The ongoing digital revolution has prompted the financial services industry to undergo drastic changes due to the proliferation of new digital channels and changing customer expectations. Today’s customers expect a seamless and personalized experience at every touch point; banks and other financial institutions that have yet to adapt risk losing business since they are not delivering the level of customer service that customers are looking for.
Here are five telltale signs of a poor customer service setup that will need your immediate attention:
- Use of inefficient legacy systems
If your organization is still using your old architecture and collecting data from disparate systems, then you’re clearly working at a distinct disadvantage. Traditional banks are being disrupted FinTech startups because they are leveraging newer technologies that cater closely to the needs of digital customers. Today’s digital customers expect digital services. - Waiting and transaction times are too long
According to McKinsey research, customers who use digital channels for service transactions are one-third more satisfied than those who rely on traditional channels. Customer-experience leaders succeed because their focus is on improving the customer journey on services as simple as opening a bank account or updating account information. Using a self-service kiosk can drastically reduce transaction time by knowing the customer’s requirements before they reach the counter. - Higher operational costs, fewer customers
What will it take for customers to stay with your branch? An attractive service or product offering does not just sell itself. Sometimes it takes the right promotion, the precise conditions, and a pleasant customer experience to reduce customer churn. The key to keeping your customers is to implement the right solutions that will improve efficiency and reduce costs without compromising the quality of service. - Dissatisfied employees = dissatisfied customers
A happy and fulfilled employee is more likely to provide better service to customers. If you want to provide a seamless, personalized customer experience, then you should empower your employees with the skills, knowledge, and tools they need to do an exemplary job. Customer Relationship Management (CRM) solutions and an integrated live chat tool can make it easier for your employees to focus on delighting your customers. - Negative reviews through social media networks
Often, a disgruntled customer will turn to social media to vent his or her frustrations. Sometimes, a busy customer hotline or long queues at the bank can be all it takes to trigger a dissatisfied customer. It would help banks to have a social media presence to monitor negative reviews as well as capture positive reviews. Again, having an integrated live chat tool in your website can be a significant help since it will allow you to immediately address customer concerns, thus preventing rants on social media.
Banks and financial institutions need to modernize and innovate to remain relevant and competitive in the midst of the digital revolution. PositiveEdge offers an extensive range of solutions such as CRM for Contact Center and an Integrated Live Chat Tool that will enable your business to bridge technological gaps, encourage better collaboration, and improve customer experience. To learn more about how you can enhance your customer engagement and improve your conversion rates, contact us today.