Today, customers regularly contact banks using many different communication channels, sometimes alternating between them or using several simultaneously. Customers want consistency regardless of the type of communication, and so a well-integrated omnichannel system is needed to ensure that continuity is in place.
The chain of events set in motion by Covid-19 has transformed the way clients relate to banks. The digitization of banking services and remote communication technologies has sped up. Customers who preferred face-to-face interactions with a bank employee were obliged to seek connection with customer care via a contact center due to the limited availability of physical communication channels, such as branches.
The pandemic helped usher in new digital consumer behaviors such as online shopping and banking. A whole consumer segment is only now beginning to use digital channels as their primary —and frequently only—point of contact for customer support. According to Forrester, clients who used digital channels for the first time during the pandemic will continue to do so, resulting in a 40% rise in digital interactions.
Although the industry’s conventional contact channels are gradually re-opening, the use of digital channels will remain a permanent feature of the banking environment. As a result, it will be critical to utilize the current physical resources of facilities skillfully in this ‘new world’. According to Forrester Research, more than 30% of institutions with physical branches would rethink the role of branch staff, with one of their responsibilities being to manage digital consumer inquiries.
Create a Center of Excellence That Supports Customer Experience
Aggregated channel organizations can achieve significant diversity while enhancing customer satisfaction by 15 to 20%, lowering service costs by 20 to 40%, and increasing conversion rates and growth by 20%.
By 2025, 40% of customer service organizations will be profit centers, making them the leaders in digital customer commitment. At the same time, proactive (outbound) interactions with customers will outnumber reactive (inbound) contacts. As a result, it will be critical to developing a new customer service model that combines proactivity, automation, and expert customer care.
Customer service has a direct impact on an organization’s financial outcomes. Therefore, the foundation of strong CX is to provide consumers with a service that is a blend of self-service and direct contact with a CC agent across the entire sales process. This is important to note because:
● Good customer service increases the likelihood of upselling and establishing long-term loyalty. Customer loyalty is a source of financial gain. Highly devoted audiences are more likely to make another purchase and are less inclined to use the competition’s services. They can also become brand ambassadors by referring their friends to the bank’s services.
● Customer service costs can rise as a result of poor CX. Due to bad service, 60% of customers in the United States ceased doing business with the brand. The main reason for the change was the agents’ lack of understanding of the client and their inability to propose a specific solution during the chat with CC. Costs may rise due to customers being redirected between agents or other channels, such as bank branches.
● Poor customer service can result in customer loss. Customer acquisition is a significant problem for marketing and support teams. Customers can now change banks in a matter of minutes, thanks to fast onboarding methods like eKYC, if they are dissatisfied with their existing service provider.
Complex customer service tools and dispersed points of connection can undermine consistency, increasing the likelihood that different channels convey different levels of expertise. To provide great and consistent service to clients, CC leaders must:
● Implement consolidated customer service tools. Transaction data and client history are frequently inconsistent. The level of information offered varies according to the channels. Most businesses use non-integrated communication channels such as phone, e-mail, chat, and social media. Many organizations may function in silos and fail to provide the same level of service in all channels. As a result, the consumer must have an omnichannel experience that includes all of the services.
● Maintain consistency in process and high standards. CC Agents frequently use numerous applications as sources of client information, which results in a longer period of service since they must use different systems. The application of appropriate standards will have an impact on the efficiency of service and training activities.
● Customers expect a service that is suited to their needs in terms of transaction history, interactions, and communication mode. As a result, technology must aid agents in gathering as much information about the consumer as possible in a straightforwardly to have a clear picture of their requirements.
Good customer service necessitates a disciplined approach in terms of both technology and process. Therefore, to establish customer loyalty, it is vital to improve technology to be supportive and ergonomic successfully and procedures to be consistent and understandable for everyone in the contact center.
CC Technology Trends That Can Support CC in Achieving Exceptional CX
As offering a wide range of services becomes more than just a competitive advantage, service leaders must rethink their approach to the client. Technology should be able to match customer expectations everywhere, through any channel, and at any time.
Tools used to automate operations will relieve agents of repetitive work. However, when employing automation techniques, one should keep in mind the humanity of services – avoiding a robotic first impression is crucial in all channels. Automation and artificial intelligence will have an impact on all contact center tasks. When transitioning technology, it is also vital thinking how the role of CC personnel will change – they will have more time to help with sensitive queries, which will improve customer satisfaction and comprehensive service.
Based on its Tech Tide report, Contact Center Technologies For Customer Service Q1 2021, Forrester identifies several advanced CC technologies that can positively impact customer service. These include:
● Case management is an essential technology that enables organizations to provide various services and withstand cost pressures. It allows you to aggregate the history of individual clients’ cases so that the agent is familiar with previous issues. It also facilitates problem management.
● Messaging/Chat. Customers love text chat. An asynchronous visibility solution helps them seamlessly connect with the brand, stop and restart interactions, and shift context between interactions.
● Contact Center Interaction Management, or CCIM is the key to good traffic management in the contact center. It allows for the practical group of agents and the management of qualitative and quantitative indicators.
● Knowledge management, or KM, helps agents personalize interactions, increase customer satisfaction, reduce service time, ensure compliance and increase operational efficiency.
● Quality management consists of tools that analyze customer feedback, which is key to ensuring an appropriate level of satisfaction.
Some other technologies currently in development are also worth investigating. These technologies include processes to improve automation, such as Conversational AI, which brings cost optimization and access to human service consultants. In addition, proactive messages in digital communication channels, which allow you to transfer the experience from the voice channel to the world of digital communication, are also worth noting.
Covid-19 also showed a growing interest in video technologies that help establish an emotional bond with the customer in complex credit and investment products.
How Modern Platforms Can Support Digital Customers
Modern communication platforms such as LiveBank support the transformation of a contact center into a center of excellence by offering:
● Case-Based Communication: This allows the customer full access to the history and context of their conversation. Also, it enables the management of customer cases and the modeling of banking processes.
● Integrated omnichannel: Be available in the channels your customer uses already, ensuring frictionless customer journey and seamless switching between all banking channels.
● Optimization and automation: Reduce costs related to customer service by providing work support tools like canned responses, knowledge base, and remote workspace.
● Aggregation of new channels: Provide client support via the bank’s digital channels and move freely between them without disrupting engagements via chat, audio, video, or social media.
● End-to-end processes support: Providing additional tools to increase the range of supported customer service processes – eKYC, online documents signing, sharing files.
In the context of scalability and implementation time, cloud-based solutions are the key to a quick transformation. Cloud is data, not an option. Enterprise concerns about the security, reliability, and scalability of cloud solutions are currently on the decline. McKinsey & Company reports a 24-fold increase in migration to cloud technologies. Also, according to Forrester experts report The Three Customer Service Megatrends in 2021: Post-Pandemic Customer Service Excellence, the migration of services to the cloud is the top priority.
The pandemic has revealed a unique opportunity for customer service organizations. It has increased the importance of customer service in nurturing customers to maintain their loyalty and the income they generate for banks. The need to adapt to consumer requirements and ensure consistent and personalized experiences across each channel has intensified.
These factors are part of the digital banking transition, and they further increase the need for flexible, agile technology. Its role is to support the contact center’s work to build positive customer experiences that their finance partners will appreciate.
Modern solutions such as LiveBank Communication Bus can effectively support customers in their customer journey.*
*Source: The Financial Brand INSIGHTS