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Kana releases Agent IQ for Retail Banking and Customer IQ for Retail Banking

13 January 2004  |  1831 views  |  0

KANA (NASDAQ: KANA), a leading provider of knowledge powered CRM applications, today announced the availability of Agent IQ for Retail Banking, an agent facing application that provides guided service resolution capability to front office customer-service agents to quickly and accurately resolve customer requests at a lower overall cost.

The KANA Agent IQ for Retail Banking solution is part of KANA's Knowledge-Powered Service approach to providing customised solutions that address the specific pain points of key vertical markets. The company also announced today customised solutions for the telecommunications industry, customer-facing retail banking and branch banking.

Retail banks are under continual and conflicting pressure to provide excellent levels of customer service and reduce contact centre costs while driving incremental revenue opportunities. In addition many retail banking contact centres are facing significant consolidation resulting from mergers and acquisitions in the industry. These consolidations result in duplicate business processes within the contact centres, multiple knowledge repositories and multiple customer plans and service requests.

To differentiate from competitors amid cost cutting and consolidation issues retail banks must focus on optimising customer service to reduce service costs and retain customers. Agent IQ for Retail Banking guides customer-service agents through the problem resolution process, which is the most expensive part of providing customer service, thereby enabling agents to resolve more customer inquiries, more accurately, resulting in higher overall customer satisfaction at a reduced cost.

"With banking transactions increasingly moving to Web and contact center environments, retail banks must put in place knowledgebase solutions that allow their contact centre representatives to have a complete view of the customer, and the ability to quickly deliver answers to questions about complex banking scenarios," said Isabella Fonseca, Analyst with Celent Communications.

"New applications like KANA Agent IQ can support this objective, helping these contact centres deliver better customer service, faster and at a reduced cost per customer inquiry."

The solution also includes out-of-the-box tailored industry content, proven industry best practice decision trees, knowledge search to access content, designed APIs for the top retail bank contact centre desktops and industry leading EAI applications for back end legacy systems. KANA Agent IQ for Retail Banking also enables contact centre agents to:

- Access information from multiple legacy systems within the context of resolving a customer service request with automated boundaries;
- Access knowledge across functional boundaries, including credit card and banking divisions, via a universal knowledge base which allows retail banks to deliver cross sector utilisation of contact centre agents;
- Provide consistent resolution to customer service requests at the lower cost channels as the knowledge base drives service across all the channels;
- Remove administrative or switchboard activities since these are driven from the automated resolution of the service request within Agent IQ for Retail Banking.

"Retail banks require customer service solutions that enable fast resolution of requests based on complete knowledge of the customer, solution offerings and additional sale possibilities," said Tom Doyle, president of KANA. "This is a daunting task for retail banks faced with increasing consolidation resulting in many different service offerings. Built on proven best practices, KANA Agent IQ for Retail Banking enables these organisations to quickly and cost effectively resolve these complicated service resolution issues through universal access to information."

KANA today also announced the availability of its Customer IQ for Retail Banking, a single point of self-service contact for customers leveraging the Web for banking assistance.

The solution will improve the online experience for the banking customer and dramatically reduce overall costs associated with service for banks.

The KANA Customer IQ for Retail Banking solution is part of KANA's Service Resolution Management approach to providing customised solutions that address the specific pain points of key vertical markets. The company also announced today customised financial services solutions for agent facing contact centres and for branch employees, along with a telecommunications industry solution.

Consumers are quickly adopting online banking. Whilst four out of five Europeans still seek customer service support from their bank in person, the take up of online service is set to double. What's more, rapid expansion
of broadband services will serve to increase online usage further. To support this rapid growth, the banking industry must drastically increase its online customer service initiatives. Currently, banks receive inbound calls to the contact center from customers who are unable to find the information they need online. KANA Customer IQ for Retail Banking can reduce the number of calls a bank receives by providing superior, easy-to-use self-service and knowledgebase search capabilities on the Web.

"It's a key focus for the retail banking sector to provide excellent online customer service at the lowest cost possible. This is where KANA Customer IQ for Retail Banking comes into play," comments Helena Lappalainen, vice president, head of Contact Centre Development Unit, OKO Bank Group Central Cooperative. "KANA IQ currently helps our customers receive the specific information they need very easily - by ensuring that every customer service representative they deal with has the right information to hand. But it's not a great leap of imagination to see that it could do the same for our online self-service operation. Put simply, using KANA will help us to provide exceptional customer service at a lower overall cost."

The solution leverages industry best practices and out of the box industry content to deliver to customers the information they seek quickly and easily. Intelligent knowledge searches provide customers quick, flexible access to the most appropriate assistance for the specific online function they are conducting, including check searches, balance inquiries and statements on accounts. In addition, guided scripts lead customers through the site to help them identify the most appropriate products, information, and content. KANA Customer IQ for Retail Banking provides:

- An easy to use online service and support resolution interface to consumers;
- An easy integration with existing bank Web platforms and other banking industry solutions;
- Searchable industry content for rapid answer to typical banking inquiries;
- A best practice approach to increasing self-service adoption within the online banking environment.

"Despite the consumer trend toward online banking, more than 80 percent of European customers still contact banks via the phone," said Tom Doyle, president of KANA. "Retail banks can reduce this level of phone contact, and the overall cost of customer service, by deploying KANA Customer IQ for self-service."

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