According to a PWC survey, companies who offer great customer service can charge a 16% higher price for their products and services. As you look for ways to improve your customer experience, a digital transformation can eliminate customer pain points in surprising ways:
Simplify Customer Onboarding
Impressing your customers up front can increase the chances that they will stay with you long-term. TitleVest, a national title insurance agency, was able to save $330,000 a year while dramatically growing their business and improving their customer experience by using MetaSource’s digital transformation services. They found that they needed to store a significant amount of post-closing paperwork which had to remain in the office to efficiently answer questions from new customers.
MetaSource took the files, scanned them, indexed them, and hosted them on cloud document management software so they could easily be searched digitally. When a customer called with a question, it could be answered immediately, without the need to search for files in boxes and boxes of paperwork.
As TitleVest CEO and EVP Brian Tormey explained: “Being able to access a client’s entire digital file in seconds allows us to be responsive in the moment, whether we are processing a new order or responding to a post-closing inquiry.”
Long-term Improvements in Customer Service
Having better customer service can help you stand out compared to your competitors. In fact, a McKinsey study found U.S. auto insurance carriers with consistent best-in-class experience grew 2 to 4 times faster and had 30% higher profitability than their competitors with bad customer service.
Before TitleVest improved their customer response experience using MetaSource, files were sent to an offsite storage facility. If a client had a question, the box, along with other clients’ files, had to be mailed back to the Manhattan office. This caused their long-term customer experience to suffer, as it would take days to respond to a simple question as they waited for the files in-transit. Moving to one of the best digital transformation companies helped them significantly improve their service compared to their competitors.
Handling Issues with Customers
According to an American Express study, 33% of Americans consider switching companies after only one poor service experience, highlighting the importance of good customer service. A common issue is spending time on a phone with a customer looking up their information. With a document management system, your customers’ files and data are stored in cloud software or on your server and can be accessed in under a minute.
A Gensys study found that only slightly more than 10% of customers are willing to stay on the line with customer service for over 5 minutes and 9 out of 10 customers value when a business knows their account history and current activities. With digitized documents that are properly indexed and securely stored, if a customer says there’s a mixup on a sales invoice or insurance claim, you can look up their file within seconds, check if there’s a discrepancy, and immediately send them a scanned version of the document. Now finding a solution can be done within seconds.
Updating Client Information
As you build long-term relationships with your customers, you will need to update their information. No longer will you have to store both their old data and new inexpensive storage units; instead, you can store all of this digitally in virtual filerooms. Every type of data is significantly easier to access, including their address, beneficiary information, or more. In fact, TitleVest also saved about $200,000 per year in real estate costs, no longer having to keep the physical files in their Manhattan office with their team.
Vendor Relationships are Improved, too
All of the steps above also apply in how you communicate and track information with your vendors. For example, if there’s a discrepancy on an invoice, the scanned invoice can be pulled up in seconds, resolving any issues.
As loyal customers spend 67% more than new ones, scanning your documents and storing them digitally not only saves you money, as experienced by companies such as TitleVest, but it can also significantly increase your revenue by improving your customer service and retention rates. When your customer knows you’ll treat them well, that trust makes them comfortable spending more, helping you build a long-term business partnership. If you want to learn more about the knitty-gritty of how this digital transformation works, check out this case study.