As the world emerges from the Covid-19 pandemic, nothing will be the same again. No one will ever forget the great toilet paper shortages, nor will we be able to look at certain activities in the same light (bowling and eating nachos at the same time, seriously?).
The way customers interact with business has changed too, including those in the financial industry. Online banking surged in 2020, with 76% of US adults logging in via their computer at least once a month to manage their finances. This pattern of self service banking is one that seems set to stay.
There is uncertainty, however, about whether other trends are temporary and which will last. Read on to understand the top 3 CX trends you need to be aware of in 2022 to stay ahead of the game.
Speak like a human
It’s fair to say that a lot of financial service organizations struggle when it comes to customer satisfaction. According to the American Customer Satisfaction Index, satisfaction with banks steadily fell from 2018-2020, though leveled out more in 2021.
Improvement to digital capabilities were done to help address this, but largely didn’t go far enough and, significantly, neglected contact centers. Deloitte found in 2019 that customer satisfaction with contact centers went hand in hand with overall happiness towards financial institutions, and Covid has likely exasperated this trend further. So how can you use this feeling to your advantage?
You need to wow customers when they interact with your contact centers and allow them to speak naturally like a human. Customers are calling because they’re frustrated or need to complete tasks they can’t do themselves. Presenting barriers through long IVR trees only adds to this frustration. Elevate their experience through virtual assistants that allow them to speak normally and complete tasks without having to wait on hold, and save your agents for the jobs that truly need their expertise.
Utilize your assets to exceed customer expectations
There are many frustrations a customer may experience when trying to interact with a business, but none more so than having to repeat themselves or provide information that should already be accessible. If a customer needs to speak to a live agent, they should not have to repeat anything they’ve already said and should be able to immediately focus on having their issue resolved.
It’s crucial your infrastructure is sophisticated enough to utilize the information collected from your customers via your automated channels or data systems so that your agents are supported to provide exemplary customer service. It’s essential your systems can “talk” to each other to allow for this to happen.
Personalization
Speaking of “talking” to each other, having systems that integrate together can even allow you to provide a truly personalized service and provide customer service that goes above and beyond expectations. Combining your technology, customer data, and AI can help you predict customers’ needs and create experiences that meet them. If you know a customer is calling about a lost credit card or recent loan application, before they even pick up the phone, you have the opportunity to provide personal customer service that leaves an impression. Ultimately, a good customer experience makes your customers’ lives easier and creates value to positively impact them.
Competition between banks and financial institutions is fierce. Consumers can switch providers at the click of a button, so delivering exceptional customer experience can be a key factor in driving loyalty. Knowing how your customers want to interact with your organization and exceeding their expectations is an art you need to master if you are to stand out from the crowd.
If you need help knowing how to get started with some of these ideas, our e-book, How to Achieve Digital Transformation Success in CX for Financial Services, can help you outline the steps you need to take.
