The best customer experience strategy for Financial Services
It is a widely acknowledged fact that customer experiences have been the key differentiating factor across all industries and more so in the financial services sector. A recent study indicates that 79% of banking, insurance and fintech CEOs believe customer expectations have changed over the years and now are shaped by hyper- relevant, real time and dynamic experience encountered across the industry. Digital transformation has played an important role in this.
Gone are the days when customers were ready to wait and you had an upperhand. With changing times and influx of competition, evaluating competitors is as easy as doing a Google search. The good news is customers today value experience over price point.
According to EY, customers have selected ‘the way I am treated’ as the 2nd most important reason for trusting their banking institution”.
Each time a client interacts with a company-be it at an event, meeting an advisor, interacting with a customer care executive, the outcome of the interaction determines the future decisions. All these collective moments make up the overall CX- a major factor for business growth.
However, a research from digital banking report indicates that 37% of financial organisations have customer experience strategy in place. Few of the notable reasons that can be listed are
Outdated technology- Most organisations still use old systems and tools and is unable to keep up with newest trends in Fintech and see which options could directly improve the customer experience
Lack of training-In most fintech companies , the team members are not adequately trained to handle client interactions and bounce between channels efficiently with ease.
Now that we know what changes as well as obstacles that can come in the way of CX, lets explore the strategies that fintech companies need to adopt.
According to Deloitte, today customers prefer engaging with online and mobile platforms and want 24/7 access to information and interaction with the company. Apart from this, most customers want transparency and personalised and tailor made solutions to meet their needs.A research indicates that more than 40% of financial services clients would be inclined to stay with their banks if offered personalised services.In short, personalisation is directly proportional to increased customer loyalty.
For financial organization to enhance their CX, there are five areas that emerge as priorities
1.More emphasis on digital engagement for enhanced experience.
2.More use of real time analytics and AI to provide highly personalised experience.
3. Freedom to engage with channels and time as desired by customers
4. All sales and advisory activities to be proactive than reactive.
5. End to end customer engagement throughout the customer journey.
How Can You Get Started?
One of the simplest ways to improve the CX is by measuring it . One of the easy ways that could be done is through surveys and timely feedback. Various financial services companies are using NeoDove for precisely this. Through the app they are calling customers for offering personalised service, educating them and as well taking feedback to improve their offerings and services.
A recent research indicates that customers preferred form of personalization is not algorithm-curated purchase journeys or targeted ads, but human support by competent staff who know the customer’s preferences and recognize the customer’s loyalty.
So financial institutions must translate their personal services effectively and meaningfully into digital channels not by just using AI based chatbots but by incorporating secure, encrypted, fully human chat that encourages connection , empathy, trust and authenticity. This can help small businesses to differentiate against bigwigs who can’t scale up personal service. After all
Have you ever tried calling someone on Facebook or Google for your query resolution?