What is asynchronous communication?
To answer this question, let’s start with the definition; what exactly is asynchronous communication?
Asynchronous communication occurs when we do not expect an immediate response to our message from the other party. Contrary to synchronous communication, e.g. in the case of a live conversation, they do not depend on the active involvement of both parties in the ongoing discussion at a given moment.
The best examples of asynchronous communication are the aforementioned social messengers, e.g. WhatsApp and FB Messenger. This means that one party can write to the other at any time, not necessarily waiting for the other party to be available “live” for the conversation. This is a far more convenient approach because it can sometimes be quite problematic for two people to get in sync to have a conversation.
Asynchronous chat in business communication? Of course!
Well, we know that asynchronous communication is possible in the case of social messengers, which, due to their purpose, are primarily used for private conversations. But can this trend also apply to business relationships? Or, in other words, will this type of communication fulfil its task if you want to contact, for example, the bank? Of course, it will! After all, how many times have we heard from a bank employee that, for example, “feedback on the submitted complaint will be provided within three business days”, or “a personalised offer for a mortgage loan will be presented after you provide additional documents”. So, really, not infrequently, when dealing with the bank, we find ourselves in a situation where the information that we expect or that the bank is waiting for some additional data to be delivered to proceed further with the topic.
Data and the future of asynchronous communication
When we look at the data obtained from the Forrester consulting company report, it turns out that only 19% of the surveyed companies use software that supports asynchronous communication, although as many as 69% of adults in the United States communicate in this way daily. Banks risk losing the chance to attract these customers without a suitable software solution. A generation of young people now has no memory of life before personal communication devices became widespread. Showing up at a bank office to inquire about the current interest rate on their credit card does not even occur to this group! The conclusion this data leads us to is simple: A significant opportunity exists if banks act and take advantage of the gap between the percentage of people who prefer asynchronous communication and the low number of companies that offer it to their customers.
Asynchronous customer service is a worthwhile investment
Along with the increasing quality of customer service, customers are becoming more demanding regarding how they expect to be served and what the user experience should be. For example, they expect an immediate response to their inquiry if a synchronous conversation is chosen. Switching them only between consecutive consultants, where they repeatedly have to explain what they mean anew, kills the entire relationship on the bank-client line, reduces the enthusiasm for contact to zero and causes reluctance to further contact. Ultimately, the client may switch banks to benefit from a more suitable customer service model.
Looking again at the Forrester report, we see that 37% of the surveyed companies still use synchronous chat, drastically reducing their employees’ productivity. And although, in some cases, asynchronous communication systems are implemented, they are not used to their full potential. Take bots for example, which provide automatic replies to the most frequently asked questions and which, as such, can give customers an approximate time frame in which they will be served, with the only existing alternative to such a solution being a self-service offering. Therefore, even if bots can handle the fundamental, most common customer issues, asynchronous communication allows consultants to solve other types of inquiries while ensuring an excellent quality of service too.
Nowadays, any customer service technology that a company invests in must first and foremost focus on its business goals and maintain the strategy of accommodating its clients’ comfort zones. So, adding the ability to communicate asynchronously seems a great way to go.
LiveBank is a communication platform designed and created in such a way as to guarantee security at the highest level while providing a seamless experience for both parties. LiveBank’s communication is simple and familiar, reflecting the modes found in mainstream social applications. At the same time, it has all the tools, especially the ones used by consultants, which are crucial for effective and pleasant communication for both parties.