How Financial Services Companies Can Create Better Customer Experiences

Consumers are demanding about the brands they interact with, especially when they are directly linked to their financial life. In fact, according to a PwC report, more than half of customers say they will stop purchasing from a business after several bad experiences.

Customers who left a bank or financial services company in the last year gave two main reasons: bad experiences with products or services and poor customer service. Inconsistent and frustrating experiences fuel dissatisfaction. Clients should not:

• Spending hours in the call queue to resolve a recurring problem.
• Navigate a buggy mobile app to access important services.
• Getting lost when navigating your website to make a purchase.

The key is for customer experience (CX) leaders to actively listen to the voice of the customer (VoC) and apply insights to improve the customer experience (CX). So what does it take to get the data you need and use it effectively? This is a task full of challenges, such as disconnected technologies, fragmented data, and manual processes without automation. But companies that get this right will deliver an optimal financial services customer experience that outperforms the competition. 

How Financial Services Companies Can Create Better Customer Experiences

Use the Voice of the Customer (VoC) To Improve Financial Services Experiences

Technological advances have reinvented the way customers expect to interact with brands. Consumers now prefer to use a mobile app or web browser to access self-service options rather than visiting a physical branch, according to GOBankingRates. Fully virtual “neobanks” do not even offer physical branches in order to focus on digital services. And the future holds even more technology solutions that financial services leaders will need to integrate into the customer journey.

It is essential to provide a seamless experience across online, mobile and in-person interactions. To do this, your customer data must flow through your systems in real time. When customers visit a local branch or go online, they should feel like the experience is personalised just for them.

The Following Four Areas Are the Essential Places To Start

1. Meet with Customers on the Channels of their Choice

Customers are much more likely to interact with you and share their feedback on the channel of their choice (omnichannel). For example, users say social media offers the best opportunities for brands to connect with them, according to Sprout Social.

It is convenient to create a list of all the channels where customers can approach your company or access your services. This should include your website, physical branches, mobile apps, email, social networks, text messages and other relevant channels.

2. Listen To What They Say and Learn from It

Financial services leaders need to understand how customers feel about your brand and the potential problems they have encountered, then improve their experience. These insights are often obtained through customer satisfaction scores (CSAT) and sentiment analysis. CSAT is a traditionally used measure because scores can provide quick insights into how customers feel about their relationships with your brand.

Sentiment analysis is used to increase CSAT findings and provide insight into where to prioritise, evaluating customer service call and email interactions and using active listening to identify specific problem areas that your team can address, such as poor customer service wait times or a confusing product experience.

3. Simplify your Technology

Your CX solutions must integrate with each other so that all customer data is available where your team needs it. If there is a tool that does not integrate with your customer relationship management (CRM) software, then it is a data silo that needs to be eliminated.

Optimal technology will help your agents perform at their best and allow them to continually improve the customer experience. Expert financial services leaders speak directly to their sales and customer service representatives about their digital experience. Artificial Intelligence, for example, can greatly increase your team’s ability to act on customer data, so look for solutions that have practical AI capabilities.

4. Train Employees to Become Customer Advisors

Another important element to driving better customer experiences is agent training. Leaders must guide and train employees. Invest in their development and ensure they clearly understand how to become client advisors.

Customers expect branch or call center agents to know everything a company offers and provide effective customer service. Over time, they may even establish relationships with their favourite branch and want agents who understand them as individuals and can help them throughout their financial journey.

Increase Your Customer Loyalty

Companies can no longer expect their customers to remain loyal. Modern customers have more options than ever to access banking and related financial services, and brands that provide a personalised experience will continue to attract and retain customers.