10 Key Ways to Improve Customer Communication for Financial Services Industry
The financial services industry is one of the most essential sectors in the global economy. It is also one of the most competitive and in order to stay ahead of the curve, you need to focus on providing excellent customer service.
Customer service is fundamental to your company’s success. Satisfied customers and repeat business are the lifeblood of most brands and the best advertising you can get is positive word-of-mouth from happy customers.
What is Customer Experience and Communications in a Financial Industry?
When we have conversations regarding customer experience, we mostly talk about the way a customer personally feels about your company, your products, services, and everything else. Why do financial services need customer experience management?
FinServe companies are not just numbers and spreadsheets. They’re built and designed to provide meaningful experiences that meet and exceed the expectations of customers. In a highly saturated market, customer experience is the best way to set your brand apart from the crowd.
The customer experience in FinServe is important for two key reasons:
First, CX has become the new marketing battlefront and according to a survey, 81% of companies compete mostly on the basis of CX, making CX a key differentiator for financial institutions in 2022 and beyond.
Second, the better a customer’s experience, the more likely they are to remain loyal to your brand, meaning CX has the power to improve your customer retention.
Why is Good Customer Service Important for Financial Services?
How important is customer satisfaction for FinServe brands? A short answer is extremely.
With very little else to compete on, delivering a memorable customer experience is the best way to make your brand stand out. As the FinServe industry is a hugely commoditized space with everyone offering nearly the same products and services without much room to compete on price, the experience customers have with your brand is what gives you a competitive advantage over another.
There are two things you must take note of where you can really look to stand out by delivering an incredible customer experience.
In our experience, the relationship between you and your customer has the biggest impact on customer satisfaction. Customers want to be treated with importance. They want to form a relationship with their service provider, and they want you to make an effort to get to know them instead of just pushing a product or service. So when you’re sending mass texts, always remember to make it as personal as possible
Customers are reasonable. They know that an occasional problem or mishap is to be expected. But they also expect that you will make the situation right. This means fixing the issue in a moment’s notice and effectively.
10 Strategies for Superior Customer Experience for FinServe Industry
You’ve made it this far, so let’s discuss how you can improve your customer service, create loyal customers and boost your bottom line.
1. Prioritize Ease of Doing Business.
Their experience with your business should be as pleasant, simple, and uncomplicated as possible. Confusing policies, elusive products, excessive paperwork, and other difficulties don’t encourage customer loyalty.
2. Adopt the Latest Technology
The FinServe industry is constantly developing, and so is the technology that supports it. In order to provide the best customer experience, you must continually assess and adopt the latest technologies. Here are some of the hottest technologies for the financial services industry right now:
- Cloud computing: Companies are increasingly using cloud-based applications and services. This allows you to be more agile and responsive to customer needs.
- Mobile apps: More and more people are conducting financial transactions on their mobile devices. Financial service providers must have secure mobile apps that allow customers to access their accounts easily and safely without fear of getting scammed.
- Big data: Financial service providers hold a huge amount of data, which can be used to improve customer service. By harnessing the power of big data, you can gain insights into customer behavior and preferences.
- Artificial intelligence (AI): AI can be used to provide a better customer experience. AI can be used to answer customer questions, identify financial risks, and recommend products and services.
- Two-factor web authentication: You can use two-factor web authentication to better protect your customer and their data. This is now standard practice and would save you from hacks
There are so many options and they are not limited to new entrants, you can always learn more about SMS financial solutions to give you an edge over others in the industry.
3. Have a Firm Grasp of What You’re Doing
Few things are more irritating for customers than salespeople or service representatives who are clueless. You can give your employees the training needed to provide better customer service.
When staff is knowledgeable about your products and services, they can answer customer questions more effectively and help them make better decisions. Furthermore, it will make employees feel more empowered in their roles.
When staff understands financial concepts and how they can impact customers, they feel more confident in their abilities to provide great customer service.
Good training and a sound understanding of your company’s products, systems, and policies are critical for your business.
4. Offer Customer Service Channel Options
Customers want alternatives when it comes to customer service channels. They want to have the option to contact customer service through phone, chat, email, Twitter, and Facebook. You can also offer self-service through online portals or mobile apps. If you offer all these channels, you will be more likely to meet the needs of your customers. In addition, you should make sure that your customer service channels are staffed with qualified employees who can provide the best possible service (see number 3).
5. Resolve Issues Completely and Quickly.
Provide prompt service and quick resolution to your clients’ problems. Customer issues should be handled with a sense of urgency. Customers are often impatient and hate when things don’t work as they should, and waiting on you is not high on their list of priorities. When customer complaints are resolved quickly, most customers will return again.
6. Give Individual Customers Your Attention, and Pay Attention to What They Say.
You have to honor your customer with your undivided attention and concentrate for the moment on nothing but his/her needs. Really listen to what they say and ask questions to show that you are with them. Pay close attention to the answers. Not only will this help the customer feel welcome and understood, it is also critical to providing a good customer experience.
7. Be Empathetic to Your Clients’ Cause
When interacting with your customers, try to understand their feelings and see things from their point of view. Take note of their emotions and get involved on their behalf. They will be pleased to have someone “on their side.” Practicing empathy and compassion will go a long way in helping you to gain their trust, build rapport, demonstrate caring, and better understand their problem and how to solve it.
8. Keep Your Customer in the Loop and Well Informed
When interacting with your clients, good communication is important. Let them know how you can help, what is being done, and when they can expect a resolution. Keep them updated on progress, let them know when something changes, and help them to understand your systems and processes to reduce frustration and give them an idea of what to do if the issue comes up again.
9. Provide a Seamless Customer Experience
Seamless customer experience has become the gold standard for financial services. In a world where customers can bank, shop, and book travel with a few taps on their smartphones, they expect the same level of convenience from you. By offering a more streamlined and efficient financial service, you will be able to attract and retain customers in an increasingly competitive market.
10. Follow Through on Your Promises.
Always keep your word. Do more, if you can and don’t make promises you can’t keep, and do your best to follow through on the promises you do make. If you are unable to deliver as promised, be apologetic and offer compensation. Always strive to exceed customer expectations.
How Can BSG Help?
At BSG, we are more than just a multi-channel marketing company, we believe in keeping your customers happy and satisfied.
In the race to humanize your connections with your customers, you can learn how to optimize SMS marketing campaigns and URL customization to make it easier for your customers to relate to your brand.