Good financial customer service is paramount to creating long-lasting client relationships, particularly during challenging economic times. In fact, according to a report, customers don’t hesitate to do business elsewhere if they aren’t satisfied with the support they get. And it’s normal for this to happen, given the high stakes of customer service in this industry. Dealing with people’s money is a serious issue, and it should be addressed with professionalism and responsibility.
The truth is that customers’ expectations are sky-high, and as a business, you don’t really get second chances, and for this reason, it’s imperative to deliver top-notch service at every interaction you have with customers.
Financial services teams face several challenges when it comes to customer service
Financial services companies need to navigate evolving technologies and software for customer service, stay agile, and adapt to shifting preferences, which are the kinds of challenges that countless other organizations in different sectors experience. However, there are unique challenges that are associated specifically with finance, such as:
- Handling complex conversations. Financial services are complex, and customers need support in understanding their benefits and risks, as well as how they work. Hence, every professional who delivers customer service in this industry should be very knowledgeable and able to break down complex ideas into concepts that customers can easily understand.
- Maintaining consistency across channels. Nowadays, customers no longer interact with financial companies over the phone or face-to-face only. They also send text messages, discuss with AI chatbots, and schedule video conferences, so companies must be available to connect with clients on their preferred channel and ensure consistency as well.
- Balancing compliance and personalization. 71% of customers expect personalized interaction at every level, from the troubleshooting guides to the SMS appointment reminders. But financial organizations are subject to strict compliance guidelines, meaning they need to find a way to offer personalization without violating privacy standards, which can be very complex.
Tried-and-tested strategies that financial companies can use to improve customer service
Improving customer service in the financial landscape is all about adopting a multi-level strategy. For many companies, it requires careful consideration of every aspect, from embracing new software and technology to navigating compliance problems and training the team. Below we explore some of the best strategies companies can use to enhance their customer service approach:
- Embrace omnichannel communications. The data shows that 64% of customers spend more than they can fix problems with a financial company on the channels they use, highlighting the importance of embracing omnichannel communication. This doesn’t only ensure you can communicate with customers through finance SMS tools, the phone, chat apps, or social media, but rather keeps all the channels connected and aligned. The data that AI bots collect should be transferred to team members so that they can then take over a voice or chat-based conversation.
- Focus on market research. Market research is a very helpful tool when it comes to improving customer service, offering valuable insights into customer behavior, as well as market trends, among other things. It can help you understand who your customers are, and what their needs and preferences are. For instance, customer satisfaction surveys are helpful because they give you information about what customers think about your services and products and how satisfying their experience is. However, despite its benefits, market research for financial services has its complexities, which is why it’s recommended to leave this job in the hands of specialists. If you are based in Amsterdam, the Netherlands, you can reach out to a market research agency that will use their expertise ethically and responsibly, to help you make better decisions and ensure the best outcome for your business.
- Consider self-service options. Financial services companies often find it challenging to respond to issues quickly, and this is because the queries can be complex, and the conversations with customers can take up a lot of the agent’s time. This can be effectively addressed with self-service solutions, which enable companies to create smart AI agents to respond to common queries and handle different tasks, such as suggesting products to customers or checking account balances. Introducing this solution ensures issues will be solved faster, which not only leads to fulfilling customer experiences but also decreases the strain on your team.
- Use personalization. As already mentioned, in financial services, personalization is essential to offering top-notch customer service, and this is because customers want support catered to their unique needs. So, take the time to consider carefully how you can customize the experience for each customer. For instance, you can use a CRM system to collect customer data and then segment them into groups by focusing on the products they bought and their needs and preferences. One thing you shouldn’t overlook is to ensure that your team can access this data, too, not just when they need to tackle customer issues but also when crafting promotional campaigns.
- Be proactive with customer support. More than half of customers want proactive financial services. They want them to take a smart approach when it comes to sharing the information and advice they need. So, it’s essential to take this into consideration and rather than waiting for customers to contact you about the due date for a payment, utilize a payment reminder SMS template instead. If your technology experiences any issues, you can tell customers about it in advance. When creating a product or service, rely on your CRM system to look for those customers who would benefit most from your solution, and send them a message as quickly as you can. Or, if you notice they experience a financial problem, invite them to a consultation or talk to them about budgeting strategies.
The bottom line
Mastering customer service in the financial landscape can be complicated, and there are many challenges you need to address, such as understanding compliance rules and adhering to evolving customer expectations. The good news is that it is indeed possible to take customer service to the next level as long as you stay focused on what matters the most and use technologies and tools to your favor. And of course, know that it’s always more than okay to seek support from experts if you think you cannot handle things on your own. Eventually, all the effort you put into delivering excellent customer service will pay off.
**’The opinions expressed in the article are solely the author’s and don’t reflect the opinions or beliefs of the portal’**
