Table of Contents
Global overview of contact centers in banking
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.
Contact center transformation trends 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.
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.
