As both customer expectations and the ways businesses work to earn brand loyalty in 2019 change, it’s important that all industries work to change how they approach customers. This is even more true in the financial services industry, as they work so closely with their customers and handle sensitive information. Adapting to customer expectations can be difficult, especially if you don’t know what those expectations are. However, it doesn’t have to be. Here are a few ways that companies in the financial services industry can adapt to the changing landscape of customer expectations.
Using omnichannel communication
One of the most important ways any business can ensure their customers are happy is by making communication among all parties super convenient. If all of your voice messaging systems are automated, people might feel they’re not getting the personal assistance they need. But hiring an army of customer service representatives is expensive and not particularly.
Thankfully it’s 2019 and there are myriad companies, like Bright Pattern, offering tools and services that help organizations improve communication with their clientele. They offer text and webchat as well as text, social media and SMS seamlessly integrated into your customer service system, along with human beings on stand-by—what’s referred to as “omnichannel” communication. With Bright Pattern, for example, there is also flexible call center software pricing, where you can opt-in to specific features and test out various types of communication month-to-month.
For the financial industry in particular, having lines of communication with customers is vital for business survival. Not only is this an industry where sensitive information is kept, it’s an industry that revolves entirely around making the client feel as though they are in good hands. Trust is essential and comes from easy access to assistance at all times.
Embracing mobile tech (without going overboard)
The financial industry has experienced a boom in automation and digitization being injected into their everyday workflow—what’s often called “fintech.” Though there are still very many traditional aspects of the banking experience—some individuals still choose to make a deposit at the teller’s desk—all major firms and banks have embraced technology to give their customers the power to access everything on their smartphones.
Banking and investing applications of all sorts allow for money transfers, electronic check deposits and other things that used to be done at your local bank or the financial services office.
Our society is increasingly more autonomous through technology, but there are potential downsides. Sure your cybersecurity must be airtight and backup systems established in the rapidly advancing digital transformation, but high-tech communication methods must be user-friendly as well. Be sure to test these systems before unveiling them to the public. Simplicity remains key, mainly for the customer interface but also on the backend.
Another developing trend that contradicts this mobile-, webchat- and AI-filled world? People still like to go to a brick-and-mortar branch to receive a human touch. Ideally any financial services company will be able to provide a range of customer-service options, since making the consumer feel appreciated goes hand in hand with keeping them apprised of their financial situation.
Being open about selling customer data
Lastly, one way that companies in the financial industry are adapting to ensure their company’s success is by selling customer information to non-affiliates. Though this may seem appalling and unethical at first glance, it is actually a quite normal occurrence and one that is often disclosed in many agreements consumers sign. But it must be done with transparency, and should be shared in the context of how it can directly benefit the customer—plus, there should always be ways for them to opt out.
Banks that create brand loyalty will work to give back. As credit unions often invest a customer’s money and pay the customer back a percentage as a “thank you,” financial services can take this into consideration and involve it in their own practices.
Shift Frequency © 2019 – The Financial Services Industry Is
Adapting to Customer Expectations