Mastering Digital Transformation: How PSCU is Shaping the Future of Customer Service
Embracing digital transformation and promoting digital fluency is crucial for staying competitive in today’s fast-paced world. At PSCU, they’re committed to hiring and training employees who can easily navigate the digital landscape and ensure exceptional customer service.
To appreciate the magnitude of digital transformation, let’s take a journey back in time and observe the evolution of technology.
The Evolution of Payment Methods
Starting with the credit and debit card space, banks and credit unions have seen a shift from physical plastic cards to digital wallets. The concept of programmable payments is emerging, where one card interfaces through fintech APIs, enabling seamless transactions with all your accounts. This consolidation simplifies the user experience and enhances security.
A notable case is the story of Blockbuster and Netflix. Many of us fondly remember Friday nights spent renting videos from Blockbuster. However, in 2000, Blockbuster missed the chance to buy Netflix for $50 million, laughing off the offer. Fast-forward to today, Netflix is almost a $300 billion company, while Blockbuster is a relic of the past. This illustrates the critical importance of embracing technological advancements.
The Financial Sector's Technological Evolution
Now, shifting focus to the financial space, particularly within contact centers, let’s explore the tools and resources available for customer interaction.
From Brick and Mortar to Digital
Brick-and-mortar banking was dominant in the 1980s and 1990s. Then, online banking emerged in the late 1990s, followed by mobile banking in the 2000s. Today, there are even discussions around the potential of the metaverse in banking. Imagine virtual branches replacing physical ones, offering customers a virtual interaction experience. This could revolutionize the way we conduct banking.
The rise of digital-only banks.
Integrating Various Systems
Consider integrating core banking systems, knowledge bases, and CRMs with customer interaction channels like phone, chat, SMS, and virtual IVRs. The traditional calls about direct deposits or recent transactions are decreasing. Instead, customers now call to navigate digital banking platforms, reset passwords, or access online accounts.
Automation and Modern Technologies
Automation is reshaping the landscape. Robotic process automation (RPA), both unattended and attended bots, is streamlining operations. These innovations enhance efficiency and reduce the need for manual intervention, allowing human agents to focus on more complex tasks.
Transforming Literacy into Fluency
Digital transformation goes hand in hand with digital fluency. But what does that mean?
Understanding Digital Literacy vs. Fluency
Digital literacy involves basic proficiency with technology, like using an iPhone or Android. You can add contacts, make calls, send texts, and change settings. Digital fluency, however, is the seamless transition between different technologies. For instance, could an iPhone user comfortably operate an Android phone? We aim to instill this cross-channel proficiency in our staff.
A study conducted by LinkedIn revealed that digital fluency is the top skill employers seek in Southeast Asia, Germany, and India. In the US, Canada, the UK, and Australia, it’s the second most desired skill. Keeping pace with rapidly changing technology is crucial. Efficient, tech-savvy employees enhance customer interactions, building stronger relationships as they’re not bogged down by learning the technology.
PSCU’s Digital Fluency Initiatives
Addressing Concerns About Job Security
A common concern is whether automation will replace human jobs. The reality is that while automation changes roles, it doesn’t eliminate them. Agents need to be tech-savvy and understand financial products. Our responsibility is to train them for this shift.
Digital Recruiting Process
PSCU’s recruiting process is fully digital, with no human interaction. Even interviews are conducted digitally. Candidates receive a link to complete video responses to interview questions. This allows them to assess body language, inflection, and depth of responses. Background checks and the I-9 process are also digital. This ensures they hire candidates comfortable with digital tools from the start.
Innovative Training Programs
Previously, their training was PowerPoint-driven, relying on screenshots. Now, they use a self-service, digitized training platform powered by LemonadeLPX. This platform offers simulations for hands-on practice, allowing agents to navigate online banking platforms effectively. Training can be done anytime, providing flexibility for the 24x7 contact center.
Gamification in Training
Gamification is a significant addition to our training. Agents build a virtual financial institution, earning assets and perks by completing courses. This encourages continuous learning and development through friendly competition.
The Final Squeeze
Investing in digital fluency improves the agent experience, reducing stress and increasing job satisfaction. This, in turn, enhances customer experience, leading to better service and stronger relationships. Since implementing these changes, they’ve seen remarkable improvements.
Want to hear more?
Let’s face it – enabling frontline workers in the banking industry can be a challenge, especially when supporting a multitude of technologies, products, and digital channels. PSCU shares insights on how it is overcoming this challenge by leveraging LemonadeLXP's digital growth platform to upskill its staff.
