Transform Your Customer Experience with Modern Information Management
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The document discusses the urgent need for banks and organizations to transform customer experience through modern information management and AI, following the implementation of GDPR in 2018. It highlights the prevalence of information silos, challenges with legacy systems, and the necessity of utilizing AI to improve data accessibility and compliance. The potential benefits of adopting a unified content management approach and leveraging intelligent automation are emphasized, along with real customer success examples in overcoming these challenges.
Transform Your Customer Experience with Modern Information Management
- 1. Transform Your Customer Experience: Modern Information Management Chris McLaughlin Chief Product & Marketing Officer
- 2. Top 50 banks now pledged to some form of customer experience transformation Lifetime profitability of a satisfied customer “The implementation of GDPR in 2018 was an inflection point with its emphasis on compliance and transparency.” Customers secured by FinTech startup Revolut with no advertising 42% 42%Difficulty in accessing data Limitations of technology Think mobile experience is good Welcome to the “Age of Experience”
- 3. Organization’s systems are not fully connected to each other Time spent daily looking for information See the potential of AI to automate mundane tasks *Results of a November 2019 survey of UK Financial Services companies Believe their organization lacks the skills to capitalize on AI Average number of solutions 60% 60% And yet, the same information challenges from 20 years ago…
- 4. Simple Truth: outdated information management strategies are negatively impacting CX
- 5. The Foundation for an Engaging Customer Journey 5 Source: McKinsey & Company (2018) Launch new products & services Streamline & automate Personalized offers Transact seamlessly Streamline & automate Mobile Personalized communications Self-service Mobile See what the customer sees Immediate access to information Self-service
- 6. Modern Information Challenges 6 Privacy & compliance Automation, Insight & Data New types, many silos
- 7. Modern Information Challenges 7 Privacy & compliance Automation, Insight & Data New types, many silos
- 9. Modern Content Creates New Challenges
- 10. Silos aren’t Going Away Information silos are a reality of the modern workplace Content-centric apps are multiplying and many offer rich user experiences People will continue to use apps and services that make them more productive The legacy approach was to put everything in one repository Clearly, this is not a viable approach for modern content management
- 11. Establishing an Enterprise Service 11 Applications Content/Case Management Solutions Business & Productivity Apps Mobile Apps & Services … Content Services Platform Content Models & Lifecycles Content Delivery AI/ML & Enrichment Enterprise Case Management Data Model Security & Audit Query & Search Ingestion Universal Data Model Comprehensive API Data & File Storage Legacy ECM Amazon S3 & Glacier EFSS … Establish a common service for content, regardless of where it is stored ⁃ Single API for access to content ⁃ Standard data model Deliver information when, where and how it is needed ⁃ Support mobile access and customer self-service use cases ⁃ Access to content in the “context” of the work users are performing ⁃ Rapidly develop purpose-built content & case management applications
- 12. Modern Information Challenges 12 Privacy & compliance Automation, Insight & Data New types, many silos
- 13. Intelligent Content Starts with Data 13 Information = data + content Readily accessible Contextual Available anywhere Governed & secure
- 14. What Types of Business Problems does AI Solve? 14 InsightExtract Automate
- 15. Public Cloud Services for AI… 0001000111010111 1000111010111010 1110101100110011 1010110011100011 1100110010111001 Pretrained machine learning models Provide commodity services: ⁃ OCR/ICR ⁃ Sentiment analysis ⁃ Translation ⁃ Transcription (speech-to-text) ⁃ Facial/celebrity recognition ⁃ Etc. Stackable or stand-alone Look for standardized approach to connect Beware the law of large numbers
- 16. Land Vehicle Vehicle Car Motor Vehicle Transport Parking Mode of Transport Van Automotive Tire Bumper MinivanTire Sport Utility Vehicle Family Car Vehicle Registration Plate Chevrolet Tahoe Asphalt Gas Minibus Generic Services = Generic Data Note: Depicts actual data generated from accident image by Google Cloud Vision API service Demos ability of AI/ML to apply data to assets Generally useful in increasing findability and reuse Relevancy and accuracy of the model is inherently limited 1 2 3 Model returns a set of labels lacking business-critical data elements 4
- 17. Custom ML Models = Business-Specific Data Brand: Chevrolet Model: Tahoe License St.: Illinois License No.: K24 1771 Custom models produce much more relevant data values1 True entity extraction enables workflow automation 2 Business value inherently increases with specificity of the data generated 3 Veh. Color: Gold Mist Metallic Brand: Dodge Model: Ram Van License St.: Illinois License No.: XXX 8242 Veh. Color: Bright White Operator: John Smith
- 18. Bridging Information Silos 18 Master Metadata Model Metadata A Metadata B Metadata C Metadata D Metadata E Metadata F System 1 System 2 System 3 System 4 System n Metadata A Metadata B Metadata C Metadata D Metadata E Metadata A Metadata B Metadata C Metadata D Metadata E Metadata A Metadata B Metadata C Metadata D Metadata E Metadata A Metadata B Metadata C Metadata D Metadata E Metadata A Metadata B Metadata C Metadata D Metadata E
- 19. Intelligent Automation for Onboarding 19 What form is it? Is it complete? Has it been signed? Form Processing Yes No 1 Classification 2 Exception handling 3 Entity extraction 4 Intelligent routing
- 20. Intelligent Insights = Superior CX 20 1 Image processing 2 Fraud detection 3 Damage comparison 4 Intelligent routing Duplicate photo? Damage Estimate Yes No
- 21. 21 The Simple Promise of AI Understand content and data as well as a knowledgeable human, but at scale. Predictively deliver information Identify outlying data points Analyze usage & importance Recognize patterns & connections
- 22. Modern Information Challenges 22 Privacy & compliance Automation, Insight & Data New types, many silos
- 23. Current Compliance Mandates General Data Protection Regulation (GDPR) California Consumer Privacy Act of 2018 Insurance Conduct of Business (UK) ADA, UK Equality Act, EU Codes “GDPR went into effect in May 2018 and requires consent from consumers before their data may be used. Among numerous protections, consumers will need to be informed if their data is moved outside the European Union, have the right to be “forgotten,” and will be given a chance to contest the use of automated algorithms. Violations come with serious fines— up to 4 percent of a company’s worldwide net sales. - Deloitte, 2019 Insurance Outlook
- 24. Legacy Customer Communications 24 Old products with outdated architectures Not designed for mobile form factors Difficult to integrate Expensive to operate & maintain Not cloud friendly Cannot address modern compliance mandates
- 25. Customer Communications in the Cloud “The traditional drivers of cloud computing—cost savings and pay-as-you-consume contracts—will likely continue to push usage. Yet the next round of adoption will likely be driven by other key benefits that cloud offers—namely speed, flexibility, and scalability.” - Deloitte, 2019 Insurance Outlook Solution 2Solution 1 Solution 3 KafkaNoSQL Elasticsearch Content Applications Nuxeo Content Platform Library ServicesAnalytic Services Process Services Security & AuditData Model Query & Search Bulk Load Framework RESTful API CCM Gateway Index Transform Capture Load Burst
- 26. Unlocking Critical Customer Information 26 Bridge Existing Content Silos Unbind Customer Communications Automate Retention & Archiving Significantly Reduce Costs & Risk
- 27. Putting it All Together: Real Customer Examples
- 28. Future-Proofing a Top UK Bank Challenges Volume of documents across different locations & systems Security & regulatory compliance mandates Lack of resource to develop homegrown solution Rapid growth further exacerbating issues Benefits Substantial cost reduction New mobile app for personalized statement delivery Prompt response to Subject Access Requests (SARs) Foundation for ongoing digital transformation (agile/DevOps) Solution with Nuxeo Migrate 2.5B documents Replace legacy ECM systems Seamlessly integrate to existing customer service systems
- 29. Breaking Down Silos to Improve CX Challenges Build sustainable client relationships Multiple instances of legacy ECM solution – siloed with different UIs, data models, repositories Difficult to integrate with existing IT landscape Benefits “We’re now able to harmonise our IM landscape, which is incredibly valuable because it enables us to better managed and utilize information for a better customer experience.” Substantial cost reduction Compliance with GDPR Solution with Nuxeo Migrate 1B+ documents Replace multiple legacy ECM systems Manage voice, chat, audio & other rich media
- 30. Questions?
- 31. Thank you for your time today! Read the complimentary 2020 Aragon Research Globe report to help you evaluate vendors’ ability to deliver Enterprise Content Platforms that enable and empower digital business. https://www.nuxeo.com/resources/aragon-ecp-report/ Thank you
Editor's Notes
- #2: Today, going to move very quickly: Start with some common challenges facing our financial services customers A short primer on AI + modern content management Then, hopefully, we’ll tie it all together with a customer case study (and leave time for questions at the end)
- #3: Sources: McKinsey & Company, “Managing a customer-experience transformation in banking” (2018) Fixextra, “Five Customer Experience Trends That Will Lead The Banking Transformation in 2019 and Beyond” (2019) Adobe/Econsultancy “2020 Digital Trends” report (2019) Temkin Group, “State of CX Management” (2017) In spite of the clear benefits of an enhanced customer experience, companies continue to prioritize productivity transformation over CX transformation
- #4: 8/10 organizations say their systems aren’t fully integrated 9 is the average number of IM solutions for these orgs. Too many systems, not connected = a hour, on average, every day spent looking for information Many see the potential for AI, but worry they’re not in a position to capitalize on it Same questions 20 years ago, same answers
- #7: Work more efficiently, take cost out of the organization. Better, faster decisions. Enhance their customer experience. Move to the cloud (cost/complexity, but also new capabilities) Compliance (never going away, but also new requirements: CCPA/GDPR)
- #8: Work more efficiently, take cost out of the organization. Better, faster decisions. Enhance their customer experience. Move to the cloud (cost/complexity, but also new capabilities) Compliance (never going away, but also new requirements: CCPA/GDPR)
- #10: Diversity of content types has exploded Scale (100s of millions) – SMS/email/customer communications (250M/month) Tooling (video = renditions, annotations, time-based assets, etc.) And, data enrichment (not self-describing, like documents w/ full-text indexing and search, which isn’t always that effective anyway) Other modern challenges: Delivery and consumption on mobile devices Contribution via mobile apps (user expectations have changed) Data sovereignty and data locality requirements Etc.
- #11: The real issue is that it is silo’d and, in many cases, almost impossible to find. And these silos aren’t going away: Information silos are a reality of the modern workplace Content-centric apps are multiplying and many offer rich user experiences People will continue to use apps and services that make them more productive The ECM approach was to put everything in one repository Clearly, this is not a viable approach for modern content management
- #13: Work more efficiently, take cost out of the organization. Better, faster decisions. Enhance their customer experience. Move to the cloud (cost/complexity, but also new capabilities) Compliance (never going away, but also new requirements: CCPA/GDPR)
- #14: Content management has always been about data (not content). Easy to store a document, it’s hard to do it well. Content needs to be: Readily accessible (easy to find) Contextual (use it to perform work) Available anywhere (mobile devices and now, remote working) Compliant and secure Data makes this possible. Bottom line, information should be instantly available to the people who need it and have the right to access it.
- #16: Examples: We use Amazon Textract for OCR/ICR services We use Google Vision to read license plates in our insurance demos We use Amazon Transcribe to subtitle videos Public cloud services have their role to play, but also be mindful of their limitations…
- #18: Two things to note here: Much more accurate data Not tagging, full entity extraction (i.e. brand = Chevrolet) Why is this important? This is how you automate a process. Can’t do this with tags. Can we do this today? Absolutely. Nuxeo Insight – Service that allows our customers to train their own models using their own content and data
- #19: Bridging across repositories (remember our initial survey) Retention management (huge use case for CMOD customers…talk more about this in a moment)
- #20: 60% of inbound forms are handwritten But you say: Chris, wait, we’ve been doing forms processing for years… Yes, but this content isn’t just in the mailroom anymore. Come from anywhere in the organization (email, text, social…need an enterprise service, not a mailroom scanning operation)
- #23: Work more efficiently, take cost out of the organization. Better, faster decisions. Enhance their customer experience. Move to the cloud (cost/complexity, but also new capabilities) Compliance (never going away, but also new requirements: CCPA/GDPR)
- #24: California Consumer Privacy Act of 2018 15 other US states currently considering similar legislation
- #25: Now I am going to tell you some things that you already know: CMOD is old (no innovation) CMOD is expensive Mainframes are expensive Mainframes are not cloud friendly Mainframes are not mobile-device friendly Mainframes aren’t friendly period And CMOD is not compliant with GDPR or CCPA Talking to a customer right now who is spending $15M annually on legacy tech.
- #26: With Crawford, we offer a solution to move content from CMOD to Nuxeo: Only Crawford partner that can store and serve both native AFP and converted PDF documents (your choice) Say this again… By the way, with Crawford, also enables us overwrite AFP to delete customer information And, odds are, you’re keeping a lot of data you don’t need to (most customers = no retention policies) Seeing this use case all over the place: large banks, large insurers, large healthcare companies – all looking for a solution to get off of CMOD/Mobius
- #27: Bottom line: CCM content can’t be its own silo anymore (integrate into your customer experience) We have to be able to access AND delete individual customer comms. Applying retention policies is a GOOD thing (AI opportunity) Reduce risk (not keeping content you don’t have to) and GREATLY reduce cost