture and respond to feedback in a timely and cost-effective manner is key to customer lifetime value.”
Squeezing Into a Crowded Market
Other companies already offer CRM products tailored for banks. Both Salesforce and Microsoft Dynamics released their platforms for retail banking back in 2014, and “each of these larger companies has put a lot of investment into banking,” noted Denis Pombriant, principal at Beagle Research.
“And don’t forget Vlocity, a Salesforce partner,” he added.
“Most, if not all, of the competition has online or exclusively online banking,” Pombriant told CRM Buyer.
Vendors such as Salesforce and Oracle continue to add support for emerging channels such as text, intelligent agents and chatbots,” observed Rebecca Wettemann, a vice president of Research at Nucleus Research.
Banks were early to make “significant investments” in on-premises CRM systems that are, in many cases, reaching end of life,” she told CRM Buyer. This “makes them a popular target for both today’s cloud and on-premises CRM vendors.”