All business-to-consumer businesses require excellent customer service, but the financial services sector is particularly in need of it. That’s because building trust is essential to the banking industry because without it, clients will quickly switch to a rival. In fact, when choosing a bank, 92% of consumers cite excellent customer service as one of the most important considerations. So how can you be sure to provide clients a terrific experience that will keep them coming back? This article gives six suggestions for refurbishing your strategy for call center services for financial industry to boost loyalty and cut costs.
- Provide comprehensive agent training
The financial sector is a particularly complex one. As a result, you will need to provide customer care workers with thorough training so they can comprehend rules, financial options, and identity verification procedures.
Banking representatives must be prepared to respond to detailed questions from consumers about how to make financial decisions. Agent empowerment can be achieved by educating them about the variety of services your business provides, including loans, savings accounts, and retirement accounts.
Employees that interact with consumers must be knowledgeable about the macroeconomic climate and how it affects their finances in order to provide them with sound advice. Financial organizations should therefore provide staff with continual education in addition to training programs, such as weekly newsletters or monthly lunch and learns.
You can equip staff who interact with customers to respond to even the most difficult customer concerns with the right training and education, ultimately building trust and loyalty.
- Be transparent about data privacy
The financial services sector is extensively regulated to ensure institutions maintain the security of some of the most sensitive customer data.
In this industry, following regulations (such as those set forth by the Gramm-Leach-Bliley Act) is crucial because failure to do so might result in fines of up to $100,000. Additionally, noncompliance damages trust and could cost banks clients.
On the other hand, building trust with customers requires adhering to rules and making it obvious to them how you store and protect their data. After all, 98% of customers want firms to do more to ensure the confidentiality of their data and be open and honest about how that data is used.
Transparent communication includes:
- Giving customers access to your written privacy policies
- Disclosing whether you share customers’ nonpublic personal information with third parties
- Providing a reasonable way for customers to opt out of sharing their information with third parties
- Sending an annual privacy notice to customers
- Create personalized experiences across channels
Financial institutions may use data to customize the customer experience and boost retention, just like retail enterprises do when making personalized product suggestions. In fact, 86% of consumers believe that personalized experiences can boost brand loyalty, and 66% of consumers say they will cease doing business with a brand if it doesn’t tailor their experience.
In banking, personalized experiences might take the form of making customized financial solution recommendations based on contextual data from prior transactions. For instance, if a customer’s profile is pulled up and the agent sees that the customer owns a small business, the agent can provide solutions tailored to small enterprises.
Using a customer service contact center solution that interfaces with other software, such as customer relationship management and ticket management systems, is the key to getting access to meaningful data. A customer data platform may also assist firms in removing data silos and building a comprehensive customer view using data points from many channels.
- Engage customers across channels
Because 91% of consumers value mobile and online access when deciding where to bank, it is essential for businesses to provide customer support across all channels, including digital ones. But this does not imply that clients desire to do all of their financial transactions online. More than 60% of consumers value having access to physical branches to solve more complicated problems in person, even though they prefer digital channels for day-to-day tasks.
Making sure that all of your channels work together to give agents a consistent online or in-person experience is the problem. This is possible with an omnichannel call center service for financial industry strategies that unifies channels, enables continuous data flow, and gives staff members the tools to personalize experiences from a single dashboard.
- Offer proactive support
Customers want to be aware of any activities or dates that potentially have an impact on their finances. Financial institutions must therefore provide proactive help in addition to reactive customer care to keep clients informed.
For instance, to assist clients in keeping track of their financial goals and account security, banks can send alerts and notifications on the channels they choose to use.
- Text notifications for purchases over a certain amount
- Email notifications for logins from new devices
- Push notifications for loan payment deadlines
Include a clear call to action for the customer in proactive communications, such as a “Pay now” button. Include directions for how to acquire further help from the consumer, such as “Text back HELP for assistance,” as well as a mechanism for them to modify their communication settings.
- Lower response times with automation and self-service
Consumer assistance in the financial sector, wait times can be especially significant due to the prevalence of in-depth inquiries from consumers that necessitate extended conversations. There are less expensive alternatives to hiring additional agents to shorten call queues and service more clients. Deploying an AI-powered chatbot that can respond to frequent queries and assist users in doing certain activities, like scheduling an appointment, is a terrific approach to reduce wait times. Without the need for a live agent, you may also employ interactive voice response to route phone calls and point clients toward resources. All are easy when you hire a call center service for financial industry.
Finally, provide thorough self-service tools so that clients may locate the data they require. For instance, point clients to an explanation video or FAQ page on this subject if they have questions about how mortgages function. So that callers with more complicated questions can rapidly contact a live person, this can help lower the call volume.
The afore-mentioned strategies are also applicable for Insurance BPO Services. For the right services and on-point strategies bot CX boost, get in touch with the most reputed contact center.