In conversation with Bill Safran,
CEO of Vizolution
How would you describe what Vizolution does?
Vizolution provide SaaS solutions that streamline difficult customer journeys across store, telephony and digital channels. Our digital solutions enable agents and customers to show, share and sign documents offering all the benefits of a face-to-face interaction without the high cost. For example, an operator could talk a customer through an insurance policy application form, while the customer could post their identification documents.
By putting customers back at the centre of the process, we deliver significant value and competitive advantage to our customers, increasing conversion rates by over 20%, halving transaction times and reducing costs, as well as delivering high customer satisfaction rates and improved compliance.
Who are the customers for this kind of product?
Any industry that works with customers in this way would find out technology useful. At the moment, our customer base is particularly focused on banking, financial services and telecoms, where there’s a great deal of paperwork to exchange or complete as part of a customer journey. Our clients include HSBC, RBS, Santander, Legal & General, EE and O2, for example.
Are you particularly focused on regulated industries?
We certainly think we can do a great deal to help businesses in very regulated sectors. They have complicated processes that they have no choice but to go through with customers in order to remain compliant, but that doesn’t always make for an easy customer journey. Our technology can really help them to simplify the experience for the customer as well as provide an audit trail for the business – in that sense, the more complicated the customer process, the more Vizolution has the potential to help.
What sort of benefits does the technology deliver?
We use a variety of metrics to look at how well our tools are performing, but one of the most significant is the net promoter score awarded to us by consumers. We’re seeing scores in the high eighties and early nineties, which is really unusual in these industries.
That reflects a simple reality: if customers are calling your business, it’s because they want something, so if you can meet that need more quickly, more smoothly and less painfully, that’s hugely valuable.
Our clients also see major benefits. They get sizeable productivity gains, for example, because conversations with their customers are concluded much more speedily and there is no protracted exchange of paperwork to slow things down. They’re also seeing big gains on conversion rates, as well as cross-selling and up-selling, because the visual tool makes the sales process much more engaging and efficient.
Where do you see Vizolution heading in the future?
We’re eager to expand across new product bases – our technology is relevant in a broad range of industries and we don’t care if we’re helping clients to streamline their customers mortgage applications or health insurance claims. The customer experience is hugely important and there is so much more that industries such as financial services, telecoms, energy and others can do to improve that, rather than seeking to differentiate only on price. Wherever there are pain points in the customer journey, we want to help.
What does the future hold for the technology?
We think artificial intelligence tools have a major role to play in this industry, but also that they’re not going to replace human contact, which is what customers are so often looking for. The most exciting use cases are where there is potential for artificial intelligence to enhance the human operator’s service – tools that automatically identify the next best step for the customer, for example, so that the operator can quickly and professionally talk them through the right choices.
We’re already seeing the limitations of artificial intelligence on a standalone basis: robo-advice has been around for some time now, for example, but is really struggling to get traction. That’s because people still don’t feel comfortable making what are often emotional decisions without some form of human interaction, so if we can use artificial intelligence to enhance that interaction, that will be very powerful.