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Sep 05, 2019 Thomas Cannon

How to Create Loyal Customers in Financial Services

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Customer experience (CX) leaders in the financial services need to create frictionless experiences for customers that perfectly balance customer satisfaction, reduced customer effort and a personal service.

Without this perfect balance, businesses in the financial services sector will likely fail in building a loyal customer base. The result? Dissatisfied customers who will be eager to take their business elsewhere.

Unfortunately, building customer loyalty in the financial services sector is becoming increasingly more difficult. That’s why outsourced call center help is needed from a customer loyalty expert, such as Advantage Communications.

By balancing new technologies and CX strategies, your financial services organization will be able to outperform its competitors through superior customer service. In turn, this will drive your business forward and significantly improve your yearly revenue.

Why is customer loyalty particularly more difficult in the financial services?

The financial services industry has changed significantly in the past few years, with market forces and new regulations opening up the industry. Financial services companies now face challenges such as declining customer loyalty and competition from new ecommerce platforms.

No longer can financial service businesses continue to keep offering the same service they always have, it’s time to make strategic decisions. With the customer experience now the most important aspect of any business, it’s essential that your financial service company has a plan in place to build customer loyalty.

Creating customer loyalty isn’t simply about making your customers happy. According to a study from Forrester, ‘How US Banks Earn Loyalty With The Quality Of Their Experience’, financial service institutions must make customers feel appreciated, confident and valued, if they are to gain customer trust and stand out from the competition.

In fact, the study found that among financial service customers who feel valued, 64 percent plan to stay with the bank, 90 percent will advocate for the bank, and 78 percent plan to spend more money with the bank.

How can your financial services organization achieve optimal customer experience?

By partnering with a nearshore call center your financial services organization will gain access to innovative new technologies and strategies that will ensure your customers become loyal to your brand and even advocates of your company.

Here are just a few methods that an outsourced call center will help improve your financial service organization’s customer experience, and build your company a loyal customer base:

  1. Reach customers where they are and reduce customer effort: Contact center artificial intelligence (AI) will both significantly improve the customer experience you offer, whilst also enhancing your company’s support capabilities. AI reduces customer effort by allowing customers to interact with your brand through any means possible - voice, chat, texting and mobile - and whenever it works best for them.
  2. Help your customers to help themselves: Any good CX strategy will involve an omni-channel self-service plan. Self-service is an effective method of reducing the customer effort and providing immediate issue resolution. Whether it be through artificial intelligence, your website or social channels, self-service gives customers easy access to the information they need to resolve their own issues.
  3. The phone is still important: Just as we covered in our blog, ‘Omni-channel Customer Service is Important, But Don’t Hang up the Phone!’, the rise of omni-channel customer service tools hasn’t made phone customer service any less important. In fact, high-quality customer service through the phone is no less important than it was five, 10, 20 or 30 years ago. Customer service outsourcing will ensure your organization’s customers are satisfied with each phone call, and that your first-call resolution (FCR) metrics are strong.

Looking for more information about how you’ll benefit from outsourcing your customer service to a call center in Canada, serving global clients? Contact us today and find out how we can help your financial services business create a loyal, satisfied customer base.

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Published by Thomas Cannon September 5, 2019