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Customer Service Strategy in Banking: Understanding the Needs of Every Generation
In order to adapt your customer service strategy in digital banking, you first need to understand each of the generations. So, here’s a short overview.
Customer Service Strategy for Boomers
While Boomers don’t refrain from using the internet, they aren’t exactly tech-savvy. This means that they require more intuitive and simple solutions. As mentioned before, boomers prioritize security, with product recommendations, faster payments, and automated savings also making the list.
When it comes to contacting customer service, Boomers are the generation that lived through the era of call centers. Therefore, they might prefer conversations on the phone over the chat.
Customer Service Strategy for Gen X
Gen X is a bit more acquainted with technology than Boomers. While it remembers the times of call centers, it is the generation that switched to chats, so people from this generation might prefer either of these options.
As we said in the introduction, Gen X prioritizes personalized product recommendations, which you can create with the use of AI banking tools.
Customer Service Strategy for Millennials
When tailoring your digital banking customer service strategy to Millennials, you have to remember that they are the first generation that prefers digital solutions over traditional ones. They also use banking apps frequently, so it is good to introduce customer service options in them.
Interestingly enough, while Millennials are similar in their priorities to both Gen X and Gen Z (with fast payments taking first place and automatic savings the second), there is one thing that distinguishes them – they strive for high chat functionality and personalized communication[2].
Customer Service Strategy for Gen Z
Gen Z, or Zoomers, will be mostly in favor of self-service options wherever they are possible. Here the omnichannel approach gains in importance, as they are most likely to utilize several communication channels.
As we said at the beginning of the article, Gen Z mostly prioritizes convenience, namely, fast payments, while also focusing on online tutorials on money investment – it’s good to feed them with relevant content and offer them personalized products related to money management.
How to Tailor Your Customer Service Strategy in Digital Banking to the Needs of Each Generation
If you wish to deliver the best experiences to each generation, you should tailor your digital banking customer services strategy so that it becomes versatile while adopting the optichannel approach.
In practice, it means finding the golden means. You should introduce automation and chatbots for Gen Z and Millennials while preserving the call centers for Boomers and Gen X. You need to give the younger generations self-service options while leaving the possibility to onboard, take a loan, or make an international transfer with the help of an agent. In simple words, your customer service strategy needs to have all the traits that each of the generations looks for.
This is exactly what our LiveBank platform is for. With it, you can connect data from all channels into one place and deliver more personalized experiences, thus tailoring your customer services to the needs of each generation. Our platform utilizes technologies such as AI, machine learning, or biometrics to help you customize your product recommendations, enable self-service for younger generations, and offer a consistent experience for Millennials and Boomers who might utilize several channels in their communication.
Customer Service Strategy in Digital Banking: Conclusions
Adapting your customer service strategies in digital banking requires you to link all the channels together and make it possible for the customers to use the ones that are most convenient to them. Since the preferences aren’t mutually exclusive, you should ensure that at each step, your customer service solutions include everything that each generation prioritizes.
You may also read: The Future of AI in Banking Customer Service: Trends and Innovations
Sources:
[1]https://www.goldenstepsaba.com/resources/average-attention-span
[2]https://www.bai.org/banking-strategies/what-matters-most-to-each-generation-of-banking-customers/
