People's United Bank Sees 15x Annualized ROI from Site Search Integration between Yext, Virtusa, and Adobe
Virtusa's integration of Yext and Adobe Experience Manager resulted in reduced support costs and increased lead generation for the CT-based bank.
NEW YORK, Sept. 21, 2021 /PRNewswire/ -- Yext, Inc. (NYSE: YEXT), the AI Search Company, today announced results from the company's collaboration with Virtusa and Adobe to modernize the customer experience for People's United Financial, Inc.
As consumer behavior changed as a result of the pandemic, People's United focused on further enhancing its many digital banking channels to ensure customers continued to receive personalized experiences. Having recently redesigned its website with Adobe Experience Manager, People's United turned to Virtusa's Launchpad platform to integrate Answers, Yext's site search solution. As a Yext Alliances Partner, Virtusa was able to seamlessly implement and replace the bank's basic, out-of-the-box search experience. Once completed, Yext, an Adobe Premier Partner, worked with Adobe to improve the bank's new search functionality by adding information about locations, FAQs, and products.
With these integrations, People's United was able to answer customers' direct, natural language questions right on its website, alleviating the burden on its support centers and increasing lead generation. The launch of Yext Answers assisted in about a 50% and as much as 70% reduction in unnecessary support call volume in the months following its launch compared to the months before. By integrating locations into the Yext search experience with Adobe AEM, People's United saw an estimated 15x annualized return on investment (ROI) on the platform — a number that rose to 35x annualized ROI when including locations, FAQs, and products.
"One lesson learned during the peak of the pandemic was how essential it is to have an intuitive, informative web experience," said James Roy, Head of Digital at People's United Bank. "We saw a lot of inbound inquiries and asked ourselves, 'How do we rapidly enhance our service journeys to provide really great ongoing customer support?' Working with Virtusa, Adobe, and Yext seemed like such a complementary approach to this challenge, and we've already seen some pretty impressive results — from an uptick in search volume to one-stop searches where people actually find what they need the first time around."
Shane Closser, Head of Industry for Financial Services at Yext, added, "Yext, Adobe, and Virtusa's success with People's United Bank showcases the benefits that companies in financial services can reap just by providing customers with a consistent, intuitive search experience. By enabling people to easily find the information they're looking for, especially with the rise of online and mobile banking, banks have the ability to improve their returns — even during a pandemic."
Yext (NYSE: YEXT) is the AI Search Company and is on a mission to transform the enterprise with AI search.
With the explosion of information and data online, search has never been more important. However, while the world of consumer search has innovated over time, enterprise search has not. In fact, the majority of enterprise search is powered by outdated keyword search technology that only scans for keywords and delivers a list of hyperlinks rather than actually answering questions.
Yext, the AI Search Company, offers a modern, AI-powered Answers Platform that understands natural language so that when people ask questions about a business online they get direct answers – not links.
Brands like Verizon, Vanguard, Subway and Marriott — as well as organizations like the U.S. State Department and World Health Organization — trust Yext to radically improve their business with answers-led AI search.
Virtusa Corporation is a global provider of digital business strategy, digital engineering, and information technology (IT) services and solutions that help clients change, disrupt, and unlock new value through innovation engineering. Virtusa serves Global 2000 companies in Banking, Financial Services, Insurance, Healthcare, Communications, Media, Entertainment, Travel, Manufacturing, and Technology industries.
Virtusa helps clients grow their business with innovative products and services that create operational efficiency using digital labor, future-proof operational and IT platforms, and rationalization and modernization of IT applications infrastructure. This is achieved through a unique approach blending deep contextual expertise, empowered agile teams, and measurably better engineering to create holistic solutions that drive business forward at unparalleled velocity enabled by a culture of cooperative disruption.
Virtusa is a registered trademark of Virtusa Corporation. All other company and brand names may be trademarks or service marks of their respective holders.
About People's United Bank
People's United Bank, N.A. is a subsidiary of People's United Financial, Inc., a diversified, community-focused financial services company headquartered in the Northeast with more than $63 billion in assets. Founded in 1842, People's United Bank offers commercial and retail banking through a network of over 400 retail locations in Connecticut, New York, Massachusetts, Vermont, New Hampshire and Maine, as well as wealth management solutions. The company also provides specialized commercial services to customers nationwide.
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SOURCE Yext, Inc.
Released September 21, 2021