TSB Bank switches rapidly to digital
In the months following the initial lockdown, TSB Bank launched 21 self-service forms on its website and started using Adobe Sign to enable e-signatures on forms for address changes, bereavement, overdraft inquiries, and more.
“We’ve been able to introduce several self-service solutions, whether for applying for new products, changing personal details, or applying for government loan programs,” says Suresh. “These solutions have been used over 250,000 times since their introduction, allowing customers to apply for much needed help quickly."
TSB Bank was exceptionally fast to provide business customers with access to the Coronavirus Business Interruption and Bounce Back loan scheme applications. The UK Government introduced these programmes to alleviate the economic impact of the pandemic on SMBs — and banks had just seven days to start accepting loan requests. Using Adobe, TSB Bank had the forms live in 36 hours.
“Many small businesses flocked to TSB Bank because we were one of the first to offer the full suite of application forms for coronavirus-related loan programs and payment holidays,” says Mike. “We’ve processed a massive number of Bounce Back loan applications, all submitted through the forms we manage using Adobe.”
The bank saw a big shift to digital channels during the pandemic, with the digital self-service rate rising from 84% to 93%. That translates to tens of thousands fewer in-person interactions, keeping customers safe at home. In fact, TSB Bank processed a total of 140,000 forms in three months, saving 15,000 branch visits.
The increase in self-service has also reduced call center volumes. That’s due in large part to the TSB Smart Agent, a chatbot, powered by LivePerson, which TSB also launched during the pandemic. When a customer expresses a need — perhaps for a loan repayment holiday — the chatbot is smart enough to link to a relevant self-service form. That digital hand-off not only alleviates inbound traffic, according to Mike, it also “sent customer satisfaction scores through the roof.”
For Suresh, COVID-19 was a test that the organization passed. “Working with Adobe has allowed us to be agile in our response to the pandemic and the rapidly changing situation ahead of us. This has required us to move at speed and ensure programs can be consistently updated as needed.”