November 2018

How can banks dramatically improve their customer service?

Here are 10 tips!
Every year, the quest to provide a satisfactory customer experience in banking becomes more and more difficult. While the sheer rise in expectations, continuous digitization and technological progress are obvious factors to be concerned about, it seems that there is something more behind it. Let’s take a closer look at the current state of the customer experience in banking.

According to Millennial Insight Report, as much as 52 percent of millennials (aged between 18-34) take advantage of innovative financial services provided by non-traditional companies from the financial sector [1]. This figure is significantly higher in comparance to older generations. It’s safe to assume that more recent generations, brought up entirely in the digital era, are going to be even more inclined to use  new technologies and benefits they provide. In the pursuit of convenience and time saving, they will be capable of adopting new methods easily.

Does all of this mean that traditional banks are doomed to fail? Of course not. However, in order to face these challanges, the potential of new technologies should be expoilted by banks, in case to solve customer’s problems. How to implement that immidiately? Here you can find few ways.

1. Let them contact you whenever they want

Nowadays the possibility to contact the bank when needed is essential require. Regardless of stationary branches opening hours, it’s the bank’s responsibility to make it happen.

Virtual banking is perfect for making it much easier . Thanks to the presence of online consultants, clients are able to contact their bank  any time – at work, during a walk, or as they wait for their order at a restaurant. To make it even easier, virtual banking can integrate with popular messaging apps such as Facebook Messenger or WeChat.

2. Provide a superior level of convenience and security

Concerns regarding privacy and security are among most common reasons why customers hesitate to use modern remote banking solutions. This means that implementing proper safety measures and keeping the client informed about them should be a priority. Virtual banking makes it possible to authenticate a customer remotely using biometric facial recognition.

3. Unify the user experience across your channels

Clients expect  a satisfactory and consistent customer experience at each touchpoint. This is one of the chief reasons why banks should strive to move even the most complex of their services to online/mobile channels. The end goal here is to ensure that all communication channels provide the exact same offer, functionalities and feel.

4. Boost conversions through advanced support

Do your customers find it difficult to fill in forms properly? Do they have a problem with other seemingly simple tasks? To make it easier for them, consider technologies such as co-browsing provided by leading virtual banking solutions.

Thanks to  co-browsing, the customer can allow a consultant to remotely enter their application form and help fill it in properly, correct mistakes etc.  By doing all the work for the client, consultants can improve the customer experience and significantly contribute to closing a sale in the process.

5. Learn about the client from the clients themselves

No innovative solution can be fully understood and used to its fullest potential without proper feedback from clients. Use virtual banking to display surveys at various steps of the interaction with the client.

6. You’re the one who should adapt!

Do a lot of your customers still prefer physical branches over digital ones? There are ways to push innovative changes without forcing them on any of your customers. Installing virtual banking automatons at brick and mortar branches is great example of  this practise.

Read about how Piraeus Bank implemented it to find out more.

7. Provide help in real time

Your client needs timely and flexible support. Through virtual banking, you can offer them  a live chat conversation, which can be transformed into a video chat in mere seconds by clicking a URL provided by a consultant. When no advisor is available, customers can use a chatbot to find answers for many typical questions quickly.

8. Help your consultants get better

Growing expectations from customers call for constant improvement of consultant knowledge. You can use chatbots for this as well.

Much like a skilled prompter, they discreetly provide consultants with ready-made answers which can be forwarded to the client as-is or after modifications. Constant interactions with the those answers provided by chatbots will undoubtedly help consultants improve their own knowledge on a day-to-day basis.

9. Provide the same opportunities regardless of distance

Until now, digital solutions such as mobile apps could only provide clients with a fraction of the bank’s entire offer. This can no longer be considered enough.

Use modern digital onboarding technologies to remotely authorize customers and make even  activities like signing a deal or loan agreement analysis readily available and accessible across all channels.

10. Start shaping your future today

Do you believe that it is still possible to offer clients a fully satisfactory customer experience regardless of time, place and any other circumstances? If so, you are most  definitely in the minority— but  you are also right. Additionally the work you do will help you overtake any competion in the future. However, the ones who benefit most are your clients.

[1] Millennial Insight Report by FICO

Any questions?

Need quick hints? Feel free to contact us

Piotr Skrabski
Piotr Skrabski
General Manager +48 518 667 591
Ailleron Company

Życzkowskiego 20 Street

Building Avia, 1st floor

31-864 Cracow

Did you know?

A virtual branch will work perfectly wherever efficient service is crucial

Insurance
companies
Financial
consulting
Investment
found
Leasing
companies
Brockerage
house