Enhancing customer experience in financial services
Financial services companies, just like brands in all verticals, are competing heavily on the basis of customer experience. Whether you’re offering digital banking technology or accounting services, your customers will rely on you to deliver an amazing experience from start to finish.
Now more than ever, Financial Services companies are under increasing pressure to compete with incredible CX. Since the pandemic, customers have become more demanding, and more discerning when it comes to determining which companies they’ll trust with their money. Fail to excel in CX today, and your entire company could crumble.
Here’s how you can build the ultimate business case for CX solutions in financial services.
Over two-thirds of companies now compete primarily on the basis of customer experience. While your ability to attract, engage and retain customers in the Financial Services landscape will also depend on things like pricing and service offerings, CX is the biggest factor. Without a good customer experience, you can’t stay ahead of the competition.
A strong set of CX solutions, from a contact centre built with omni-channel support via Microsoft Teams, to workforce management and engagement tools, transforms your competitive nature. The best technology will align your workforce (wherever they are) and ensure you’re supporting your customers on all of the right platforms.
Investing in innovative CX solutions like AI and self-service applications can even help you to outshine your competition, by giving your clients more of the unique experiences they’re looking for. Just make sure you evaluate your audience carefully to determine what they need before you start investing in new tech.
Ultimately, whether financial services companies like it or not, the landscape is changing. Particularly since the pandemic, customers are expecting more digitized solutions, from apps and online banking to innovative self-service tools. Part of evolving to survive in this new digital landscape involves implementing the right CX tools.
Financial Services brands need to be ready to stay ahead of the changing market by seizing the momentum of digitisation and implementing tools like cloud-based contact centres. A cloud-based CCaaS solution, whether developed from scratch or built into an existing tool like Microsoft Teams, will help you to adapt to the new needs of your audience.
You can even use your cloud-based technology to align staff members in an increasingly hybrid workplace. This will be increasingly crucial in an environment where few companies can allow all of their staff members to operate in the same office.
The right CX tools in today’s evolving landscape can also make a huge impact on your team’s performance. A contact centre as a service offering in the cloud ensures hybrid staff in any environment can work together with access to the same essential information about customers and their consumer journeys.
CCaaS solutions can also help to keep teams engaged, connecting staff on a back-end environment where they can work together on complicated customer queries and concerns. When employees can connect effectively in a digital environment, they can do a lot more for your business and consumers.
Remember, there’s a link between bad customer service and high employee turnover. If your staff are struggling with outdated software, a poor technology system, or even just a lack of tools, they’re not going to be engaged or productive. You can even find CX tools for things like scheduling and workforce management, to help better drive your teams towards the goals.
Customers are looking for excellent experiences in all industries – as highlighted above. The customer experience management market is expected to reach a value of around $27.13 billion by 2026 as a result of this. However, excellent experiences are often particularly important when it comes to things that can have a huge impact on a consumer’s life – such as their finances.
Whether you’re in the banking or insurance landscape, any company involved in financial services will need to deliver a customer experience capable of building trust. The use of CX tools like cloud contact centres for omni-channel interactions and AI self-service solutions will help to boost customer satisfaction on a massive scale.
When your customers are happy, they’re more likely to recommend your financial services brand to other clients and give your company new opportunities to grow. If you need to build a business case for updated CX technology, the potential satisfaction levels of your clients are a great thing to highlight. Consider implementing tools to help you track those satisfaction levels over time.
As mentioned above, financial services companies will have to embrace new technology in the customer experience landscape if they want to compete in the evolving world. The right solutions can also play a significant part in helping you to prepare for a more successful future. Many of the top tools on the market for contact centre, workforce, or experience management come with analytics and reporting functionality built-in.
These reporting tools help you to track crucial metrics and KPIs in your financial services company, from client turnover to NPS and CSAT scores. With the information you collect from your day-to-day interactions with customers, you’ll be able to understand what really pushes your customers to stay with your brand or consider other options.
Your analytics technology will push you towards more effective campaigns in the future when you decide to implement new CX solutions. With your analytics to help, you’ll also be able to demonstrate the ROI of every new innovation in your CX strategy.