Since Microsoft released hundreds of brand new AI-infused capabilities for Dynamics 365 and the Power Platform, we’ve focused heavily on the opportunity for automation and process improvement within Banking and Insurance. This article focuses on Power Apps for Banking and the four Power Apps components driving improved Customer Experience in branch and other omni-channel touchpoints.
In The ROI of CX Transformation, August 2019, Forrester’s CX Index shows that in the banking industry, improving customer experience is highly correlated with increasing all three types of loyalty; retention (keeping more customers), enrichment (cross-sell and upsell), and advocacy (word of mouth).
The Power Platform’s new low-code, no-code toolkit is opening up citizen development and empowering business users – often the people closest to a problem or process – to proactively seek solutions and improvements in real-time. What does this mean for improved Customer Experience? Well, it removes the need to engage in costly and lengthy development processes and means the power to continually improve and deliver customer delight lies in the hands of your authorised business users, not just external and internal development teams.
Power Apps for Banking
Power Apps within the Power Platform is a tool that really opens up the capability to deliver incredible experiences within the financial services sector. As we seen in a recent Power Platform for insurance claims scenario, creating customer-facing portals that automate next step actions, integrated with and connected to the valuable data that sits within disparate teams and systems in your business, provides robust processes that give customers confidence and increase satisfaction scores considerably.
One of the key tools within the Power Platform is Power Apps. Power Apps for Banking scenarios allows users to pro-actively and reactively build high productivity custom-apps same day, connecting to existing data and systems and solving specific processes and business needs. Teams across the business – from analysts to developers – work more efficiently together and solve problems with intuitive visual tools that don’t require code, on any device.
The four key components of Power Apps
- Canvas apps are highly tailored apps that allow you to optimise different tasks and roles. Begin with the user experience to create a bespoke interface with the power of a blank canvas and connect it to up to 200 data sources. Users can build canvas apps for web, mobile, and tablet applications, making use of a wide range of controls like camera and location services.
- Model-driven apps are more sophisticated than Canvas apps. Begin with your data model and build upwards from core business data and processes in the Common Data Service to model forms, views, charts, Power BI dashboards and other components. Model-driven apps automatically generate great UI that is responsive across all devices.
- Portals are low-code externally-facing web landing pages that users outside your business – like customers, partners and third party agents – to sign in with a wide variety of identities, create and view data in the Common Data Service, or even browse content anonymously.
- Common Data Service is the data platform that comes with Power Apps and allows you to store and model business data. Dynamics 365 applications are built on the CDS, meaning if you’re already using Dynamics, your data is Power Platform ready.
The value of the in-branch banking experience in a digital world
The value of resolving a customer query in-branch is immeasurable for gaining trust and loyalty. In a 2019 global survey into the value of bank branches in a digital world, Deloitte found that despite branch density declining, the branch experience influences customer satisfaction more than online or mobile channels. This impact on satisfaction levels was true across all products ranges and surprisingly uniform across generations, from boomers to millennials.
Power Apps for Banking: Transforming the in-branch banking experience
Bank branches can make use of digital tools like Power Apps to meet and resolve customer needs in real time. Moving away from paper based or basic legacy system appointment systems, custom-apps can be built and accessed by greeters in-branch and connected to the Dynamics 365 Common Data Service to identify the best staff member to resolve the query, accurately estimate waiting time and fulfil the customer needs during the visit.
The in-branch Power Apps scenario
- Customer enters the branch and is met by a greeter with a Power Apps tablet application connected to the Common Data Service, using Dynamics 365 Customer Engagement contact entities for storing information about queued customers and system users to search employee shift patterns.
- Branch greeter enters data and searches the Power App for the customer account and can see which customer service agents are on duty today, who is best placed to resolve the query and even look up who’s on lunch and when they’re due back at their desk.
- Using these data sources and Azure functions that constantly read and refresh this information and existing customer handling times, the app can accurately predict how long the customer would need to wait for to be seen, as well as project a per-person forecast about when each waiting customer will be served.
- Power App Canvas apps can be set up to manage queue and customer service agent availability data and match customers with the correct agent. The greeter is served with wait time forecasting for new customers who arrive in-branch.
- If the customer can’t be seen on the spot, the greeter is able to set up a text notification, powered by Power Automate, which will be sent when the agent becomes available, holding the appointment for the customer too.
- Additionally, the greeter can check waiting times and availability in other nearby stores if the customer would like this option.
- Data on the customer query can be entered by the greeter and sent directly to the customer service agent, meaning the customer doesn’t need to explain their issue twice and the customer service agent has some preparation time before face-to-face with customer.
- The agent can also review previous interactions and transactions on the account or search knowledge articles or playbooks on resolutions to these types of queries.
- Data and insights can be shared to constantly updating reports on average waiting times per customer and customer service agent. Heat maps and trigger points can be set up to alert when additional staff are required or need to be redeployed from other areas of the business.
- As an extension to Dynamics 365, data risk, compliance and security processes like GDPR are already covered within the solution.
- Additionally, customer feedback can be gathered by the greeter and fed back into the system via the app, quickly and easily.
Redspire and the Financial Services Industry
This short scenario is barely scratching the surface of the capabilities of the Power Platform for banking. If you’re ready to explore the tools further, Redspire and Microsoft have joined forces on a co-hosted webinar series that showcases how to put low-code, no code, point and click technologies in business users’ hands with Microsoft Dynamics 365 and the Power Platform. Watch the webinar on-demand now and if you want to see the tools in action, view the follow up demo too.
We love to chat about digital transformation for Customer Experience. If you’d like to find out more about how Dynamics 365 and the Power Platform can support your FSI organisation through its next phase of digital transformation, get in touch with our team of specialists today on 0845 226 8170 or email us at email@example.com.