Leveraging Avaya Experience Platform to accelerate your digital banking transformation

Banks are striving for digital innovation but regulatory constraints, data security and privacy concerns, integration challenges, and the high costs of enabling change prevent 70% from achieving their transformation goals. Considering the speed that technology is evolving, the alternative of standing still isn’t an option. 

How can banks cross the threshold into a digital future to enhance experiences, improve operational efficiency, and stay ahead? Success is the result of strategy, skill, collaboration and, above all, the right platform foundation. It’s possible, and we’ll show you how.

How one bank broke the mold 

Access Bank is a leading full-service bank with more than 600 branches and 60 million customers worldwide. Last year, the organization successfully moved to a flexible, cloud-based foundation that unlocks AI-powered solutions like conversational IVR, voice biometrics, call back assist, and real-time speech analytics to™ accelerate process handling, create more personalized and proactive care, and enrich agent experiences.

The company now supports open banking, a rapidly growing business model that involves the integration of open APIs to enhance experiences and foster innovation. The bank has built a new chatbot from scratch that includes 13 self-service workflows and the ability to seamlessly escalate to a human agent if needed. Gamification, enhanced reporting, and automated quality management have changed the game for supervisors in terms of agent retention, workforce management, and overall productivity.

As a result, the bank’s Customer Satisfaction (CSAT) score increased from 53% to 64% and its Customer Effort Score (CES) improved from 68% to 75% from 2022 to 2024. But that’s just the beginning: their voice response time improved by 80%, case resolution improved by 20%, and abandoned calls dropped by 22%. Overall, the bank’s digital channel perception CSAT improved from 63% in 2022 to 80% in 2024.

Want similar results? You need Avaya Experience Platform

Avaya Experience Platform™ (AXP) empowers banks to accelerate transformation and sustain business growth with a unified digital platform designed to deliver exceptional experiences. It’s not just another standalone CX product – it’s a comprehensive cloud-based solution that adapts seamlessly to any IT environment. Whether you’re integrating on-premises and cloud-based services, combining private and public cloud solutions, or looking to expand, integrate, or consolidate, AXP is uniquely equipped to meet your needs. It excels in enabling innovation by enhancing and building upon existing investments.

Here are five ways AXP helps banks unleash their innovative potential:

1. Seamless digital access: Integrate and manage traditional and digital channels including voice, SMS, chat, AI-powered self-service, and virtual agents seamlessly to provide a consistent banking customer experience.
2. Customer journey orchestration: Create a seamless customer journey that ensures a smooth and personalized experience across all touchpoints, regardless of how many systems you have or where they live (on-prem, private cloud, hybrid cloud, or public cloud). 
3. Connected employee: Banking agents have more on their plate than ever and often lack the right tools for handling them, driving one of the highest turnover rates in the customer service industry.  AXP allows banks to streamline the agent experience with tools that unify communication channels and workflows to enhance efficiency and reduce workload. 
4. Advanced fraud detection: It’s no secret that fraud banking incidents are rapidly increasing. AXP enables predictive analytics and real-time data for identifying fraudulent or potentially fraudulent activity faster, plus proactive notifications across multiple channels to contain mole hills before they become mountains. 
5. Security biometrics: Imagine if your customers could be authenticated in seconds each time they contacted your bank, even for more complex processes like applying for a loan or credit card, with full regulatory and industry compliance. AXP makes this possible with a simple plug-in offered by one of Avaya’s third-party partners, Journey.The capability can also save millions by reducing interaction- and fraud-related costs.

Three reasons to select AXP for your bank’s digital transformation 

1. Unlock your full business potential with the most powerful AI platform

See what your company can do with unlimited access to AI, from automation and self-service to virtual assistants and security biometrics. AI-enhanced workflow orchestration, advanced routing, seamless transfers, and more…the sky’s the limit.

2. Choose your own journey

Innovate your way with full control over your transformation journey. Bridge capability gaps and step into the future of digital banking while optimizing existing strategic solutions that work well for your organization.  

3. Empower your trusted solution with cloud capabilities

Fortify your trusted foundation with the power of cloud. On average, AXP users boost customer conversion by 65% and CES by 40% with 5% higher EBITDA.

Learn more about AXP for digital banking.