Financial Services — Getting the Customer Experience Right
by Arina Smith Finance 21 September 2021
When it comes to digital transformation, financial services are often behind other industries. For example, banks have historically been slower to implement digital technology because of traditional culture, legacy systems, and security concerns. However, in recent years, customer expectations have changed dramatically and financial companies must adapt to keep up with the competition. They must offer customers the same seamless, progressive experience as companies in other industries.
It can be difficult to manage your finances every day. Everything we do is based on money. Money is often linked to one’s reputation, social standing, and even feeling of self-worth. It’s also, of course, essential for everyday living. Customers desire the security and comfort of being able to call a person when they have questions or concerns about finances. Customers also expect quick, simple, and accessible services via their preferred channel.
Customer service can suffer if customers are not connected to the right channel at the right time. This can have a negative impact on a firm’s reputation and ability to attract and retain clients.
Ditch the legacy
Modern financial companies offer customers a new way to receive financial services, particularly in the area of digitization. These companies have seen significant improvements in customer satisfaction through innovation and scale over the past decade.
While digital transformation is paying dividends for financial services, it has also created siloed data and applications that need to be integrated in order for customers to have the best experience. While technology is vital for customer experience, it can’t accomplish what it’s designed for unless it is connected to all core systems.
Intelligent virtual assistance
Smart devices have become mainstream for clients across income and age levels. In the past few years, consumers’ increased reliance on these devices has created a marked shift in their behavior and expectations. Proper Virtual assistants, for example, are now expected at every stage of the buying process. Financial services are no exception.
It doesn’t matter if the customer is contacting you via text, a chatbot, or email. Being able to receive a prompt response to their questions at all times will help to ease their minds. Intelligent Virtual Assistants, for example, are self-service, automated applications that provide similar capabilities to support and human service agents. Unlike their human counterparts, however, they don’t need vacations or rest. This allows customers to be taken care of and addressed at all times. It gives them the seamless experience they have come to expect.
However, the benefits are not limited to customers. Businesses can reap the tenfold benefits of Intelligent Virtual Assistants as they are more widely adopted in the financial industry. Automated responses can be provided to customers and agents are not required for more complex queries or larger questions. This frees up time that could have been used to assist customers with their most urgent inquiries. It reduces customer wait times during peak hours and delivers a more human experience that isn’t human.
It’s not just the right technology, however. Consumers value speed and convenience as well as the ability to receive quick turnaround, whether it’s via a human agent or digital method. However, the phone is still the most-used channel for personal financial matters. In order to provide seamless customer service, technology, and human contact must work together.
Customers want to be able to use digital services to get approval for credit cards and make online transfers. However, it is crucial that customers can speak with someone when they need to obtain a mortgage or make investments. And it’s critical that this process not be clunky — for example, too often a client will have to enter a bunch of information digitally only to have to repeat it all over again when they’re finally connected to a real person.
Technology should be used here to improve this type of human contact. It will be possible to give an advisor a summary of the information that the customer has signed or filled out. This will allow for seamless service.
Make the most of cloud technology
Contact centers must act as a “hub” to synthesize and improve customer experiences across all channels. The cloud contact center has advanced to allow them to use AI to offer more than traditional customer service.
Businesses can quickly and economically move their contact center to the cloud in order to deliver the interactive experience clients expect. Every customer journey is unique, so a contact center should have the ability to provide individualized support.
Cloud contact centers can combine a variety of services such as self-service Intelligent Virtual Assistants and intelligent routing capabilities. This provides a quick, simple, and convenient experience that keeps customers satisfied.
Create a new legacy
Consumers expect seamless transitions between digital and vocal channels, regardless of whether they are new to your products or have been customers for a while. It means that customers feel valued and that they are being kept informed about their financial journey. This also includes providing self-service options so customers don’t need to wait for long hold times and providing live agents who are available to assist customers with more complex issues.
Customers expect more from their financial service providers today than ever before. Cloud-based contact centers are an essential way to cut down on agent workload and provide the best customer service. Excellent customer service is not a luxury for the financial sector. It is essential.