How The Quality of Online Customer Service Can Impact A Bank’s Reputation

Thursday, September 28, 2017

For service-based industries such as banking and finance, building a reputation for customer service is mandatory to business success. Studies back this truism, as 81% of customers reveal that they are more likely to come back for repeat business after receiving excellent customer service.

 

The Power of Words

Today’s mobile, tech-savvy customers are more inclined to use online services rather than in person services due to the convenience they provide. Banks need to keep up with this trend by extending their traditional products and services from their physical establishments to online and mobile channels. Routine transactions such as balance inquiries, fund transfers and online payments should be simplified and streamlined. Likewise, handling highly personalized interactions such as replacing lost or stolen credit cards or resolving fraudulent account activity should be treated with utmost care. Companies that make customer service a priority stand to make 60% higher profits over their rivals.

With social media and numerous other online tools at their disposal, customers can now easily leave comments or reviews that can significantly impact how prospective and regular customers perceive your business. According to a Google survey, 67.7% of customers admitted that, reviews make a difference in their purchasing decision, and websites with less than 1 or 2-star ratings lose 90% of their prospective customers.

Again, it all comes down to providing consistently excellent customer experience and leaving a good impression on your customers.

 

Right Tools, Right People

To maintain a stellar reputation and retain customer loyalty, banks should ensure that they have the right tools and the right people.

A Customer Relationship Management (CRM) solution can give you a 360-degree view of your customers. Giving agents visibility into the full scope of a customer’s data — their personal information, preferences, purchase, service history, etc. — will enable them to provide a more personalized level of care.

Integrating a Live Chat Tool into your CRM or website can provide a significant uplift to the service your agents provide to your customers. A Live Chat tool can provide on-demand support to customers who don’t want to wait on queue or be put on hold. It can considerably improve conversion rates by engaging customers in real time. One of the perks of integrating your Live Chat tool to your CRM software is that chat logs or transcriptions can be used by agents to help repeat customers. Customers don’t need to rehash their inquiries or complaints because agents can simply look at previous chats and continue the conversation.

Banks and financial service institutions should invest in solutions that can streamline and automate their core processes with easy-to-use tools. PositiveEdge’s CRM for Contact Centers and CRM Integrated Live Chat Tool can make a big difference in improving your brand and business reputation. To learn more, contact us today.

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