Cookie Preference Centre

Your Privacy
Strictly Necessary Cookies
Performance Cookies
Functional Cookies
Targeting Cookies

Your Privacy

When you visit any web site, it may store or retrieve information on your browser, mostly in the form of cookies. This information might be about you, your preferences, your device or used to make the site work as you expect it to. The information does not usually identify you directly, but it can give you a more personalized web experience. You can choose not to allow some types of cookies. Click on the different category headings to find out more and change our default settings. However, you should know that blocking some types of cookies may impact your experience on the site and the services we are able to offer.

Strictly Necessary Cookies

These cookies are necessary for the website to function and cannot be switched off in our systems. They are usually only set in response to actions made by you which amount to a request for services, such as setting your privacy preferences, logging in or filling in forms. You can set your browser to block or alert you about these cookies, but some parts of the site may not work then.

Cookies used

ContactCenterWorld.com

Performance Cookies

These cookies allow us to count visits and traffic sources, so we can measure and improve the performance of our site. They help us know which pages are the most and least popular and see how visitors move around the site. All information these cookies collect is aggregated and therefore anonymous. If you do not allow these cookies, we will not know when you have visited our site.

Cookies used

Google Analytics

Functional Cookies

These cookies allow the provision of enhance functionality and personalization, such as videos and live chats. They may be set by us or by third party providers whose services we have added to our pages. If you do not allow these cookies, then some or all of these functionalities may not function properly.

Cookies used

Twitter

Facebook

LinkedIn

Targeting Cookies

These cookies are set through our site by our advertising partners. They may be used by those companies to build a profile of your interests and show you relevant ads on other sites. They work by uniquely identifying your browser and device. If you do not allow these cookies, you will not experience our targeted advertising across different websites.

Cookies used

LinkedIn

This site uses cookies and other tracking technologies to assist with navigation and your ability to provide feedback, analyse your use of our products and services, assist with our promotional and marketing efforts, and provide content from third parties

OK

Upcoming Events

TRAINING IN CONTACT CENTERS

How To Enter the 2020 Members' Choice Awards - For Vendors

HOW TO CELEBRATE INTERNATIONAL CONTACT CENTER WEEK

EMPLOYEE ENGAGEMENT

HOME AGENT TECH & ENVIRONMENTS

Top 4 Financial Services Customer Experience Trends in 2019 - Business Systems UK Ltd - ContactCenterWorld.com Blog

Top 4 Financial Services Customer Experience Trends in 2019

In order to stay one step ahead, financial services organisations are shifting their focus to the customer experience (CX). Although operational efficiency and profitability are still top of the list, rising customer expectations and pressure from the competition has meant CX and everything that goes with it, needs to be heavily considered from a strategic perspective.

The meaning of customer experience can be defined in many ways. We think Gartner’s explanation hits the nail on the head.

According to Gartner, the customer experience refers to the customers perceptions and related feelings caused by a one off as a well as a cumulative effect of interactions with the supplier’s employees, systems, channels or products.

Defining and measuring your customer experience can be quite an enormous task. Not to mention in today’s instantaneous and fast-paced digital world, it can sometimes be a struggle for financial companies to adapt.

With this at the forefront, let’s look at the top 4 financial customer experience trends to consider in 2019 and beyond.

1. Self-Service Options

According to Gartner, 85% of customer interactions will be automated by 2020 (1). That’s a large percentage. For financial services this means many customers relying on digital tools to manage transactions or create accounts as an example. Most customers, particularly millennial’s, like having the option of self-serving. Although the traditional method of phone is still truly alive and well, the option of not having to call a number which routes you through a maze of customer agent reps makes a compelling customer experience case.

Propelled by the need to self-serve, financial services companies will continue to work on their digital service channels in the coming years. Some examples of this (and which we are already seeing happening) include websites using live agent chat features to help customers, and bank ATM’s allowing for more self-sufficiency, so customers need to interact less with a branch employee.

Revolut for example, is pioneering the way in self-service. The app allows you to open an account in minutes, directly from your phone. With built-in budgeting, users can see exactly where their money is going each month with the ability to set up monthly budgets for activities like food shopping or eating out.

2. Multichannel and Omnichannel CX

According to Citrix, more than half of the worlds working population will be digital natives by 2020* (2). This means most financial institutions have taken a multi-channel service approach to make it easier for customers to engage with them wherever and whenever they want e.g. mobile app, online, over the phone etc. What’s also become important is needing to provide an omnichannel service experience, where the difference means a streamlined and personalised consistency for all customer touch points.

According to experts, an omnichannel approach seeks to provide customers with a seamless shopping experience, whether they are shopping online from a PC, mobile, telephone, or in store. An omnichannel experience means there is integration between distribution, promotion and communication channels on the back end* (3).

Let’s take the example of a customer who would like to apply for a credit card*(4). Having seen this credit card advertised online, the customer begins their online application from their smartphone. With auto-fill, google makes sure most of the fields in the application are automatically filled. When completing the last part of the application (providing contact details), the customer changes their mind and moves on browsing the web.

At this stage, the system has enough information to save a temporary profile for the customer, should they change their mind at a later stage. A few days later, the customer visits the banks branch to apply for the same credit card. The advisor starts by asking for the customers number. Once given, the system matches this number with the temporary profile. This means the customers application is pretty much complete; all that’s needed to finish the application is a few signatures from both parties! Delivery time for the card to arrive is 3 business days and the customer is given an order number to track its delivery.

An omnichannel approach means a smooth, personalised and smart way of being there throughout your customers journey. If the customer did not finish their application in a week or so, the banking platform would also send an automatic notification to the relevant advisor, who would then approach the customer by phone, online or via a messaging app. What we are seeing here is smart marketing at it’s very best, thanks to an omnichannel approach.

3. Personalised Customer Experiences

Delivering a personalised customer experience, particularly in the financial services sector where the competition is rife and ever changing, is extremely important. If the customer experience is driven by personalisation, this is what will truly set financial organisations apart from their competition. For example, research from Epsilon reveals 80 percent of consumers are more likely to do business with a company that offers personalised experiences* (5).

To embrace personalisation, banks can use technology to help turn their customer data into actionable insight. Banks have a huge amount of valuable transactional customer data at their fingertips. This data provides golden insight on customer spend and can be used to deliver personalised up selling and cross selling communications.

Technology such as predictive behaviour routing can also assist, identifying the preferred paths of communication with the customer. Let’s explain - predicative behavioural routing is based on customer categorisation such as ‘awake customers’ or ‘sleepy customers.  Your awake customers have brought from you multiple times. You have a good relationship with them, and they can therefore be routed to customer service reps who are successful at up selling and building rapport. Your sleepy customers need more convincing. They perhaps need a special deal concocted by the marketing and sales team to get them on board again.

Cross selling and up selling based on customer data can work wonders. For example, if a customer has booked a holiday, the bank can start marketing options for travel insurance based on the customers demographics such as age, family details etc. This type of marketing can build a trusted rapport between the financial organisation and the customer; always being there for the customer and suggesting their needs before they themselves even know it!

4. Employee Training and Empowerment

Although the digital and technological means of revolutionising the customer experience is vitally important, so too is bettering the human aspect of it. People buy from people. Usually, from people they trust. So, there’s a real and meaningful need to keep humans involved (and better yet, train them up) in the customer experience journey.

In 2019 and beyond, financial organisations need to focus on their employees just as much as their customers. This includes training their employees to encourage customer feedback, identify potential issues and take on new skills with interactions such as social media and live chat. Employees will have to be motivated to do this, and for financial organisations to obtain this, they should be investing in training and development as well as offering flexibility for their employee’s work-life balance.

It’s a wrap

It’s time to shift the approach to an increasingly consumer led, and data driven marketplace for financial organisations. The top 4 trends in this article reflect this. Efficient CX is a necessary must if financial organisations want to build loyal customers and stay ahead of the competition.

Source: https://www.businesssystemsuk.co.uk/blog/2019/11/22/top-4-financial-services-customer-experience-trends-in-2019/

Publish Date: November 22, 2019 5:00 AM


2020 Buyers Guide Inbound Call Handling Services

 
1.) 
3Fiftynine

Branches
Calls are received by the right person or department. The right corresponding information is shown to the agent which makes that appointments are handled quicker and more secure.

2.) 
Agara

Agara is an autonomous virtual voice agent powered by Real-time Voice AI. It is designed to have intelligent conversations with your customers, vendors, and partners without any assistance from human agents. It can handle a wide variety of calls including inbound customer care calls, outbound lead generation calls, appointment scheduling calls, and overdue payment recovery calls.

Agara is available for several industries including banking, insurance, retail, e-commerce, airlines, and telecom. Powered by advanced Real-time Voice AI that understands speech in real-time, automatically determines the right process to follow and guides the caller along in the process with natural conversation.
PH: +1 (512) 333 4634

3.) 
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.
PH: +1 512-872-7565

4.) 
Connect Assist

Contact Centre Services
We’re a specialist Contact Centre business and market leaders helping socially focused organisations deliver quality support to their clients and service users. We do this by providing 24/7 helplines, software solutions and consultancy services.

Since launching in 2006, we’ve operated at the sharp end of customer service, supporting some of society’s most vulnerable people. We’ve pioneered in our space to become a specialist in helplines, whilst using the most advanced communication and database technologies available.

Our social mission has remained a constant throughout, providing many meaningful career prospects and growth opportunities to people within our local communities and fur...
(read more)
PH: 07973640527

5.) 
Jointly International Inc.

Front Office Solutions
Front office is your Company’s first line of customer interaction and serves as the mirror of your business. Focus on your core business and let our competent staff handle your various front office needs such as:

* Customer Service via chat, email or phone
* Technical Support via chat, email or phone
* Helpdesk
* Virtual Assistant/Receptionist
* Answering Service
* Lead Generation
* Appointment Setting
* Verification
* Surveys
* Debt Recover, Collections
PH: +61 7 5660 6284

6.) 
MattsenKumar LLC

Contact Center Outsourcing
By catering valuable, usable and enjoyable customer service, businesses can increase their CSAT Score and Customer Retention Rate. We help organizations to provide quality customer service through varied channels like email, phone and live chat. Ensuring quality after-sales support is our USP and we rely on proven approaches to ensure quality customer service.
 



View more from Business Systems UK Ltd

Recent Blog Posts:
How To Manage A Gradual Return To The Office With Workforce PlanningJuly 20, 2020 5:00 AM
Navigating & Adapting Your Contact Centre For the FutureJune 10, 2020 5:00 AM
Top Tips for Combating Challenges In The Contact Centre During COVID-19April 28, 2020 5:00 AM
Top 10 Tips For The Modern Contact CentreApril 8, 2020 5:00 AM
Mobile Call Recording – How To Keep Traders TradingMarch 30, 2020 5:00 AM
Real-Time Adherence – A Key Ingredient To Help You Manage Your Workforce RemotelyMarch 25, 2020 5:00 AM
How To Manage Remote Contact Centre Agents During the COVID-19 OutbreakMarch 25, 2020 5:00 AM
Top 3 Resource Planning Techniques Within The Contact CentreMarch 13, 2020 5:00 AM
Business Systems (UK) Ltd Shortlisted for Major Sector AwardsJanuary 31, 2020 5:00 AM
5 Top Ways of Using Artificial Intelligence in the Contact CentreJanuary 27, 2020 5:00 AM
Submit Event

Upcoming Events

15th annual Best Practice Conference - this is the contact center world's most highly rated event - a whopping 100% of delegates say they would recommend it!

100's of best practice tips and ideas from contact center professionals Read More...
 7
 10173 
Share

Latest Americas Newsletter
both ids empty
session userid =
session UserTempID =
session adminlevel =
session blnTempHelpChatShow =
CMS =
session cookie set = True
session page-view-total =
session page-view-total =
applicaiton blnAwardsClosed =
session blnCompletedAwardInterestPopup =
session blnCheckNewsletterInterestPopup =
session blnCompletedNewsletterInterestPopup =