Fashion Tech – Reshaping customer experience for your start up

Fashion has always been playground for innovation. The acceleration of fashion tech forces brands to rethink their digital channels and relationship with customers. Fashion players strive to develop the technologies that will differentiate themselves, internally or through partnerships with the latest tech startups. In this article, we have included several exciting fashion tech businesses to follow that support major fashion players reshaping their customer experience!

SHARE

Webhelp B2B Marketplace

B2B Purchasing and Marketplaces - 7 tips from 3 experts: Manutan, Zetrace and Webhelp Payment Services

Webhelp B2B Marketplace

Which Purchasing platform models are best suited to B2B? This is the question we put to three experts in the field: François Duranton, CEO at ZeTrace; Julie Dang Tran, Managing Director for Southern Europe at Manutan; and Julien Duméry, International Development Director at Webhelp Payment Services. Here are their answers in the form of 7 practical tips.

  1. Identify the two main families of solutions for making your Purchases
  2. Choose the purchasing model that suits your business size
  3. Consider the punch-out solution
  4. Check whether a “Manutan” model would suit your requirements
  5. Payment services: comply with the B2B codes
  6. To onboard your Sellers, rely on an optimal KYC solution (automated systems + human input)
  7. Key Accounts: don’t underestimate the difficulty of operating a marketplace

1. Identify the two main families of solutions for making your Purchases

François Duranton (ZeTrace): To help you get your bearings in the vast universe of corporate purchasing platforms, we can distinguish two families that correspond to two ways of buying: shopping vs purchasing.

  • In a shopping model, which we can also call a “seller-side” model, strategic purchases are set aside, and we look for the best solution for everyday purchases – bearing in mind how easy B2C platforms are to use. B2B distributors often have an e-commerce site of their own and are sometimes grouped into B2B marketplaces. In the latter case, the current software reference is Mirakl – a publisher that came out of B2C. In this particular context we would also mention Izberg, which has a few B2B solutions, and Uppler, a specialist.
  • In a purchasing or “buyer-side” model, – we find the historical Purchasing and e-procurement platforms. They are more supervised from a contractual point of view and make it possible to manage strategic sourcing, but they are less attractive from a UX point of view (research, navigation, customisation, single multi-seller basket, etc.). In this family of solutions we would also mention products such as SAP-Ariba, Coupa, Ivalua and Determine.

In both cases, these families of solutions should be compared with certain key elements: the company’s internal Purchasing processes, for example, or integration with its IS.

2. Choose the purchasing model that suits your business size

François Duranton (ZeTrace): The larger the size and requirements of a business, the less suited the marketplace model is. In general, a VSE or a small SME does not see itself as a “Buyer” and does not think in terms of a “Purchasing function”: it is often the manager who deals directly with major purchases. As for average SMEs, they sometimes have this function for class A or B direct purchases, but indirect purchases are poorly controlled: there is no question of having single invoices or grouped deliveries, for example. This need for supervision increases with the size of the company, as the Purchasing function becomes a focus of value creation. But the greater this need for supervision, the less relevant the marketplace model is: it is well suited to a many-to-many distribution model (users, buyers) while the Purchasing function of a large company is more of the few-to-many type.

Julie Dang Tran (Manutan): From our point of view, the marketplace model is actually not well suited to managing the peculiarities of a Key Account Customer. Suppose, for example, that special conditions are granted – discounts, payment deadlines, delivery conditions, etc. – these conditions will be difficult to impose or enforce on third-party Sellers in the marketplace. Similarly, it will be practically impossible to impose a price, since this would affect the Sellers’ margin.

3. Consider the punch-out solution

Julie Dang Tran (Manutan): To the family of purchasing solutions we can add punch-out systems. These are dedicated and personalised websites for a Customer – which Manutan can deploy for some Key Account customers, e.g. on an SAP-Ariba basis. When the Customer connects to Ariba, it will see a Manutan icon among its Suppliers: with a click, it can access the punch-outsystem. This is where it will find its usual purchasing processes, in compliance with internal validation systems. In fact, under this solution, we do not place an order directly: we issue a purchase request, which will then go through the company’s internal validation system, and finally be converted into an order.

4. Check whether a Manutan model would suit your requirements

Julie Dang Tran (Manutan): Class A and B purchases are well formulated in large companies, unlike class C purchases. However, the latter, which represent a very large number of references spread across all areas and departments, account for the majority of indirect costs, even though they are presented as small amounts. At Manutan, for these class C purchases, we start from a basic premise: the company manager or the Purchasing manager is responsible with regard to their employees. Indeed, the teams use these products on a daily basis, informed by safety, ergonomics, and often CSR.

The Manutan model is therefore based on product selection, which must meet certain criteria. In contrast, with a marketplace model – where it is the Sellers that are selected – the choice of products rests with those Sellers. This means that the Manutan model is focused on referencing selected products, in the context of a partnership with Suppliers. From the Customer’s perspective this makes it possible to guarantee the origin of the products and to supply the corresponding certificates, while providing them with advice and monitoring the commercial relationship.

5. Payment services: comply with the B2B codes

Julien Duméry (Webhelp Payment Services): Everyone knows that B2B processes differ from B2C processes, and that they must be scrupulously observed. For example, certain key operations must be initiated prior to payment:

  • facilitate the creation of a customer account;
  • ensure a customer’s solvency from the outset;
  • manage the entire order up to invoicing (i.e. checking the content of the order and the invoice; an incorrect or incomplete invoice may result in late payment and compromise the relationship with the customer);
  • offer a recovery solution, automated or human;
  • facilitate reconciliation (to avoid costly manual processing);
  • and finally, manage the payment transactions associated with B2B codes (bank transfer, direct debit, card, etc.).

We therefore recommend ensuring that the operations leading to payment are also managed in a spirit of value addition.

6. To onboard your Sellers, rely on an optimal KYC solution combining technology and human input

Julien Duméry (Webhelp Payment Services): To ensure that the B2B marketplace remains a trusted space, in full compliance with the latest regulations at all times, ensure that you have effective KYC procedures in place. These will enable you to onboard Sellers, regardless of their geographical location and their local legal constraints.

Offering your salespeople good onboarding experience is important. We recommend that you ensure human support is made available; this is essential, because automation cannot meet every need, especially when the items expected are not the right ones. This is why you should favour hybrid solutions that combine technology and human input, and ensure that they are perfectly integrated. What if the automated system has failed to resolve the problem? It sends the file to an expert so that they can provide an immediate solution, or enter into dialogue with the Seller in order to obtain the information or documents essential for finalising onboarding.

7. Key Accounts: don’t underestimate the difficulty of operating a marketplace

Julie Dang Tran (Manutan): Learning from some of the failures or difficulties encountered on purchasing platforms, it must be recognised that it is easy to underestimate certain key processes. For example, the onboarding of Sellers may be seen as nothing more than a straightforward large-scale administrative operation. The reality is much more complex and does not allow the operator to rely entirely on existing tools: for example, some reference suppliers of turnkey platforms, coming from B2C, do not provide a satisfactory response in B2B. To put it briefly: it’s not the same business as negotiating with suppliers when buying products from them, or referencing them on a platform by taking charge of all administrative aspects.

Julien Duméry (Webhelp Payment Services): I also think it important to advise great caution: some platform projects are started without taking sufficient account of certain obstacles. As far as Key Accounts are concerned, it is not enough to launch a project around a platform publisher, hire a payment intermediary, and then hope that customers will on their own initiative go to the new marketplace without communication, training of buyers/sellers, or prior marketing. In reality, these Key Accounts are then the only ones managing and running a marketplace – which is not actually where their expertise lies. Bringing this distribution channel to life is a real challenge! It will require integrating the costs associated with marketing and communications, or the recruitment and training of buyers/sellers, into the business plan.

 

SHARE

KYC remediation

The 4 key indicators of a successful KYC remediation campaign

KYC remediation

Knowing Your Customer (KYC) is at the heart of the challenges faced by regulated companies and financial institutions. In fact, they are subject to the European legislation to combat money laundering and the financing of terrorism (AML/CFT) and are obliged to carry out KYC checks. This involves collecting and checking information and associated supporting documents from the beginning of the relationship (identity, domicile, activity, etc.). These KYC operations also occur throughout the commercial relationship in the form of periodic reviews.

In the event of a breach discovered during an audit by a regulator, such as the ACPR (the French Prudential Supervisory Authority), companies face serious consequences such as criminal sanctions. They also risk damaging their brand image in the event of indirect involvement with a case of money laundering or fraud. Some organizations are also required to launch extensive KYC remediation campaigns aimed at making a substantial stock of existing customer records compliant, often before an imminent deadline. In such cases customers are asked and invited to update their file as soon as possible. These operations require special attention in order to maximise the remediation rate of these customers, while managing the associated investments and customer satisfaction.

In order to optimise the performance of a KYC remediation campaign, Guillaume Bru, Project Director at Webhelp KYC Services, recommends paying particular attention to 4 key indicators:

1/ After taking an inventory of the customers targeted by the campaign, ensure a maximum deliverability rate of the invitations in order to reach the largest number of customers.

The essential point is identifying which contact channels to prioritise according to the type of customer (email, post, SMS, telephone, etc.) and confirming having the means of contact used by each customer (email address, telephone numbers, postal address, secure messaging in the customer’s account, etc.). By having the option of using a variety of channels, you will increase your chances of reaching the customer with one of these methods. On the other hand, in order to control costs, prioritise mail only when necessary – for example, to customers less comfortable with digital channels or in the case of a final reminder.

2/ Once the customer is aware of the update request, the second indicator to be optimised is the take-up rate corresponding to the customers’ consent to the update of their file.

In fact, some customers complain about the constraints associated with these administrative formalities. Above all, it is necessary to prepare and use reasoned and personalised arguments, given by expert, trained members of staff. We have seen that 95% of customers agree to carry out the remediation following a well-reasoned call with one of our advisors. Also, rely on the official communication channels used by your company in its relationship with your customers (corporate website, customer support, etc.) in order to rule out any suspicion of phishing, for example.

3/ Customers must then be able to take action and provide whatever is required in order to obtain a maximum collection rate.

To do so, make it easier for them to cooperate and favour user-friendly digital channels, while leaving the door open to traditional channels such as post. You can also directly ask the customer what their preferred method is. Anticipate their questions and answer them if necessary. Offering support through a hotline or a chatbot is a good way to overcome any final obstacles they may face. Finally, in the event of a lack of response, send reminders with prompts, progressively and sufficiently spaced out to both control costs and preserve the customer relationship.

4/ Finally, the last key indicator to optimise is the compliance rate of the files collected.

Some files may be rejected due to incompleteness, illegible supporting documents or still being out of date. Raising the customer’s awareness beforehand of the required quality of the documents to be provided will help to avoid many rejections. Also, it is important to be pragmatic andadapt the level of the requests based on the assessed degree of AML/CFT risk. Analysing pre-existing information will also potentially reduce the number of items to be collected. Finally, in the event of a non-compliant file being received, set up a specific follow-up process to make the file compliant.

Define and prepare the campaign in advance by implementing a process that combines technology for automated tasks and people for high-value tasks. Throughout the remediation campaign, set goals, particularly for remediation rates that you will manage each week by optimizing these 4 key indicators. It is also wise to demonstrate flexibility by testing and adapting each element of the process in order to continuously improve results. This is the key to a successful KYC remediation campaign.

To find out more about this topic

SHARE

How videos are used by remote sellers to accelerate business growth

Never before in the history of B2B selling has buyer behavior been more in sync with remote selling motions. To sell and attract new businesses or take buyers through the sales funnel, remote sellers must include the use of synchronous and asynchronous video. 

This has created the perfect alignment between buyer behavior and remote sales motions. Subsequently, the implementation of video in all its formats is key to keeping the sales pipeline full and ensuring a Return on Investment (ROI). 

Asynchronous videos do not occur in real-time and subsequently, will incur some delay. An email or recorded video, video voicemail, video messages, screen shares, etc, all fall within this category. They’re easier to consume, can be rewatched, shared far and wide, allow for better quality viewing and offer more control. In short, asynchronous sales messaging enables sales people to reach more prospects and start more sales conversations.

On the flip-side, creating videos does take time and a salesperson has to wait for response, once the video has been shared.

Synchronous videos occur at exactly the same time. This form of communication includes video conference calls, phone calls, face-to-face conversations, etc. However, this can cause fatigue, be contingent on bandwidth/internet connections, or result in reduced audio or visual quality. 

Use of video to create empathy and trust 

Video messaging enables a member of your sales team to show compassion and cut through the noise of today’s selling environment to build trust. Video messages or live video calls, can occur via zoom, FaceTime, or Twitter spaces, to name a few, in conjunction with other modes of communication, such as the mobile, chat or email.

The omnichannel remote selling experience is the now the hallmark of modern-selling and part and parcel ofB2B sales. 

For example, a channel sales person can send a video reminder for an upcoming meeting and then a video follow-up after the meeting, to connect at a much deeper level. Alternatively, a prospect can start a conversation over chat and receive a follow-up email with an embedded video specifically addressing a prospect’s pain points or purchasing needs. 

Personalized sales video messaging delivered through email can be tracked and measured, allowing a sales person to more effectively plan the next stage of the buyer journey. Consequently, including a video in sales emails outreach can improve click rates by a staggering 96%. 

In some instances, a client or prospect may prefer to deactivate their camera, but are perfectly comfortable with speaking to sales team member if they are out and about. This connection fosters increased engagement and trust, as the prospect doesn’t have to wait until they arrive at work or reach home for a response. 

Videos can increase a salesperson’s productivity

In today’s world, time zones and schedules matter. People in your team may find it difficult to attend video calls at a fixed time. They might be receiving calls at the expense of their productivity. 

On the flip side, recorded videos allow plenty of flexibility. Your team can watch (at whatever speed they like – they can speed the video up, too) when it’s suitable for them, and even re-watch if required. 

Feedback videos

When you’re not in the office, a salesperson can substitute a feedback loop with a quick video, when they cannot meet a sales colleague in person. This is better than sending multiple texts or emails which not only take time to review, but may not convey what they’re trying to say due to lack of vocal expression. 

Product demonstrations via video increase conversions

Recorded and live product demonstration can supplement showrooms by augmenting the user experience from anywhere in the world. 

In the B2B world, this means that sales are able to provide additional personalization within all their interactions, thereby allowing prospects to take the lead to explore and shape their own experience for the most value. 

  • 90% of customers state that product videos help them when making purchasing decisions. 
  • 64% of customers are more likely to buy a product after watching a video. 
  • Importantly, recorded product videos can be repurposed on a company website, social channels or personal live call, thereby decreasing the cost of sales and maximising reach. 

Video content is easy to consume and allows a prospect to retain more information. A salesperson can convey tone and expression effortlessly to reinforce the intuitu personae so crucial to establish with a client. 

Video streaming services are leading to success

There are many steaming platforms used to showcase a product or service: from social media platforms to Microsoft applications, virtual event apps or Zoom. Therefore, using the right streaming service to deliver a successful campaign is vital. 

Most people are visual learners. Therefore, if a prospect can see your sales person whilst speaking about your product or service, how it works, and how it could benefit them, they are more likely to engage with your sales person in a conversation. Importantly, executives are more likely to take action via a video. A Forbes report: Video in the C-Suite indicates that 65% of senior executives have visited a vendor’s website after watching a video and that 59% of decision makers prefer to watch a video rather than reading an article. It is also easier to retain information, thereby increasing sales conversion. 

Prospecting via video enables a sales person to stand out from the crowd and capture their attention. In this instance, the seller can introduce themselves, provide their value proposition and have a call to action. “These are methods we use for our own prospecting. In a daily life made of multiple solicitations, a video message is much more memorable than lines of text: the pitch is fluid, the seller’s intention is clearly conveyed, intimacy is created,” observes Alexandre Barthel, Global Head of Demand at Webhelp. 

Another popular personalization method is to include a screenshot of the prospect’s LinkedIn profile or website within a video. This highlights the effort a sales person took to research the prospect on LinkedIn and learn more about them.

Harnessing videos in proposals

Remote sellers can go beyond sending an email with an attached proposal and actually record a video outlining each point of the proposal and the next steps. It can even be useful when going over any legal issues and contract details. 

Finally, the seller can create a video thanking the client for their time and handing over the client to the Customer Success manager or other members of the business. 

Video as a training and equipping vehicle

Should you need to guide your team on how to use a particular type of software, or if you need to provide step-by-step instructions on a task, how-to videos are ideal. These types of videos are great for knowledge sharing and are also perfect for reaching out to the B2B audience. 

Video streaming services are leading to success

Although we can’t choose the video steaming platform for you, we can tell you what has worked for our clients to build successful relationships, engagement, and revenue growth. 

Using channels such as video, social and digital marketing to drive sales, meet targets, ramp up new service offerings, track and measure video engagement with prospects, is fuelling the B2B sales pipeline. 

Furthermore, joint content creation between talented, multilingual teams, using video streaming, enables a collaborative and flexible approach leading to new and recurrent sales.​ 

Video plays a significant role with driving sales through engaging social channels and digital marketing platforms, when displaying service offerings, thereby providing the quintessential omnichannel selling. 

Video enables businesses to be innovative and to differentiate themselves amongst their competitors. We believe that understanding the power of technology and a human mindset approach, connects you with your customers to achieve the most value. With video becoming a strong contender due to growing audience popularity within the digital space, we believe it has untold power to deliver a game-changing experience. 

Get in touch with an expert

Get in touch to find out how you can optimize video success in your business strategy.
 

Speak with us today
SHARE

Webhelp Payment Services anti-fraud

[Testimonial] Why outsourcing has become a key part of Rue du Commerce's anti-fraud strategy

Webhelp Payment Services anti-fraud

With online sellers increasingly embracing tools to combat fraud, fraud patterns have evolved and now affect more than just payments. Above and beyond payment fraud, the trends that are growing in pace are mainly friendly fraud, customer account spoofing and fraud involving promotions and returns. They are becoming more and more subtle, putting pressure on sellers’ fraud management teams, and require specific expertise and know-how. For more than three years, Webhelp Payment Services has been working with Rue du Commerce, a major player in French e-commerce, on its anti-fraud strategy.

With a target of achieving zero fraud, our teams are responsible for checking all suspicious activity, sometimes within very tight deadlines, especially during peak seasons (sales, Black Friday, Christmas etc.), whilst also minimising customer queries.

In this interview, Christophe Charrot, Fraud Manager at Rue du Commerce, tells us about the challenges involved in combating fraud and how outsourcing has become a key part of its strategy 

Why did you decide to outsource anti-fraud management at Rue du Commerce?

Christophe Charrot: Quite simply because our resources and tools are not enough to prevent fraud. Initially, our anti-fraud department was based on payment fraud but we are realising that this is becoming increasingly anecdotal. Today, fraud has become “ingenious”; it focuses on fake documents, false statements about products not being received, hacking customer accounts, instalment payments, return fraud, etc. Given these developments, outsourcing was the obvious answer, allowing us both to maintain the highest level of quality but also to remain alert in an area that is constantly changing.

What are the key points for an outsourcing strategy when it comes to fraud management?

CC: Outsourcing doesn’t have to compensate for internal shortcomings but should be seen from a collaborative perspective. I would say that the first key aspect of a successful outsourcing strategy is to be surrounded by a brilliantly trained team, with whom we are constantly communicating and with whom there is a real sense of collaboration. As a client, we are an indicator for fraud trends, which means that the teams can be aware of exactly what they need to target and keep in mind with their anti-fraud strategy. On the other hand, outsourcing teams offer both the human and technical resources that we lack. It’s a real team effort.
The other key point in my view is the need to remain vigilant, to stay alert and be on the lookout for issues relating to fraud. Lastly, we need to demonstrate real agility if we want to be able to adapt quickly to changes when it comes to combating fraud.

In terms of figures, how do you measure success?

CC: Well, we haven’t had any unpaid invoices for 6 months from our manual reviews! And we know that we only had one or two unpaid invoices over the previous 6 months.
As far as manual reviews are concerned, we have also gone from 15% when I came to Rue du Commerce, to 4.5% now. It is important to reduce this review rate as it can have a real impact on the customer experience and cause friction.
Lastly, our rejection rate (transactions declined after purchase because they are identified as too risky) has gone from 30% to 12%, so this figure has more than halved.

How do you prepare for a peak season like Black Friday or Christmas?

CC: We start preparing for the peak season in advance with the Webhelp Payment Services teams to identify the key indicators that need to be monitored, as well as the fraud trends, and to optimise the manual review system as much as we can. The stakes are very high for the customer experience at this time of the year.

How do you see the future in terms of manual reviews?

CC: Payment fraud has given way to refund fraud. Today, the risks are no longer with bank payments but rather with credit or instalment payments. In legal terms, we are no longer talking about fraud but about unpaid debts.
Manual review must and will continue to exist. However, it will no longer focus on traditional payment methods such as bank cards, but on other methods like credit or instalment payments. In my opinion, we need to strike a balance between manual review (which will reduce in terms of volume) and artificial intelligence, which just keeps getting better.

What part does Webhelp Payment Services play in Rue du Commerce’s anti-fraud strategy?

CC: Webhelp Payment Services clearly plays a key role. Internally, for example, we will never have the capacity to compensate for peak seasons because this would require recruiting employees, purchasing equipment, expanding the premises, etc. Outsourcing is “the key”. Especially in an environment in which we will need to learn a new trade and adopt a system to deal with return fraud.
I have every faith in the Webhelp teams to adapt to the new challenges that lie ahead. We also have plans to launch a debt collection service together in the near future.

How would you rate your partnership with Webhelp Payment Services?

CC: 100% satisfied. It’s a real pleasure. Today, we no longer have a “client / supplier” relationship: it’s no longer about people who work “for” us but rather “with” us. I particularly enjoy working with the teams in Romania, with whom we have developed a real climate of trust that means we can work with real peace of mind.
There’s just one thing that I can’t wait for, and that’s to be able to go back to Lasi in Romania after a year and a half of being in a long-distance relationship!

SHARE

Protect dealers and buyers on classified ad platforms

Consumer content is instrumental in influencing both purchase decision making and the popularity of online businesses.

The trust and safety of users online is crucial in today’s digital world. Classified ads platforms like gumtree and craigslist are increasingly popular for users to publish ads to share or gain information, or sell unwanted, used and new items to generate an income. Therefore, the trust and safety of users on these platforms is significant.

To ensure users are provided with a safe and seamless journey, it requires a balance of technology and human intervention to manage content at each step.

This paper looks at some of the pain points in the classified ads space, highlighting the typical industry reactions and insights into how Webhelp can offer a comprehensive and game changing solution with expert content moderators.

Download insights

 

Author

Thomas Japy

Digital Content Services Business Analyst

Contact the author

The future of Risk

New shape, new face, new pace - the future of risk

Faye Sadler-Clark examines how Risk functions can shift from standing in the way of change, to leading the way.

Change is a given part of any business, with Transformation programmes allowing businesses to their offerings for customers. With so much change comes a need for organisations to adapt in order to deliver faster, and at a lower cost. However, functions such as Risk & Compliance are traditionally slower to adapt and often cannot keep up with the pace and skills required by the teams they are supporting – to the point where they come to be viewed as an obstacle to change, rather than working to facilitate it.

When organisations look to deliver cost savings, to work smarter, and to develop more agile ways of working, Risk teams are not typically an obvious target. As a result, many organisations are operating with a Risk function geared to support the organisation ‘as was’, rather than one which reflects the organisation’s current ‘as is’ demand. This is akin to running a website that is not optimised for mobile browsing, knowing that the majority of your customers transact through their mobile phones.

Critically, these historic, functional Risk models also represent an untenable cost base. It’s time for change, so what does the future face of Risk look like? What are the key things that organisations need to be considering?


Risk management as an enabler

Organisations need to change the narrative from risk management as a barrier to progress to effective risk management being an enabler – positioning Risk as a value creator, used to drive organisational performance.

To do this, organisations need to think more strategically when it comes to risk management, making better decisions for better risk-return outcomes. Risk identification, assessment, control and mitigation remain fundamental, but there is increasing appetite from C-suites of progressive companies to push boundaries and look at the upside potential of considered, strategic risk taking.


Less focus on the rear-view mirror

The Covid-19 pandemic and the Financial Conduct Authority’s (FCA) introduction of the Senior Managers and Certification Regime (SMCR) have played a key role in driving business leaders to focus more energy and attention on getting ahead of the key risks facing their organisation. This typically involves boards having closer oversight of the risks for which they are accountable, and developing a deep understanding of the fundamental drivers of the systemic vulnerabilities and make-up within their identified risk profiles.

We can still learn from risk events and control failures, but a view on both horizon and real time risk enables agile decision making and timely risk management. With the growth of advancements in data analytics, machine learning, and AI there is plenty of scope for real-time risk monitoring, though simply bringing together the right people with the right skills and knowledge at the right time to manage risk events can be equally impactful.



Risk Teams: smaller, flexible, and more nimble

Organisations face continuous disruption, whether through operating model transformation, the threats (and opportunities) from emerging technologies, or external factors such as increasing competition or the ever-growing threat of cyberattacks. Flexibility and agility become hygiene factors for high performing Risk teams. They must be able to pivot quickly to effectively support their organisation in responding to, and protecting against, both existing and emerging threats.

This points away from large, potentially slow moving and siloed Risk functions, and towards smaller and stealthier teams ready to deploy when it matters most.


Risk Professionals: digitally equipped all-rounders

There is increasingly high demand for risk professionals with analytical and digital skills who can draw meaningful insight from risk data, as well as effective communicators who can bring risk to life, working and influencing cross-functionally at all levels of the organisation.

Skills and experience aside, behavioural traits can underpin the success of modern Risk teams. When considering your Risk function, top of the list should be seeking out people with insatiable curiosity for understanding key developments in the business, the industry, and the evolving regulatory landscape. Risk professionals who keep pace with their organisation’s evolving operating context are able to engage in productive dialogue, relating risk management to their audience and engendering strong working relationships. This can lead to true risk partnership, which is crucial when focusing on risk-based decision making, which can only be of benefit to the organisation.


‘What got you here won’t get you there’

Post-adjustment to the ‘new normal’ following the Covid-19 pandemic, many businesses are turning their focus further towards developing operational resilience, managing third party risks and shoring up their cyber defences. With no sign of things quieting down any time soon, now is the time to consider how your Risk function can better support the strategic objectives of your business and deliver real value.

You may be considering how aligned your Risk and Compliance function is to supporting the delivery of your business strategy. We can support organisational design review to drive performance and reduce cost through use of our holistic model, accredited by one of the UK’s leading business schools.


If you’re interested in how we may be able to support you as you take the next steps on your risk journey, please don’t hesitate to get in touch.

Faye Sadler-Clarke

Head of Risk, Compliance and Innovation


Benefits of integrated Content Management for Retail

Fierce competition, fostered by the necessity for shoppers to go online during the consecutive lockdowns across the globe, calls for key differentiators and operational excellence for ecommerce, marketplace, and classified ads platforms.

These now well-established players, ruffled by constant newcomers, aim to provide the lowest prices to their customers, but low profit margins do not allow them to always reach a lower selling price than their neighbors. Another key pillar for them to stand out is offering an even smoother online user experience. But how is it possible for the users to live an experience that is comparable to an in-store purchase, once they have been attracted to their website?

At first, Content Management seems to be a relatively simple concept, especially when applied to retail: it is important to have consistent information on products shown to the clients, in the right place at the right moment. If a customer is not able to find it on one marketplace or ecommerce platform (this can also happen to classified ads, to a lesser extent), but they are able to find it on a different one selling it for a similar price, they would not bother returning to the original website to make that purchase. Therefore, it’s important to retrieve all product information from different sources by skilled and industry-specialized content managers who are also able to run promotions or discounts, update prices, and take down sold-out products. This is what is commonly called catalog management.

This enables retailers to be efficient at organizing their products by ensuring consistency and quality information is displayed across different channels. Moreover, the combination of dedicated software with skilled content managers facilitates a collaboration between the advisor and retailer for a smooth online experience.

These three software tools significantly refines this whole process:

  1. Digital Asset Management: These tools will help different teams across an organization to easily operate together in an organized way, and modify media files such as images, documents, and videos.
  2. Product Information Management: They centralize the details that customers, platforms, or employees need to know about the products they are selling.  Syndication allows the data to be shared across all sellers, channels and languages. Managing it well is a lever to the localization of your catalog.
  3. Content Management Systems: These are essential to create consistent online user experiences. Their collaborative features support the organization of workflows and queues, as well as the ability to create, store, edit and publish web content. Moreover, they allow to put this online content into context.

With the three of these software tools combined, it is possible to offer a smoother online experience that is closer to in-store. It facilitates teams to have an exact idea of their stocks, a close connection to their CRM, and flawless ad equation between online and offline stocks for the whole organization. By using this data, it enhances the customer experience by being able to analyze and forecast trends.

The three immediate impacts:

  • It is possible to show more relevant recommendations to any specific customer
  • Avoids huge disappointments when a product that was displayed as available on the website – has just been sold or ordered in a shop
  • The retailer is able to have an integrated view of the performance of its products to then act upon it.

Automation and tools play a critical role in this process, but reactive content managers with the ability of retrieving information in an ad-hoc manner if the software is missing information is key, as one will not be able to work as efficiently as you would want it to.

This strategic stock management, that can only be allowed due to integrated Content Management, can be pushed even more when a retailer is present across different markets with different languages. To offer a best-in-class experience, customers need to feel close to the company’s values, which are mostly embodied by marketing strategies and the salesperson who is selling the product to you in a shop.

Online, this can be done through an accurate localization plan following trends analysis, based upon which digital asset works, in which context (placed by the content manager at the right time).

Thinking about its Content Management strategy as unified and collaborative, making use of the right combination of tools and the right people to enact it, is a lever to gain competitive advantage in a space that is getting more and more saturated. Consumers are searching for companies they resonate with, that are capable of not only understanding their needs but also predicting them.

The link to CRMs makes even more sense when the retailers know that a product lifespan is about to reach its end, and then offers to renew its purchase for example. Those smart ways of engaging with customers, which can only be facilitated by integrated Content Management – should be the go-to for any online platform aiming to remain competitive in the market.

Finding a partner like Webhelp, who is conscious of the different technologies available on the market and is able to find, train and nurture the right profiles that fit to your brand, with the ability to develop your digital strategy, is becoming more important than ever. Whether you are a retailer selling your products across multiple platforms or you are a platform yourself.

Talk to us today about how Webhelp’s Digital Content Services can help you deliver best-in-class online experience to your customers through designing the best mix of technology and people.


 

Author

Thomas Japy

Digital Content Services Business Analyst

Contact the author
SHARE

KYC remediation

[Banking, Insurance, FinTech] KYC Remediation: how to outsource without sacrificing customer experience

KYC remediation

The purpose of KYC remediation procedures, which regulated establishments may be required to carry out, is to upgrade client data and to ensure that it is compliant. Faced with large amounts of data to process under tight deadlines, many companies choose outsourcing. But you need to be careful. KYC operations are delicate. They can have an unpleasant impact on end customers and thereby lead to the closure of customers’ accounts! However, as Nicolas Dambrine, Managing Director of Webhelp KYC Services explains, they are also an opportunity to get to know your customers better and even to boost their level of satisfaction.

KYC remediation refers to compliance operations that concern existing clients, in the context of KYC (Know Your Customer) regulations. It involves collecting, updating and checking customer data and the supporting documents, in particular, for identity, address and activity, as well as for tax. As a rule, with a regulated company (such as a bank, an insurance company, a payment institution or with FinTech), it follows:

  • Pressure from the Regulator (the Prudential Supervision Resolution Authority, or ACPR in France), requiring a particular group of customers to be brought into compliance, sometimes with the threat of a fine
  • The entry into force of new regulations which, to be complied with, require the database of existing customers to be updated
  • Receipt of a banking licence or the acquisition of a banking institution, meaning that the database of existing customers needs to be updated so as to ensure uniform adherence to regulatory procedures

For many financial institutions, these remediation obligations pose several challenges: how can you implement a large number of operations in a short time and in a reliable and traceable way? How can you maximise the data collection rate so as to avoid closing the accounts of customers that did not respond? Finally, how can you minimise the impact on customer experience and avoid tarnishing the image of your brand?
After all, we should remember that a remediation initiative is rarely a happy experience for the end customers. It may appear intrusive or be viewed as a form of phishing that could compromise the confidentiality of their personal data.

While outsourcing KYC remediation is a very suitable solution to address these issues, it is not something you can improvise! For Nicolas Dambrine, there are a few golden rules to follow when it comes to outsourcing a KYC remediation initiative:

  • Work out a methodology with accurate planning and topic-focused workshops, so you can prepare each stage of the project in advance and prevent technical, operational or human errors before the project gets under way.
  • Get the help of a project team with both the right size and experience over the whole course of the initiative. It is easy to underestimate the workload, so it is better to invest a little more at the outset to ensure the project is well managed.
  • Prioritise operational efficiency and process optimisation with an end-to-end solution combining technological and human elements. The truth is that although technology is transforming and accelerating the process of remote identification, no platform can claim to automate 100% of operations. Some complex procedures will require the involvement of teams of expert operators focused on value-added tasks and interaction with customers.
  • Set up a dedicated telephone helpline right at the start of the initiative, allowing the end customers to ask questions and to check if the operation is legitimate, or to get help with completing the remediation process. We found out that 95% per cent of customers who contact this hotline agree to carry out the remediation, which is thanks to the quality of the advice from our expert agents. So for your initiative, this is a great way to increase the rate of compliance! This communication channel is also an opportunity to improve your customer relations and to strengthen the bond with your end customer: by getting updates on their situation or on their contact details, or hearing them express their needs and their problems …
  • Establish accurate reporting and metrics beforehand, as they are essential for managing the project and achieving your objectives. They will enable you to monitor its progress and take decisions at the right time in the event of a change of course.

These five factors, if they are properly taken into account, are the keys to the success of an outsourced KYC remediation initiative.

When you make customer relations central to the whole operation, KYC remediation campaigns can give you an opportunity to improve the relationship with the end customer and to boost customer loyalty over the long-term, thanks to reassuring advice provided by experts.

To find out more about this topic

SHARE

Protect your community of dealers and buyers in the online marketplace

Managing content at each step of the online marketplaces’ customer journey

Protecting users online is crucial for businesses. It’s imperative to have a safe and secure platform for a seamless experience, and provide customers with trustworthy content to engage throughout the customer journey.

Did you know: 67% of consumer’s fears towards the sharing economy are related to trust, and 73% of people are unlikely to return to a site if ads have poor descriptions?

This paper looks at some of the pain points in online marketplaces, highlighting how Webhelp can offer a comprehensive and game changing solution to ensure a smooth and efficient experience.

Download our insights to learn more and discover our solutions.


 

Author

Thomas Japy

Digital Content Services Business Analyst

Contact the author
SHARE