Perry Price, President, Founder & CEO
The modern banking sector is awakening to a revolution with the influx of new players such as Apple, Google, and several others entering the sector with advanced banking solutions. According to FDC, the growth of the banking sector has been flat for decades until the new-age banking systems technologically disrupted the industry with their unique approach to customer engagement and retention. Owing to this change, the competitive stakes for regional banks have raised considerably within the country. Consequentially, this new development has pushed regional banks to chase after next-generation technologies, such as multimedia contact center capabilities, in an effort to virtualize their engagement with customers and become nimbler and less physically oriented.
Against this backdrop, a lot of regional banks today, being relatively new to the whole technological shift, are bound to buy specific communication platforms available only with selected technology vendors. Perry Price, president, founder and CEO of Revation Systems remarks, “Despite the competitive advantage, this race for virtualized banking has significantly increased the bank’s dependency on the technological expertise, security of the platform, and large capital assets.” Stepping up to consolidate the stature of these regional and community banks within the current competitive banking demography is Revation Systems.
An All-Around Integrated CEP
Revation Systems brings automation to the customer engagement aspect of the regional banks through its proprietary product LinkLive—a cloud-powered and cost-effective customer engagement platform for banks. Started initially as a traditional communications solution provider, the idea that spurred the inception of LinkLive was the development of a multimedia platform to address various dynamics of communication from texts to video, built from the ground up with an exceptional focus on security.
Designed as a turnkey solution, LinkLive is uniquely priced for clients in a way that allows them to consume as much as they need based on the size of their business and assets. Given the additional security requirement of the regulated banking vertical, LinkLive was developed with an increased emphasis on the security of communication solutions.
For banks that eagerly strive to serve their local communities, Reva constitutes an instrumental medium for them to enhance their human engagement process
For added security of the LinkLive solution, Revation has designed a unique encrypted messaging platform known as Webchat by integrating with the encryption product of Fiserv—a leading financial technology provider. Furthermore, Revation also integrates with other partners to acquire a broader spectrum of capabilities.
“Integration is the key to providing value and making things easy for our customers. We integrate with banks and handle everything from cradle to grave,” states Price.
The Webchat offered by Revation is a web interface, which can be loaded into any system such as online banking, websites, and applications and even on mobile devices. Revation has the full support of WebRTC in its technology, which allows anyone to communicate with a bank’s agents through VoIP, call or text, without downloading an app. The content of the communication is entirely secure and remains within the bank’s systems allowing the bank to control one hundred percent of the content. “Unlike traditional systems, where the bank tries to secure something which was not secure, to begin with, our system is built around encryption, for security and allows any customer to easily and securely approach and initiate communications with the financial institution,” explains Price.
Accredited with a HITRUST CSF (Health Information Trust Alliance Common Security Framework) certificate, Revation is renowned for assisting its clients in acquiring the LinkLive platform with complete user controls and feature sets while supporting them throughout the implementation process. Price explains, “Since our product is cloud-based, we eliminate the need for the client’s IT staff to be deeply involved in the back end of the communications systems. We establish the customer engagement workflow required for the client’s financial institution and help them to identify, automate, and then move it into production.”
Revation offers banks a software-as-a-service (SaaS) based subscription model. As a next-generation contact center solution in the cloud that handles all their communication mediums, banks can easily subscribe to LinkLive at a low monthly fee and deploy it to their customer service agents who are engaging with customers. “What VMware is to servers in the data centers, we are to the communication services within a bank,” adds Price.
As a record of Revation’s dexterity in the banking sector, Price cites a case study of the Nebraska-based Cornhusker Bank that partnered with Revation to integrate their chat and secured messaging service with their online banking product.
In a venture to enhance their customer engagement, Cornhusker was planning to install new telephonic systems, which would have incurred huge capital outlay. Revation came to the rescue by offering Cornhusker the chat functionality and extended it to VoIP at a cost-effective price point. Revation also secured their data by encrypting all traffic, even inside their network, and integrated it with the chat service – enabling the bank to have multimedia contact center agents. Impressed by Revation’s solution, Cornhusker decided to use the entire LinkLive platform for all of their communications operations at each of their branches.
The Innovation Aspect
With a keen vision on innovation and enhancement of the LinkLive platform, Revation has recently developed a Lobby Management functionality that enables banks to measure all customer activities, including customer calls, texts, webchat, or online scheduling of customer’s visit to the bank. With this information, the bank can deeply analyze service levels for customers walking into the bank or interacting through their website.
Revation has also developed a lightweight chatbot called ‘Reva’ (pronounced ree-va), which is specifically designed to automate the bank’s customer engagement process. “Our AI is a human-connected bot,” says Price. Programmed for handling the bank’s upfront communication needs, Reva takes care of lightweight AI banking applications and customer queries. On request, the bot directs the customer to a live person or agent located at the local or regional bank. Price states, “For banks that eagerly strive to serve their local communities, Reva constitutes an instrumental medium to enhance their human engagement process and extends personalized services.”
The company plans to incorporate additional functionalities to Reva with the release of Reva Agent Advsior, which includes sentiment analysis to provide call center agents with real-time insights on a customer’s emotion such as joy or anger during a call. The bot will be able to understand the agents and their usage of tone and intentions in real-time when interacting with customers and then rate their performance. As Reva Agent Advisor analyzes tone and sentiment for customers and agents and adds it to other reports from an activity and service level perspective, banks can probe deeper into the human delivery of service.
"Our system is built around encryption for security and allows any customer to easily and securely approach and initiate communications with a financial institution"
Along with the AI enhancements to LinkLive, Revation has a promising roadmap for the future. After registering maximum profits in the last four months, the company is on an on-boarding spree, adding a new bank every week. Established with a strong footprint in North America, Revation continues to go deeper into the key verticals with prospects of witnessing more customer acquisitions. With opportunities pouring in from beyond the border, Revation envisions its expansion outside of North America in 2019. “We did one round of funding a long time ago, since then, we have always been self-sustaining, growing, and in control of our destiny. And now, the future looks bright, and we are quite excited for our endeavors in 2019,” concludes Price.