How to Improve Customer Service in Banking?

6 Steps for Improving Customer Service in Banking

So, what are our tips and tactics? How to improve customer service in banking? Take a look at our solutions below.

Embrace the Digital

The future of banking is straightforward in one aspect—technology will play an increasingly important role in finance. Even now, multiple solutions enable you to enhance your bank, including the effectiveness and efficiency of your customer service teams.

For example, our AI assistant enables your customer service agents to access information more quickly. You can feed it with your internal regulations and documentation, letting your employees prompt the necessary information. As a result, they will become much more productive and accurate in their responses!

On the other hand, you may still rely on people but put them into the digital setting by creating a virtual branch. This might slightly increase the effectiveness of your customer service team, as it will put all the experts in one place, making knowledge easier to access. However, the true difference will be observed by the clients, who can solve most cases without leaving their homes.

Naturally, the above are only two examples—multiple other possibilities for improving customer service in banking are open with technology and platforms like LiveBank. This is why our first piece of advice is simple: How can customer service in a bank be improved? By using new tech.

Gather Feedback

Software components are the solutions, but first, you need to understand the problem. This is why our list of ways of improving customer service in banking must include collecting a lot of feedback. This includes:

• Information from surveys measuring the key digital banking KPIs, such as the Net Promoter Score.
• Information from comments on social media profiles and app stores.
• Information gathered from complaint and contact forms.
• Data-driven information, e.g.,:
  • customer churn rates,
  • customer lifetime value,
  • customer effort score.

This feedback will be invaluable for determining which areas in your customer service require improvement or even which specific aspects need to be polished. Hence, don’t ignore this step and collect as much feedback as possible.

Focus on Your Case Management

Improving case management will enhance your customer service—this is a simple relationship. This is why you should go beyond focusing just on your customer service and instead focus on your general procedures. Your business is like a machine; all the parts work in unison, so if one underperforms, the others will as well. Therefore, look into your case management and other similar business-wide processes to ensure they don’t negatively impact your customer service.

Become Proactive

Proactive banking refers to predicting your client’s needs and reacting to them before they even occur. In simple terms, when improving customer service in banking, you don’t want your customers to look for answers; you want to provide them with the answers before they even need them.

Proactive banking requires good data collection measures and excellent AI-powered financial analytics. However, if you embrace this approach, you’ll quickly see a significant improvement in customer satisfaction, so it is worth the investment.

Focus on the Optichannel Approach

Your clients strive for convenience, so you need to adopt the optichannel banking approach to improve your customer service. How to do this?

First, you need to integrate your data. Secondly, you need to make your different channels (mobile, online, physical branch, chat, phone call) available and easily accessible. Finally, you should allow your clients to switch between these channels seamlessly. This way, they can always choose the most appropriate channel (even if it means switching digital banking channels in an open process), boosting their experience and satisfaction.

Customize!!!

It’s time for our final tip on how to improve customer service in banking… and it is quite simple: focus on personalization.

Clients strive for custom experiences, and their lack might even cause them to churn. Hence, use the data you gather to create tailored product offers, adjust the tone of voice, or decide what content to send to your customer. This will help you elevate your customer service experience.

Improving Customer Service and Experience in Banking. The Takeaway

How to improve customer service in banking effectively? You’ll need a mix of feedback, new technology, and the right approach. If you focus on personalization, convenience, and resolving problems with the underperforming processes, you’ll see major improvements in your customer service effectiveness, efficiency, and customer experience in no time.

You might also read: Human Support vs. AI Bots in Customer Service