Contact Centre as a Service (CCaaS) provider Puzzel has announced a new study into customer experiences in the financial services industries.
Based on a survey of 1,000 consumers in the UK in October 2021, the research found that digital banking services are growing in popularity. 30% of respondents preferred email over in-branch service, with 28% preferring phone interactions. 34% of 18-24 year-olds, meanwhile, had used a chatbot to interact with a company in the past year and 28% of them have switched to a so-called “neobank” such as Monzo, Starling or Revolut.
However, digital services were not fully meeting customer expectations, with nearly one-third of those surveyed ranking their bank’s web and mobile experiences as either “poor” or “very poor”.
“The core problem is chatbots and self-service channels are being offered by banks and insurance providers as catch-all solutions for all types of queries and tasks without considering each individual customer’s journey and value. Instead, firms need to be able to customise and personalise journeys for each customer based on their specific needs,” said Alexander Lunde, Director of Web Experience at Puzzel.
In-branch experiences were also found to still play a vital role, despite many closing due to the impact of the ongoing COVID-19 pandemic.
“When it comes to providing a financial service, your customers need to trust you,” Alberta Bosco, Product Marketing Director at Puzzel, told us. “And for many people, this trust can still only be earned through human experiences. What this research shows is that while more people are now banking online, the fundamental rules of good customer service still ring true. People like to interact with other people – whether that’s in-store, over the phone, or through technology – and at the very least to be treated as individuals and not just numbers.”
Last month, Puzzel acquired digital engagement firm Vergic, which enables companies to engage with their customers online via AI messaging and collaboration tools.
“Customers are demanding smarter experiences. And we believe that businesses that do not take steps to automate, innovate, and provide empathy when it really matters will be left behind,” said Puzzel CEO Frederic Laziou at the time.
