How Financial Institutions Can Achieve Impossibly Perfect Customer Service

How Financial Institutions Can Achieve Impossibly Perfect Customer Service
SHARE
THIS



First it was the retail sector, and now Cyara co-founder and CEO Alok Kulkarni (pictured below) offers his insights into how financial institutions can improve their customer service out of sight.

Alok Kulkarni

Executives around the world continue to recognise that superior customer service yields greater business results, with a customer-centric approach moving higher on every organisation’s agenda. 

With Customer Service Week having just been and gone, organisations should be thinking about how to place customers at the forefront of business strategy. 

Many of Australia’s top organisations, especially financial institutions, struggle to improve their service in the eyes of their customers. It’s safe to say that at some point everyone has had a poor customer service experience. This encompasses everything from repeating a question multiple times due to being transferred between departments, experiencing user interface glitches, service staff not having sufficient information on hand, or getting lost in IVR menus. 

Ultimately, when it comes to market share, losing the customer experience (CX) race can be detrimental for any business. Banks are learning hard and fast that they are becoming the new standard in customer service for other industries, and hires like ANZ’s chief design officer – tasked with uniting digital and innovation strategy – demonstrate positive strides towards placing the customer’s increasing digital needs at the core of major business decisions and strategies. 

However, the rise of fintechs, cashless payment methods and even cybercrime are forcing financial service institutions to increasingly stay abreast of customer service standards, as threats, expectations, and competition rise each day. 

Staying ahead of the curve and delivering consistently perfect customer service may seem impossible, but having the right technologies in place to protect and future-proof the financial services industry from the unpredictable is a ‘must-have’ first step. 

Meeting customer expectations 

With customer voices so powerful that one wrong move could alter mass perception of a business overnight, safeguarding an organisation to establish long-term loyalty and increase digital growth is a must. 

The overall perception of an organisation’s customer service standards will be greatly improved by providing customer service teams with the right tools to pre-empt customer concerns, and ensuring contact centres are able to endure a peak in activity. For example, if a customer begins a conversation with a chatbot in the wake of an online banking system crash and the issue is not resolved, it is likely they will then call the support centre to seek further help. If support staff have easy access to each customer’s chatbot conversation history, they will be able to easily pick up where the chatbot left off, reassuring the customer and increasing their trust in the organisation. 

Time-poor customers never want to feel like they’re interacting with an organisation for the first time. Information should be easily accessible so that repetition is kept at a minimum and interaction times are reduced. Not only does this improve the customer’s experience, it also reduces operational costs for the organisation. 

Raising the bar 

As the financial services industry continues to respond to the digital demands of consumers, innovation based on customer insights will define the winners from the losers. It is therefore critical for banks and financial services institutions to deliver on this personalisation promise to win the battle of providing the best CX. 

Utilising key customer insights can make a big difference to CX – and ultimately to the profitability of the organisation. The right information, analysed in the right way, can ensure that a financial institution can provide the seamless service customers are begging for – at a lower cost. For example, Macquarie Bank recently announced it will be rolling out the Australian market’s first open banking platform, allowing customers to securely move data to fintech start-ups and other technology companies. ANZ has also responded to customer demands by rolling out voice identification technology earlier this month on the bank’s Grow by ANZ app, which has received high customer acceptance and success. As a result, the bank is looking at rolling this out across all its customer touchpoints. 

As major banks look at automating their services at a fast clip, positive customer experience needs to be cohesive across all channels, with digital customer experiences seamlessly integrating with physical or voice channels. Yesterday’s demands – including flexibility, efficiency, and easy access for customers – have expanded to include the integration of banking activities across multiple channels. On top of this, customers demand personalised services, including recognition of the past, present, and future breadth of their relationship with their financial institution. 

Going forward, banks need to focus on building improved customer service experiences through cutting out silos and providing customers with the right information, at the right time, through the right channels. 

Please login with linkedin to comment

Alok Kulkarni Customer Service Cyara financial institutions

Latest News

Sex, Sins & Single Source Storytelling
  • Opinion

Sex, Sins & Single Source Storytelling

In this guest post, Jen Dobbie (main image), creative director at Hotwire Australia, says ultimately advertising is merely storytelling and offers her expert tips to put more zing in your brand’s tale… The Wicked Bible is a deliciously named, and tempting title for a storied series of mistakes published in 1631. Its pages house the […]

Opinion

by B&T Magazine

B&T Magazine
Blooms The Chemist Comes Up With Creative New Media Portal To Handle Its Physical And Digital Campaigns
  • Campaigns
  • Technology

Blooms The Chemist Comes Up With Creative New Media Portal To Handle Its Physical And Digital Campaigns

Blooms The Chemist is digitising how it manages owned media, rolling out a dedicated supplier media portal capable of managing in-store and online campaigns across its 110+ pharmacies. The Australian pharmacy sector has seen significant growth, accelerated by the COVID-19 response. At the peak of the country’s pandemic, retail pharmacy sales surpassed $800 million, up […]

IDC And Data.ai Study Shows Mobile Vs. Console Gamer Gap Is Getting Even Bigger
  • Technology

IDC And Data.ai Study Shows Mobile Vs. Console Gamer Gap Is Getting Even Bigger

data.ai (formerly App Annie), the first unified data ai company, today in partnership with IDC, released the Gaming Spotlight 2022 report. Powered by Game IQ, the report reveals that mobile gaming represents 61 percent of the overall gaming market which is set to hit $222 billion in 2022. The report reveals that mobile gaming is […]

Emplifi First Quarter Report Shows Investments On Ads Are Up But User Engagement Is Flatlining
  • Marketing

Emplifi First Quarter Report Shows Investments On Ads Are Up But User Engagement Is Flatlining

Emplifi, the leading unified customer experience (CX) platform, today revealed the findings of its Q1 2022 analysis of social media spend across thousands of brands worldwide including those in Asia Pacific (APAC). While overall social media ad spend decreased in the first quarter following an impressive holiday showing, it remains significantly higher than a year […]

Reconciliation Australia Launches National Reconciliation Week Campaign Via Carbon Creative
  • Campaigns

Reconciliation Australia Launches National Reconciliation Week Campaign Via Carbon Creative

Reconciliation Australia and Carbon Creative will launch National Reconciliation Week 2022 tomorrow, Friday, 27 May (running through to 3 June) with the theme ‘Be brave. Make change.’ The theme and campaign, developed by social change creative agency Carbon Creative in collaboration with emerging Torres Strait Visual Artist Tori-Jay Mordey, challenges all Australians—individuals, families, communities, organisations, […]

Today Is National Sorry Day
  • Media

Today Is National Sorry Day

B&T would like to take time out from the usual programming to acknowledge National Sorry Day today.

‘The Sims 4’ Now Lets You Use Your Own Pronouns For Your Characters
  • Technology

‘The Sims 4’ Now Lets You Use Your Own Pronouns For Your Characters

The latest entry in EA and Maxis’ life simulation series, The Sims 4, has released a new update which allows players to customise their character’s pronouns. This new feature is available only in the English version of the game for the time being, with the developers saying that they will soon release it for other […]