The customer experience (CX) in recent years has become the defining differentiator in the banking industry, ensuring financial organizations are able to build customer loyalty, reduce customer service costs, improve employee happiness and drive up revenue.
An article from McKinsey states: “Regulation. Fickle customer loyalties. Nontraditional competitors. As if a decade of razor-thin margins and reputation issues weren’t enough, the mix of challenges facing global banks makes it easy to see why so many now voice a commitment to improved customer experience as a legitimate differentiator in an increasingly competitive environment. Of the 50 largest global banks, three out of four now pledge themselves to some form of customer-experience transformation.”
So, what exactly does customer experience transformation look like in the financial services sector? In this blog we take a look at the top five banking contact center trends driving superior customer experience results in the industry.
#1 - The transition to customer self-service
Customer self-service is one of the fastest-growing banking customer experience trends, and any financial institution that isn’t focusing on this area of customer experience transformation is 100 percent falling behind their competition.
The most prominent place we see the success of customer self-service is through mobile banking. With mobile apps, customers now have the ability to fully access their banking information and resources from their mobile device. But self service can come in a number of formats from website FAQ pages, community forums, knowledge bases, AI-powered chatbots or even automated call centers.
#2 - A focus on personalization
The success of a company’s customer service boils down to how it makes their customer feel. Customers want to be valued by the brands they buy products and services from. The more valued they feel, the more engaged and satisfied they’ll be with the company’s offering.
Personalization is a key element to making financial services customers feel valued. Banks can achieve personalization through the combination of data analytics, AI and machine learning to gain valuable insights about their customers that can be used in practices to improve customer service outcomes.
#3 - Omnichannel customer engagement
Modern customers connect and engage with brands across a variety of channels. The same customers want to be able to perform the same banking operations, whether they use a mobile app, a website, go into their local branch or speak to an agent in your call center.
An excellent banking customer experience relies on a company’s ability to deliver a consistent quality of service across all of their channels, both online and offline. An omnichannel customer experience means your brand is able to engage its customers in the place they prefer to be.
#4 - The use of contact center artificial intelligence to reduce customer effort
Imagine there was a way that your financial institution could drive customer satisfaction, while at the same time reducing the resources you need to achieve excellent customer service results. That’s where contact center artificial intelligence (AI) comes into play.
Artificial intelligence has significant value in all areas of customer service, providing real-time feedback to customer service agents for improved customer service outcomes, improved call routing depending on a customer query, chatbots for instant support, as well as detailed analytics of conversations that give your business unique insights into top customer queries - leading to an improved customer experience and better product development.
#5 - Make use of big data and analytics
Delighting customers today is largely about building a proactive customer service strategy that exceeds customer expectations. To do that, you need to know what your customer expectations are, so you can answer their queries seamlessly and without friction.
Excellent customer service today focuses on customer service analytics and customer data. Businesses can use this information to find actionable insights about both customers and the performance of customer service agents, making internal changes based on that data to improve customer service representative performance and better serve customers.
Interested in learning more about the top banking contact center trends impacting the industry in 2022? Get in touch with Advantage Communications today, we’ve love to help you build a customer service strategy that drives both customer satisfaction and revenue.