Why is customer service moving towards Digital Customer Interaction Solutions?
Customers familiar with easy access to services and information through various channels in the retail or service industries (e.g., food delivery), expect the same convenience in the financial sector. DCIS enables effective fulfillment of these expectations by allowing real-time interactions, regardless of the location or device used by the customer.
These solutions treat digital customer interaction as the core for building additional modules and integrations. The range of modules and functions offered by such solutions includes:
• Multichannel communication (chat, video calls, email, social media);
• Process automation through AI and chatbots;
• Customer experience personalization based on data analysis;
• Integration with CRM systems and other back-end platforms.
All these features are designed to support consultants/advisors and processes. Financial institutions adapt to customer needs to improve interaction outcomes/success indicators. Moreover, automation and data analysis within DCIS enable a better understanding of customer approaches, resulting in more accurate and personalized offers.
Table of Contents
Millennials and Gen Z: The Digital-First Customers
Customers aged 20-40 have different habits – they prefer more flexible and less formal communication methods:
• Texting on chat instead of calling;
• Sending voice notes instead of making phone calls;
• Initiating communication from mobile apps or social media for support.
A new behavior observed is the lack of enthusiasm to answer and make phone calls – even I look at unknown numbers with increasing attention.
LiveBank meets customers’ changing preferences, particularly by offering quick, convenient, and multichannel forms of contact. By implementing technologies such as AI and data analytics, orchestration, and personalization, this new approach is a logical step for companies that want to remain competitive.
The Customer Journey – and Advisor Availability
Business needs and customer expectations can fundamentally contrast, coexist, or ideally support each other. From the range of features supporting digital customer interaction, we will use the following in our narrative:
• Chat and video calls:
• Personalization of interactions: using customer data to provide offers and recommendations.
• Integration with banking systems, ensuring smooth processes.
How Digital Tools Empower Advisors
Meet Dagmara, a customer advisor with many years of experience in banking. Dagmara is an expert in investment products and manages an extensive portfolio of clients. The organization she works for began its transformation towards more digital services several years ago. Since then, much has changed – Dagmara not often visit clients in person anymore and instead takes advantage of remote working opportunities offered by her employer. She handles more and more matters with clients online. Thanks to LiveBank, her work has become much more efficient and satisfying, allowing her to manage her time better and focus on building client relationships.
Starting – Text-based Communication
Dagmara starts her day by logging into key applications and checking her calendar for meetings and scheduled tasks. Thanks to integration with electronic banking systems, a lead manager, email, and social media communication, she can serve clients wherever they need her most, with just one click. A client messages her on WhatsApp? No problem – the message goes directly to the chat in the LiveBank app. After verifying the client with a one-time password (OTP), Dagmara has access to the full communication history and can provide information just as she would during online banking calls.
For Dagmara, a significant advantage is the ability to initiate conversations independently – she can message an authorized client on chat and wait for their response, which greatly simplifies service and has reduced the number of emails sent.
Video Call Support
Dagmara, like many of her clients, values video calls. Both she and her clients can initiate such calls or schedule online meetings. This form of communication offers many advantages – the ability to see each other live and screen-sharing features, which are not possible with phone calls. This allows Dagmara to focus on more demanding conversations, during which she can present offers or conduct simulations in real-time, regardless of where her clients are located. She doesn’t miss the days of long journeys to meetings, worrying about traffic, and finding parking spots. Now, all she needs is her laptop to serve clients effectively.
Integration with CRM Systems and Other Solutions
Every interaction Dagmara has with clients automatically opens a CRM card, eliminating the need for manual data entry. When a client, Mr. Marcin, inquires about investments, Dagmara immediately has insight into his investment preferences. This allows her to suggest a product best suited to his portfolio and risk profile or one that supports investment diversification. Mr. Marcin is delighted – he receives all the documents during the chat, and finalizes the product purchase through a digital signature. Dagmara feels satisfied with a job well done, knowing she has provided professional and seamless service to the client.
Benefits for Financial Institutions
- Increased customer satisfaction: quick and personalized responses to inquiries.
- Cost optimization: through automation and the ability to serve more clients simultaneously.
- Advisors’ conversations audibility: access to conversation histories and meeting recordings.
- Increased sales: through better matching of offers to customer needs.
Summary
Digital Customer Interaction Solutions (DCIS) are revolutionizing how financial institutions connect with their clients. Tools like LiveBank not only streamline operations but also drive increased customer satisfaction, cost efficiency, and sales growth. Features like remote work, video calls, and process automation empower employees to focus on what matters most – building meaningful relationships and delivering tailored solutions.
A case study with a major European bank demonstrated remarkable results, including up to a 50% reduction in total customer service time, thanks to increased meeting efficiency and faster delivery of decision-critical materials – ensuring that a hot lead stayed a hot lead.
In an era where digital interaction is the new standard, LiveBank not only meets these expectations but also sets the benchmark for the future. Discover the full potential of LiveBank in the video below.
