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Customer Service Leading The Way In The Banking & Finance Industry

Customer Service leading the way in Banking & Finance

Post Series: Storytelling

“At its core, banking is not simply about profit, but about personal relationships.”

– Felix Rohatyn

Banking & Finance is a very competitive market. With everyone offering similar products and services and without much room to compete on price, what variables decide if your bank will be ranked in the top 10, top 100, or closer to the bottom of the leaderboard? Customer satisfaction could represent a significant advantage here.

Let’s look at five essential benefits of enhancing your customer experience and the right strategies to achieve tangible results.

Financial success

Measuring the relationship between financial metrics and customer experience is complex, and it could be even more challenging to know when and where to invest in that. However, there is one thing we can be clear about: there is a significant return on investment to providing good customer service.

Customer service maturity leads to financial success. 73% of companies with above-average in customer service maturity have better financial performance than their competitors. Beyond bragging rights on the leaderboard, cultivating customer experience will yield an increase in revenue growth. 

Increase in Revenue Growth

Great customer experience drives happy and loyal customers with better retention rates. They are less price-sensitive, more willing to receive other offers, and are more inclined to refer new customers to the business.

Customer Loyalty

Customer experience is directly impacting customer loyalty and retention. Consumers are quick to move to competitors when they experience poor customer service. On the other hand, exceptional customer service can be rewarded with continuous loyalty, bringing additional benefits like positive word-of-mouth advertising.

Cross-selling and Upselling 

Happy customers who are satisfied with their experience are more likely to purchase additional products and services.

Expense Control

 Happy customers help keep expenses in check since they tend to have fewer issues and require minor support, allowing the company to grow by increasing free advertising and customer referrals without spending extra budget.

Customer service has experienced a dramatic transformation over the last year, a change only accelerated by the demands of the COVID-19 pandemic, evolving consumer preferences fast, and having digitization leading the way in customer service.

Even when 84% of banks aspire to be a Customer Experience Leader, only one out five delivers the quality expected. So how can your organization be that one? 

Consistent Omni-Channel Experience

Online and mobile banking is just one of the many ways for customers to interact in banking. Whether it’s transferring information between channels or making sure deposit times are uniform, consistent experience across channels matters to customers. To deliver an exceptional customer experience, banks need to deliver on their customers’ expectations in all channels.

Effective Problem-Solving

Banking and Finance customer service has gone through some common mistakes that can easily harm consumers. We all understand that an occasional problem is possible; however, customers expect their situation to be solved quickly and effectively.

Enhancing the Call Center experience

Call Centers are a safety net. A quality call center solution can improve customer experience. Giving the call center enough resources and outsourcing solutions is vital to avoid providing a poor customer experience.

Consumer Training

Financial education is one powerful way for banks to improve customer experience and loyalty. For example, 82% of customers say they would place more trust in their bank if it provided continuing education and resources that helped them to understand financial products better. In addition, onboarded, trained, or educated consumers have a significantly higher customer satisfaction score than those who don’t.

Employee Customer Service Training

Focusing on consumer training and onboarding is innovative; however, to make the most significant financial impacts is essential to look internally at the upskilling and reskilling of employees.   

Investing in-branch training so that team members’ financial product knowledge is solid will allow representatives to have more in-depth conversations with customers and, as well as transitioning tellers to become consultants who can provide transactional services and financial advice to customers. 

If there is one clear thing, investments in your L&D strategy are a surefire way of enhancing your customer experience. Providing a cutting-edge internal employee curriculum and consumer training resources is essential to succeed in the Banking and Finance Industry. Strategize about increasing your customer experience with one of our experts now.

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