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Improving Customer Experience is the Most Effective Strategy for Increasing the Competitiveness of Banks and Financial Institutions

CEC MexicoNEW YORK, Dec. , 2015 - Banks and financial services companies are facing a growing number of challenges, which include: the rapid digitalization of customer relationships, increased mobility and the emergence of new competitors in the sector such as retail chains, crowdfunding platforms, technology companies or NFC (Near Field Communications) payment system suppliers.

The agility and innovation of these new competitors attract the attention of consumers, increase the level of competition for traditional players, and magnify the impact of new information and communications technologies on customer management in the sector.

The best strategy to meet these challenges is to offer an exceptional customer experience which must include comprehensive and efficient management of the front and back office processes that directly affect this experience, according to the white paper "BPO (Business Process Outsourcing) Trends for the Banking and Financial Services Market". This report was prepared for Atento by consultancy firm Frost & Sullivan. Atento (NYSE: ATTO), is a leading provider of customer relationship management and business process outsourcing services worldwide (CRM/BPO).

According to Juan Gonzalez, Frost & Sullivan Research Manager Digital Transformation, "In the last decade, many resources designed to improve the experience of bank and financial entity customers have focused on front office processes. More recently, companies in this sector have started to realize the growing importance of improving back office processes to increase productivity, efficiency and ultimately the level of customer satisfaction with the entity providing them services."

The analysis conducted by Frost & Sullivan uses case studies of Atento and its banking and financial services sector clients to show how reengineering back office processes, the increased digitalization and automation of these processes as well as smart document management are decisively contributing to increasing the productivity and efficiency of different financial entities in various countries. This improvement in back office processes is also optimizing front office processes and, therefore, the experience of the end customers of these entities.

The white paper includes an analysis of the main BPO trends in the banking and financial services sector that have a greater impact on customer experience. It also provides a series of case studies in which Atento, using back office solutions especially designed and implemented for the banking and financial services sector, is helping these institutions to be more efficient and competitive in the increasingly digital environment in which they work.

BPO trends for the banking and financial services market highlighted in the white paper

Automation: back office automation solutions allow companies to prioritize and efficiently manage customer demands from any channel, increasing the number and quality of interactions with customers.

Back office optimization to manage omnichannel environments: the biggest challenge when offering an exceptional customer experience is that front office and back office work is very different. Having an omnichannel customer service environment that also effectively integrates the front office and back office can become a major competitive edge. Companies are implementing back office optimization solutions that are gradually increasing processes to eventually include front office work and effectively manage an omnichannel environment.

Electronic document management: "When document management coincides with personal and corporate work flows, the result is improved efficiency and user satisfaction", according to the white paper. Solutions that guarantee the digitalization, processing and secure management of documents can significantly improve processes such as applying for and managing credits, risk analysis, managing insurance policies and a wide range of sector services that highly depend on documentation.

Mobile devices: the sector has been quick to accept the mobile channel; the Frost & Sullivan report prepared for Atento predicts that this trend will continue, and most entities will use mobile applications as a customer contact channel. The implications for customer services range from designing services exclusively for mobile devices, incorporating geolocation components, full integration between existing and new channels, and increasing challenges from the Internet and communications software.

Improving efficiency using back office solutions: three Atento client case studies

Case 1. Automation to increase the efficiency of back office operations (Means of Payment Solution)

The client is one of Brazil's largest and most important banks. It works with large and medium-sized enterprises, offering credit cards and other financial services such as insurance.

Atento developed a solution to automate manual back office processes. This included the automatic update of points of sale, options for the automatic reimbursement of low amounts claimed, automatic search and management of the customer's history and the automation of document request processes, etc. Atento also implemented an IWD (Intelligent Workload Distribution) tool to manage workloads. The automated solution generated a 90% improvement in SLAs, and 100% in productivity measured in number of processes/day.

Case 2. Automatic and instant approval of credit cards (Means of Payment Solution)

The client, a leading retail bank in Mexico, wanted to stand out from its competitors by offering a more practical credit card with secure, instant credit approval.

The solution implemented by Atento included improving and automating back office processes to make analyzing customer information and documents more efficient, providing the necessary security to instantly authorize or reject the credit card. The application is processed in less than 20 minutes, managing the scanned documents and applying risk policies to the customer history and credit rating in order to provide a quick response. The solution has allowed the bank to analyze and issue over 900,000 credit cards a year, a 17% increase. During a single campaign for a public holiday in Mexico approximately 38,000 credit cards were issued and the central office processed 200% more applications than on a normal day.

Case 3. Reducing waiting times and errors in automobile loan processes (Credit Management Solution)

The client is an important private Brazilian financial entity that operates in the loan sector for purchasing cars, motorcycles, trucks, buses, machinery, etc. It needed to improve processes, reduce accumulated work and provide higher quality services.

Atento implemented a back office operation automation solution to analyze credit with a volume of over 200,000 loan processes a year. The solution generated efficiency in electronic document management and security in handling customer information, as well as allowing the customer to monitor the process via various communication channels such as chat, SMS, email or telephone. In one year there were 93% fewer process errors, a 35% drop in waiting times and a 56% fall in the complaint rate.

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