Monetize on the predictive intelligence of your customer needs. Financial Services can build a 360 degree profile of their customers, creating opportunities for up-sell and cross sell of products. They can build loyalty and trust with their customers by creating an experience that delights customers.
It further revealed that more than half of the firms agreed it is cheaper and more beneficial to retain older customers through better service and experience management than acquiring new customers. However, fact lies that financial companies focus on making customer experience better has not improved by numbers over the past years.
Majority of financial firms avoid giving any thought to customer experience. Instead, they give priority to regulatory compliance and financial products and services. However, when it comes to factors that can help gain and retain customers, providing excellent customer service is at the very top of the list. The only point most firms fail to understand.
Customer confidence and trust in the banking and finance segment has improved in the past few years. Above 90% of the respondents in a survey reported moderate trust in their banks, and 77% stated that they would recommend the service to others. However, the problem is over the years finance sector has become more and more competitive in terms of product offerings and services. Even customers stand confused to make a choice with every other financial firm offering almost the same service in the market.
So, how can a firm create a name for itself in today’s fierce competition and also win customers?
The answer is simple. They have to improve management of customer expectations, and in order to do that financial services will need to address their shortcomings in three main areas:
A financial firm should include customer-centricity in every aspect of their business and all their activities. Whether it is the way transactions are carried out at a bank to the monthly email they send to their customers. The new focus should be to provide their customers with more personalized experience.
With growing technical advancements organizations should be capable of providing their clients with services that not only comply with standard industry regulations but also address their clients’ needs. Additionally, these services should continue to operate smoothly with little or no client participation demanded.
Voice of the Customer as a term has come to reflect the growing understanding that customers hold the key to future financial success. Empowered employees will have real-time data access. This is key to timely resolution and customer service consistency. Having immediate access to data in real time, employees can easily quantify the needs of the customer in relation to past experience in order to come up with effective solutions and better the customer experience journey.
For banks that constantly aim to exceed their clients’ expectations, customer experience management solution can help improve their client satisfaction scores and also in turn increase brand value. Geckolyst, can make a world of a difference for financial services that seek to deliver best-in-class customer experience. It covers all the factors highlighted above. It can help banks and other financial institutions achieve their goals: