2020’s Customer Services Tips for Financial Businesses

This blog was written for Click4Assistance and originally published on 2019/12/17. ↗️


Financial institutions, like banks, insurance agencies and wealth consultants, are like any other business, and customer service needs to be a top priority, but for many companies, the surge of digital media followed by the influx of data breaches and hacks has disillusioned the prospect of digitising customer service routes; until recently. With the rollout of 256-bit encryption across our live chat software, your chats are as secure as an online payment page. 

What does this have to do with customer service? The financial industry is built on trust and security. Customers are opting for competitors who are secure and willing to provide more innovative and convenient features, including customer support via social media instant messaging or a built-in live chat for websites. Digital transformation can feel like climbing a mountain at times, but change is necessary to maintain a competitive edge. 

Experience is everything

Saying that you put the customer first can be easier said than done, especially when you have to manage millions of customers. However, customer service is more important now than ever before. The internet has changed the way we communicate on a global scale, and so, your customer service approach should include these changes in order to remain relevant in your customer’s view. Banks who use social media for swift support have a higher satisfaction rate than those that ignore it. By creating a more personal experience, your customer interactions will instantly improve and this will strengthen your relationships. 

One of the many ways you can easily create this customer experience is through Click4Assistance. Many customers will engage with you online before they come into your physical location; this is how customers are shopping for everything today, from retail to real estate. By financial institutions understanding this, they can provide a personalised experience for their customers, leading to greater loyalty and an increase in revenue. 

A quick chat is all it takes

Everyone who has access to the internet has made an online purchase at least once. Maybe it was a great instant success and you had no questions, but what if you had a couple questions that you needed answers to before you purchased? Sometimes a quick chat can do exactly that. Live chat for websites is a recognised and trusted method of communication between a customer and a business, regardless of the industry. This allows your customers to easily ask your customer service agents a couple quick questions to ease their mind during the enquiry phase, or even long after they converted from a visitor to a loyal customer. Knowing someone is there to answer your questions is a peace of mind that cannot be replaced, and is absolutely crucial to customer service in the financial industry. These swiftly answered questions instantly increase conversion rates which directly impact revenue, so it’s an immediate win-win. 

Self service to face-to-face 

The generational communication change has brought with it a larger group of self-service customers. More customers are opting for self-service options like FAQs, multi-level assessments or even chatting with an AI ChatBot, to gather as much information as possible before they speak with an agent to make an informed decision. Financial agencies need to support this practice by providing the platforms required to fulfil this successfully. 

Save time and money 

Customers need to feel like their needs are first. By training your customer service team to provide relevant advice, you empower them to develop long-term relationships with customers. This also has a hidden benefit to the business: it saves time and money. Most financial institutions spend a lot of time and money on boarding new customers, rather than focusing on keeping the existing customer base happy and satisfied. When your trained customer service team is empowered to answer customer queries and concerns without having constant approval by a superior staff member, it saves a lot of time, and the speed of the reply builds more trust with the customer. Relevance and responsiveness are key to today’s world of digital customer service. 

Communication channels can become overwhelming, but social media, including Facebook, Messenger and WhatsApp, integrate seamlessly with our live chat for websites so you can manage your text-based communication all from one easy to use dashboard. And there is no need to change your CRM as we integrate with most existing systems, making implementation a smooth process and integration into daily work life painless. 

Data is king 

Data has become one of the most sought-after features of any software today, and Click4Assistance is no exception. With in-depth reports on your customer service team’s performance, you can easily evaluate whether your team is working effectively, and where your strong and vulnerable spots are in your customer service system. This improves your business from the operational side as well as from the customer’s view. If there are gaps and you have rectified them, customer service satisfaction rates will increase. Another great method of deriving the effectiveness of your system, is through feedback surveys. Surveys can allow your business to conduct more in-depth customer based research and provide a better product or service offering based on their wants and needs. Giving the customer a product or service they want is an instant win. 

 But is it secure?

Safety and security is on the tips of everyone’s tongues when it comes to data. Click4Assistance, the UK’s premier GDPR compliant live chat for websites, ensure that your chat is secured to the same level as a payment page, ensuring that your conversations with your customers are private and secure. 

Customers want convenience, a personal touch, responsiveness and relevance. They start on a digital platform to get a feel for your business and gather information themselves, and when it’s time to make a decision, then they will step into the world of face to face customer service. This is why it’s so important to make sure your business meets their criteria. 

 If you’re interested in deploying Click4Assistance, the UK’s premier GDPR compliant live chat software solution, to make your financial institution more efficient and productive for the new year, give us a call on 08451235871 or send an email [email protected] and one of our team experts will be with you right away. 

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