Customer Service Management Software ? 6 Key Considerations

Unified low-code platform for end-to-end automation at scale

Accelerate your digital journey powered by the only technology platform on the planet that can help you automate end-to-end at scale with a unified technology stack that cuts across process, content, communication, and AI. What’s more, NewgenONE is natively low code across the board, so that you can design, build, deploy and optimize applications rapidly.

Intelligent Process Automation

Rapidly automate end-to-end customer journeys for smarter operations and transformed experiences

Automate for outcomes with the most comprehensive process automation platform. Leverage the power of workflow automation unified with content services, business rules, omnichannel communication, case management, RPA, and AI to deliver efficient, intelligent, and context-aware processes. Go beyond automation to build a continuously improving agile organization at a scale of thousands of processes. Modernize work to unleash automated and touchless self-service that makes not only the customer happy, but also employees and partners.

Manage content lifecycle. Ensure anytime anywhere access to content

Embrace digital by automating content lifecycle management for all types of content across the organization. Derive real-time outcomes through automated ingestion and processing of documents and digital media in content-centric processes.

Omnichannel Customer Engagement

Engage with customers in context through their channels of preference with full control and visibility across the enterprise. Design all communications standard or custom rapidly through visual modelling-driven environment and integrate them in process through plug-and-play. Deliver a delightful experience across the journey by keeping customers, partners, and employees connected in context across applications and touchpoints.

Low Code Application Development

Automate all types of business applications through a uniquely powerful low code capability across process, content, communication and AI. Rapidly compose complex mission-critical applications with enterprise-grade sturdiness and built-in agility for change. Transform your enterprise with speed through end-to-end automation of thousands of applications and processes across the organization.

Artificial Intelligence and Data Science

Tap the power of visual AI to accelerate your journey from data to insights at enterprise scale. Rapidly build machine learning, deep learning and graph models through intuitive visual studio, and launch with automated deployment and retraining. Infuse AI into automated processes and applications for real-time predictive and prescriptive insights to drive faster and smarter decisions. Stay ahead of the market with AI-driven innovative business models.

What’s more! Combine AI with business rules, process automation and content services to inject intelligence in applications and processes across the enterprise.

Source: https://newgensoft.com/blog/customer-service-management-software-key-considerations/

Sustainable Banking Using a Modern Content Services Platform

According to Swiss Re Institute Research1, the global economy could lose 10% of its total economic value by 2050 due to climate change.

Climate change continues to pose an existential threat to the global economy. While the impact is felt across different industries, financial institutions are at the forefront of being the change agents. With the world waking up and moving towards low carbon emissions, banks have a major role in enabling this change.

Sustainability for modern financial institutions is not just limited to going paperless or becoming carbon neutral. It incorporates Environmental, Social, and Governance (ESG)  into traditional banking aimed at achieving Sustainable Development Goals3 (SDGs).

Enabling, Accelerating Digital and Sustainable Banking with a Modern Content Services Platform

A key aspect of a purposeful organization is authenticity, with ESG at its core. In this blog, let’s explore how viable modern content services platforms facilitate sustainability priorities in banking, including net-zero emissions, paperless banking, energy efficiency, social goodwill, and brand strengthening—enabling financial institutions to digitally transform and be future-ready.

Paperless Banking: Digital Loan Origination

Traditionally, the customer lending origination process is paper-intensive. It requires application forms and document submission for the pre-qualification process, including copies of identity documents, employment proof, salary slip, bank statement, and previous loan statement. That’s a whole lot of documents from a single applicant. Imagine how many papers are daily printed and submitted to the banks with millions of borrowers globally!

Here’s exactly where the modern content service platform comes into the picture. The platform enables banks to eliminate the traditional ways of managing documents with capabilities to scan, extract, classify, and intelligently upload, share, and store documents. It facilitates banks to transit to paperless banking without compromising their service offerings to reach net-zero emission targets. Once the financial institution embarks on this journey towards paperless banking, emissions from paper production, transportation, physical storage facilities, and electricity will undoubtedly be reduced.

Digital Customer Onboarding

COVID-19 has accelerated the pace and, more importantly, the acceptance and adoption of digital technologies. Account opening can be done paperless by visiting the bank’s website or mobile app and keying in account opening information, such as personal details, scanning or clicking your documents using a mobile camera, and uploading your picture and e-signature. A modern content services platform can organize this data and make it accessible to backend business processes. Having the right platform helps users securely maintain their information over time, allowing them to correct documents, read them on various devices, annotate or collaborate in an electronically-driven environment. This saves a lot of paper, which otherwise gets wasted due to errors, misprints, or multiple copies, and creates a seamless customer experience. Furthermore, it saves the transportation costs from not needing to send the paper waste for recycling and equips an organization to ensure on-demand audit-readiness of documents.

Customer Digital Lifecycle Journey

Traditionally, several phases and sub-phases of a customer lifecycle involve paper-based processes, including data collection of an applicant, document analysis, data enrichment, KYC case review, ongoing customer services, and customer-off boarding. The cycle continues if you succeed in up-sell or cross-sell any new product to customers in between. The modern content services platform can overcome this manual handling process and transform the digital customer lifecycle into a paperless one. The platform helps digitize documents, classify information, extract data, collaborate, and electronically store while significantly minimizing paper usage and costs. Features like e-forms, e-signatures, video KYC, and conversational interfaces can reduce paper trails and help in delivering a superior customer experience.

Energy Efficiency: Green IT through Cloud

On-premise infrastructure must be operational irrespective of the transactional load consuming considerable energy in computing, lighting, and cooling the data centers. Cloud is at the heart of energy savings. Today’s modern content services platforms leverage the cloud effortlessly, enabling business leaders to offer optimized and effective services to banks while consuming considerably fewer resources.

Energy Efficiency through Compression Techniques

Raconteur estimates that by 2025, nearly 463 exabytes of data will be created each day globally.5 Banks are responsible for a sizable chunk of this data, consuming computer resources and energy. Modern content services platforms employ efficient compression techniques to reduce data size, saving computing storage and electricity. The energy savings will compound exponentially with data growth.

Social Goodwill and Brand Strengthening: Financial Inclusion

A modern content services platform and other digital technologies are crucial in taking banking to remote places. Today, a field agent can take a portable device to remote areas and collect customer information, signature, and identity proofs – all paperless, effortlessly bringing them into the banking system. Financial products like account opening, loan origination, payments, and card statements are offered digitally with this platform.

Green Banking

Apart from reducing operational emissions, banks encourage their customers to go paperless as an initiator of change. Banks provide loans for sustainable agriculture, renewable energy, or any other environment-based projects at a reduced lending rate. A truly digital bank can also help its customers and vendors go paperless by substituting paper-based documents with digital ones. In doing so, banks extend their commitment towards ‘net-zero’ in their operations, suppliers, customers, and the entire supply chain.

Brand Strengthening through ESG Data Analytics

A modern content services platform coupled with data, analytics, and System of Record (SoR) drives ESG metrics measurement and insights. The content services platform can extract data from sources and databases like customers’, suppliers’, social, satellite imagery, HR and government reports, etc., to feed into the analytics platforms to gain powerful insights. An example could be measuring agricultural and green energy loans annually to determine the contribution to CO2 emission reduction. Intersecting this data with country-wide CO2 emissions can help banks measure their ESG impact per year for a country or region.

The Way Forward

A modern content service platform paves the way for the contemporary approach to bringing sustainability to banks. The platform not only enables banks and financial institutions to protect the environment but also extends a helping hand with financial inclusion.

Reference

  1. The economics of climate change. (2021, April 26). Swiss Re Group | Swiss Re. https://www.swissre.com/institute/research/topics-and-risk-dialogues/climate-and-natural-catastrophe-risk/expertise-publication-economics-of-climate-change.html 
  2. Sustainable development goals. (n.d.). United Nations Development Programme. https://www.undp.org/sustainable-development-goals
  3. The world counts. (n.d.). The World Counts. Retrieved April 26, 2022, from https://www.theworldcounts.com/stories/paper-waste-facts
  4. A Day in Data. (n.d.).Raconteur. https://www.raconteur.net/infographics/a-day-in-data/

source: https://newgensoft.com/blog/sustainable-banking-using-a-modern-content-services-platform/

Your Enterprise Needs Intelligent Content Services. Here’s Why

Traditional ways of managing content are now passe. The burgeoning amount of content being generated today is forcing enterprises to look beyond traditional ECM systems. Enterprises are now looking towards pervasive utilization of content. And this has spurred the need for artificial intelligence (AI) and machine learning (ML) based technologies in-built into content services platforms. With the pace at which the content services space is evolving, AI/ML and other modern technologies have long shifted from being “areas of interest” to the actual “roadmap items.”

Decoding Intelligent Content Services

Intelligent content services are about utilizing modern technologies to help analyze, organize, and deliver content at a larger scale. It provides opportunities like automated categorization and classification of documents, extraction of data, sentiment analysis, identification of sensitive content, and more.

Modern technologies like advanced OCR, NLP, AI/ML, and others have transformed the way content is handled. Enterprises now expect data to lead them in the right direction. For example, visual recognition services can now detect a missing signature on a contract seconds after it is uploaded, rather than waiting for days for a human to inspect its quality.

Intelligent Content Services Capabilities That You Can Leverage

  • Automated categorization and indexing of documents for eliminating redundant tasks
  • Identification of sensitive content and masking it for meeting compliance and governance goals
  • Extraction of entities from content for providing insights and automating business processes
  • Execution of sentiment analysis on customer communications for quick identification and solution of customer requirements and more

All the above capabilities can help your employees by making them more productive, more effective, and more compliant. This ultimately translates to delivering the best customer experience possible.

And There’s More…

While intelligent content services have a host of advantages which can help employees in a multitude of ways, its benefits can percolate and amaze your end customers too! For instance, through self-service web portals, your customers can verify their identity and documents through intelligent video recognition capabilities. Another very real and tangible benefit would be prompting your customers at a document collection portal to ensure that the correct set of documents are uploaded.

With intelligent content services, the opportunities are endless! Newgen’s contextual content services platform has comprehensive intelligent content services capabilities that can help you boost your employee productivity and offer a superior customer experience. Recently our content services platform has received the highest possible rating for its intelligent content services in Forrester Wave: Content Platforms, Q2 2021. Read the complete report for detailed insights.

Source: https://newgensoft.com/blog/your-enterprise-needs-intelligent-content-services-heres-why/

Content Discovery is Way More Efficient with a Powerful Enterprise Search Capability

According to Forrester – “Employees know the content exists but are unsure where to find it.”

Enterprises are consuming content generated from multiple sources and in various forms. It is no longer limited to documents. It now includes audio, video, social, e-mails, and much more. With this huge amount of data, it has become difficult to find the right information at the right time. When employees need to stop, think, and look for content in disparate systems, productivity takes an inevitable plunge.

Don’t let your employees get lost in the content deluge. In an age where your enterprise users are accustomed to a ‘Google-like’ experience when searching for information online, you need to take a step back and assess how you can empower them with effortless content discoverability.

A powerful enterprise search capability built into your content management system can enable efficient content discovery by enabling users to intuitively locate and access content quickly, regardless of the type of file, its format, or storage location.

Enterprise Search Capability Has Evolved by Leaps and Bounds. Are You Leveraging It?

Traditionally, content management systems used to have a basic search capability for the documents stored in their repository. But with time, enterprise search has become more specific and extensive.

Today one can search content by tags, words, phrases, wildcards, thesauruses, and more. A single search query can provide you relevant results from the entire enterprise content spread across multiple repositories and applications. This capability of searching across repositories is known as “federated search”.

Essentially, search works on the principle of leveraging metadata of files to scan through huge volumes of content quickly. However, this doesn’t imply that if the information is buried deep inside the content and not present in the metadata it is not searchable. Some of the top content management vendors have built search capabilities that can traverse through the content of each document and provide relevant results. This is known as “full-text search”.

 The Future of Enterprise Search Capability

With artificial intelligence and machine learning venturing into every domain, enterprise search is not far behind. Some of the common examples of such use-cases are:

  • More search term suggestions based on current search
  • Suggested documents and files which might be related to a particular document being viewed

Today, having a great enterprise search capability that is built into your content management system can give you a tremendous competitive advantage.

Newgen’s contextual content services platform has a comprehensive, intuitive search capability that can help you increase your employee productivity by transforming their search experience. The content services platform has received the highest possible rating for its search services in Forrester Wave: Content Platforms, Q2 2021. Read the complete report for detailed insights.

source: https://newgensoft.com/blog/content-discovery-is-way-more-efficient-with-a-powerful-enterprise-search-capability/