Yext, Inc. (NYSE: YEXT), the AI Search Company, today announced results from the company's collaboration with Virtusa (NASDAQ: VRTU) and Adobe to modernize the customer experience for People's United Financial, Inc. (NASDAQ: PBCT).
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."