Multichannel and the transformation of financial journey

Multichannel and the transformation of financial journey

September 4, 2020

Photo by Blake Wisz on Unsplash

:hiperstream's CEO and industry experts discussed the role of digital transformation within the customer financial journey.

In order for digital transformation to be effective for customers, it has to start inside out, with processes and systems. This was the focal point of conversation during the webinar “Multichannel and the transformation of financial journey”, offered by :hiperstream and the Brazilian Institute of Finance Executives (IBEF). Fábio Machado, Operations Superintendent at Carrefour Soluções, and Alexandre Suzuki, Director of Credit, Collections and Billing at Claro Brasil, joined :hiperstream CEO Danilo Pecorari. The guests presented their case studies on how a multichannel approach transformed the way of interacting with their customers from a transactional communication standpoint.


Starting the conversation, Pecorari compared the very beginning of the company's operations in 2013, with :hiperstream offering a platform to migrate from paper-based invoices to email, to 2020. Today, the business has a strong, consolidated technology offer for data validation and segmentation, sending, monitoring and controlling transactional communications – Data Validation Automation (DVA) and Customer Communication Management (CCM), respectively.


Pecorari also pointed out that due to social distancing measures during the pandemic, many companies are accelerating the digital transformation. "In the past few months, retail banks have seen 82% of all transactions turning digital," he said. So institutions need to invest in establishing rigid steps for data validation and in automation processes, which will help them to achieve a fully integrated view of the business while increasing relevance across all channels and reducing customer friction and default rates.


Operating in Brazil, Banco Carrefour addresses all these pillars. By implementing DVA – which was first designed according to the bank’s needs –, they are able to validate 100% of the 5+ million credit card bills every month. It prevents small errors from becoming a huge problem for the institution. "Payment is always a pain point for the customer. No one likes to pay a bill. So not letting any incorrect information reach the clients is the least we can do," said Fábio Machado, Operations Superintendent at Carrefour Soluções.


As an example, Machado supposed what could happen if 0.5% of the bank's monthly invoices failed verification. "It would mean 25,000 people impacted at once. Picture a stadium full of people and you standing there in front of a microphone saying to all of them: 'Listen, there was a small issue with your bill, an incorrect charge. I'm sorry, but that was such a small sample that we didn't notice you'. In such a large dimension, any small error turns into a 'monster' of a problem.”


DVA works as a central part of the validation process, also meeting any necessary updates to comply with legislation, financial logic or industry regulations – with ease, speed and safety. The platform already has more than 60 rules, customized according to each business' needs. One of them allows the verification of inventories in both brick-and-mortar and online stores, important to integrating digital and physical retail.


Banco Carrefour's concerns on customer experience have reflected in good reviews. The institution is highly ranked by the Central Bank of Brazil (BACEN) in regards to relationship with customers, and has recently been authorized to operate as a multiple bank – now allowed to issue its own payment invoices without depending on another partner to do so.


Now moving from banking to telecom, Claro Brasil also realized the advantages of having a single platform to manage the entire customer financial journey. With CCM, the company migrated 20% of the consumers to digital channels in the last two years – reducing delivery costs by 60%.


Since the start of the pandemic, the company has been observing a shift in consumer behavior. Demand for mobile data, for example, was substituted by residential broadband. So the business also had to adapt its operation to guarantee continuous service delivery. One of these adaptations was successfully implementing the delivery of payment invoices through WhatsApp, which is already serving 6 million customers.


Although digital transformation has accelerated, Alexandre Suzuki, Director at Claro Brasil, nods to the importance of listening to the customer when setting financial communication channels. According to him, the company does not enforce a subscriber to choose digital channels, and is also constantly paying attention to the amount of information, not to bombard customers.


Machado agrees to this approach, mentioning that a part of the clients with Banco Carrefour's credit card are unbanked, meaning they need to receive a paper invoice. "We have to provide as many solutions as possible, so people can fit however works best for them. There is no use trying to force customers," he finished.

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