The Financial Services industry has been compelled to rethink the customer experience due to the physical constraints of COVID-19 and constantly changing consumer expectations. Many businesses are scrambling to go 100 percent digital and personalize every connection, and the stats show why:
81% of touchpoints with financial institutions are now on digital channels
72% of customers say they’ll switch companies after one lousy service experience
41% of consumers “get annoyed” when content isn’t personalized.
With the shift to digital comes a greater need for trust, particularly as we continue to minimize human-to-human contact. To earn their trust—and their business—financial services firms must demonstrate a thorough grasp of their clients.
Making digital. Making personal.
Before the pandemic, financial institutions were already moving digital. Then came the reality of closed branches, enormous online and mobile traffic increase, and a surge in demand, which put their new technology to the test. Unfortunately, a significant percentage of the industry was shown to be behind.
The last year has seen a lot of money spent on laying solid digital foundations to improve the consumer experience (CX). Although there will be a return to in-person options, digital adoption is here to stay. Consumers want to communicate with their providers through their preferred channel, assist themselves, and have everything happen at digital speeds.
Because the opportunity to differentiate traditional offerings is dwindling, a trust-based connection soon becomes the most important factor in retaining clients.
Institutions must develop trust in the digital environment by displaying a thorough understanding of their clientele, as they can no longer rely on the face-to-face encounters of the past.
As a result, financial services companies are quickly adapting to acquire a complete picture of their consumers, then using that trust-based knowledge to customize services and offers.
Create a culture of trust across all channels.
Financial service providers can address these issues in a variety of ways. Organizations may effortlessly integrate digital services across newly emerging channels and get personal with extensive consumer information using a contemporary, flexible customer care platform.
Here are three examples of how personalization can help you create trust:
1. Create digital experiences that are multichannel.
Consumers can get the information they need quickly and easily with omnichannel experiences, regardless of the channel they're using. Furthermore, omnichannel experiences ensure that the customer's interaction history and context follow them from one channel to the next, allowing agents to provide better, more personalized service. For example, if consumer contacts live chat regarding a possible fraud issue, the conversation can be started and then smoothly shifted to another channel, with an agent contacting the customer by phone for a quick resolution.
2. Offer customized experiences
Differentiation in financial services has grown more difficult, emphasizing the significance of developing a trusted digital relationship based on tailored experiences. Institutions must be able to access, maintain, and combine relevant consumer data from a variety of sources, such as detailed customer history, customer identification, channel preferences, and language expectations.
Live operators and AI-powered chatbots can provide instruction and customized material for immediate, helpful consumer self-service with a unified customer perspective. As a result, customers receive the information and resolution they require more quickly, resulting in increased trust.
3. Empower teams to provide outstanding service
A conversation-focused, unified workspace gives customers an entire context and makes collaboration simple. Agents
We make it possible for financial institutions like yours to examine financial facts, offers, and previous transactions in order to get the full picture. They can then use this information to generate actionable insights in order to provide a more tailored service. Agents can, for example, teach customers about value-added perks that they can enable in their accounts or provide them with policy information and educational materials.
Empowering agents with the expertise to perform these steps results in a highly useful, smooth customer experience that can even lead to account expansion.
We provide assistance to financial institutions like yours.
Financial organizations may use BestChat to provide multichannel, personalized customer experiences that build trust.
Because of strong, unified workspaces and knowledge management for tailored services, agents are set up for success. BestChat maintains your organization in sync by integrating channels, systems, and customer data into the existing technology landscape, all while maintaining the greatest level of data protection.
BestChat can help you deliver smooth assistance at scale and give your clients a better experience, whether you're a developing or established organization in banking, insurance, wealth management, or payments.