Tech enabling happy customers

By NatalieB, 8th July 2020

Over the last 10 years, banks have faced the fallout from the global financial crisis, regulatory reforms, the birth of new competitors, and now a global pandemic. The speed that modern technology has developed has meant that the traditionally slow-moving financial institutions have had to invest billions to remain relevant to customers, and competitive in the marketplace.

Old fashioned banks, no thanks.
Customers’ lifestyle habits are increasingly motivated and directed by the speed and simplicity of online services; the same is true of how they want to bank.

Customers expect convenience, security, and personalisation – and that demands a far more agile, personal approach to banking. Consumers’ growing desire to access financial services from digital channels has led to a surge in new banking technologies that are reconceptualizing the entire retail banking market.

Better customer service? Then tech is essential…

Perhaps the biggest way that FinTech is disrupting the finance and banking sector is through customer service. Remember when banking was tiring and slow… you had to stand in lots of queues, file lots of paperwork and be physically present!

In a recent Qualtrics survey (*1) of more than 550 banking customers, poor service and poor financial advice emerged as top reasons why people leave their banks.

69% of customers surveyed listed poor services as the primary reason for leaving, with 56% indicating the bank could have changed their mind if any attempt had been made to salvage the relationship.

What are the tech options available to support better customer service?

Self Service
Despite it being a clear competitive differentiation, the financial services industry has been slower than others to implement self-service capabilities and best practices. As a result, many institutions are missing out on valuable opportunities to reduce call centre volume, provide 24/7 support, and improve overall customer service in banking.

Consumer self-service has become a growing trend, with 74% of customers reporting that they have used a self-service support portal in the past; another 81% reported that they’ve attempted to resolve issues on their own before contacting a live service representative. (*2)

Be contactable. Whenever the customers wants.

Live Chat
Customers expect timely and flexible support. Through virtual banking, you can offer a live chat conversation, which can be transformed into a video chat in mere seconds by clicking a URL provided by a consultant. When no advisor is available, customers can use a chatbot to find answers for many typical questions quickly.

Chatbots
Chatbots are rapidly become the norm for customers to interact with. AI enabled chatbots can help customers with a variety of tasks from engaging to interacting with customers 24/7 – breaking down the idea of traditional banking hours. Customers are becoming increasingly comfortable conversing with chatbots for a variety of things making this a logical next step for the bank to invest in.

Artificial Intelligence (AI)
The financial customer experience of the future will be significantly affected by AI. This will be most notable through the delivery of mass personalisation and assisting customers as they overcome low levels of financial literacy.

AI is today being used for the daily challenges faced by many businesses like CX, loyalty building, anomaly detection and fraud prevention. Here are some scenarios for AI use cases in banking: Location intelligence, Query routing, Biometric authentication, Natural language generation (NLG), Behavioural biometrics, ID verification, KYC and AML, Sentiment analysis, Customer lifetime value modelling and Call centre agent matching

Technology is the enabler that makes it easier and frictionless for the customer which in turn creates substantial competitive advantage. Yan Bank are challenging the universal banking model with their lower costs, personalized insights, predictive intelligence, user-friendly interfaces, easy accessibility, and simplified processes. Through tapping into digital ecosystems and smart technology, YAN are building an accessible Fusion Bank.

References

(*1) Hitachi Solutions https://global.hitachi-solutions.com/blog/how-to-improve-customer-service-in-banks

(*2) http://info.microsoft.com/rs/157-GQE-382/images/EN-CNTNT-Report-DynService-2017-global-state-customer-service-en-au.pdf

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