5 Banking Customer Experience Predictions for 2020

CSM Magazine

John Ing, Principal Operations Lead for CX at ECS shares his CX Predictions for the banking industry in 2020. The death of voice as a contact channel for banking customers has been over-hyped. A single customer view has been the banking industry’s goal for 30 years.

5 Top Customer Service Articles For the Week of May 18, 2020

ShepHyken

Each week I read a number of customer service and customer experience articles from various resources. I have added my comment about each article and would like to hear what you think too. That’s exactly what this article is about. 9 Easy Ways to Build Customer Loyalty Without Breaking the Bank by Toby Nwazor. You won’t find anything new or revolutionary in this article.

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Taking the Banking Experience Beyond Physical Demographics

Revation Systems

Digital transformation is drastically disrupting the banking industry. As the general population welcomes the plethora of new digital technology with open arms, the banking industry is finding an increasing need to respond to consumer expectations for communication. With the rise in popularity and ubiquity of smart devices, digital channels have become the most preferred customer communication preference, which has banks upping their digital banking game today.

Financial Brand article cites ForeSee banking research to explain why customer journeys ‘will never be digital-only’

ForeSee

The customer experience (CX) for banking customers is more digitally integrated than ever before, with mobile apps making it easier to do everything from checking your account balance to transferring. The post Financial Brand article cites ForeSee banking research to explain why customer journeys ‘will never be digital-only’ appeared first on ForeSee. Financial Services Insights Banking CX banks customer journeys The Financial Brand

6 Killer Applications for Artificial Intelligence in the Customer Engagement Contact Center

In this article, we discuss six killer applications and. eGain AI clients guide Global bank uses eGain’s patented AI reasoning technology to. eGain AI clients comply A marquee global bank uses eGain AI to guide advisors through a.

U.S. Bank Fires Employee for Helping Customer on Christmas Eve

Kristina Evey

I just read a New York Times article that just has me seething. US Bank fired a customer for doing … Read More U.S. Bank Fires Employee for Helping Customer on Christmas Eve. Bank Fires Employee for Helping Customer on Christmas Eve appeared first on Kristina Evey.

Restoring trust across banking channels

TRUSTID

According to the recent article, “How to Protect Yourself from Identity Theft,” to mitigate the risk of identity fraud, consumers need to protect their personal data on two fronts: 1) hide it from cyber criminals and 2) protect it as if it’s already in the wrong hands. In the end, deploying automated authentication tools that effectively identify customers without relying on what they know is vital for restoring trust in today’s remote banking channels.

Restoring trust across banking channels

TRUSTID

According to the recent article, “How to Protect Yourself from Identity Theft,” to mitigate the risk of identity fraud, consumers need to protect their personal data on two fronts: 1) hide it from cyber criminals and 2) protect it as if it’s already in the wrong hands. In the end, deploying automated authentication tools that effectively identify customers without relying on what they know is vital for restoring trust in today’s remote banking channels.

5 Ways a Bank’s Contact Center Becomes GDPR Non-Compliant

Noble Systems

So many articles emerged warning business leaders to take action before it was too late. Now, we’re almost a full year into GDPR enforcement and banks are feeling the impact. In the first 3 years of GDPR, banks are expected to be penalized with fines up to €4.7 With a single fine for non-compliance costing €20 million or 4% of global annual revenue (whichever is largest), banks can’t afford to fall short with GDPR. Banking on PCI DSS Compliance to Cover You.

At A Fork In the Road: As a Customer Relationship Driver, Where Is Branch Banking Headed?

Beyond Philosophy

Both quotes seem to apply to what is currently transpiring with retail branch banking, and where it seems to be trending. Banks can’t quite make up their minds about what branches are supposed to be. At a time when banks are closing branch locations at a record pace (over 1,400 in 2014, with Bank of America, alone, closing more than 140) that is likely to continue, the need for the services they offer remains pretty much the same. Why does banking have to be a chore?

Employee Culture: Why Amazon is on Top and Bank of America Isn’t

Beyond Philosophy

Last year’s survey revealed that Amazon claimed the top spot and Bank of America…well, didn’t. That is to say, Amazon has it—and Bank of America doesn’t. How employee engagement affects their rank: A recent article on BusinessInsider.com points out that Amazon’s cloud computing business earned $3.8 The Bottom 10 Companies Technically, Bank of America isn’t listed here by name but they do fall under the label of “Any Bank.” I am not a fan of banks.

5 Ways a Bank’s Contact Center Becomes GDPR Non-Compliant

Noble Systems

So many articles emerged warning business leaders to take action before it was too late. Now, we’re almost a full year into GDPR enforcement and banks are feeling the impact. In the first 3 years of GDPR, banks are expected to be penalized with fines up to €4.7 With a single fine for non-compliance costing €20 million or 4% of global annual revenue (whichever is largest), banks can’t afford to fall short with GDPR. Banking on PCI DSS Compliance to Cover You.

5 Top Customer Service Articles For the Week of May 1, 2017

ShepHyken

Each week I read a number of customer service and experience articles from various online resources. I have added my comment about each article and would like to hear what you think too. If a company doesn’t have a presence on Twitter, they are missing a huge opportunity, and this article is proof of that. While this article focuses on retailers competing against Amazon, it is a lesson for any type of business in any industry.

25 Staff Appreciation and Recognition Ideas That Won't Break the Bank

PeopleMetrics

As psychologist Tom Muha wrote in an article for The Capital, recent polls show that “only 29% of employees in a typical company are actively engaged in their job.”. 25 staff appreciation and employee recognition ideas that won't break the bank: Arrange for a team to show the fruits of their labor to upper management. He has published eight articles in peer-reviewed scholarly journals and has taught over 25 marketing classes.

5 Top Customer Service Articles For the Week of July 11, 2016

ShepHyken

Each week I read a number of customer service articles from various online resources. I have added my comment about each article and would like to hear what you think too. “Oh This article is not about how a company gives better service with a smile, but how a customer gets better service with a smile. My Comment: Great article on how to properly use email for customer service. This article will make you think about the extras you may or may be charging your customers.

5 Top Customer Service Articles For the Week of June 20, 2016

ShepHyken

Each week I read a number of customer service articles from various online resources. I have added my comment about each article and would like to hear what you think too. Here are three great companies, Amazon, Southwest Airlines and TD Bank (I wouldn’t have guessed this last one), that are relentless when it comes to being customer focused. My Comment: This article features some of the brilliance of Jeanne Bliss, a rock star in the customer experience world.

Employee Culture: Why Amazon is on Top and Bank of America Isn’t

Beyond Philosophy

Last year’s survey revealed that Amazon claimed the top spot and Bank of America…well, didn’t. That is to say, Amazon has it—and Bank of America doesn’t. How employee engagement affects their rank: A recent article on BusinessInsider.com points out that Amazon’s cloud computing business earned $3.8 Technically, Bank of America isn’t listed here by name but they do fall under the label of “Any Bank.” I would argue that this is true of Bank of America.

Combating bank fraud that targets user behavior

TRUSTID

Even with fraud defenses in place, individuals are still the ones who have to ultimately make banking decisions that could put them at risk. The recent article, “How to Address Security’s Weakest Link,” explores one of the most inherent security vulnerabilities that banks face today — people. The TrustID® network-based Physical Caller Authentication incorporates proactive fraud detection to instantly educate bank agents about the legitimacy of incoming calls.

Banks continually challenged with securing growing sales channels

TRUSTID

Along with providing faster and more convenient ways to bank, financial institutions are constantly challenged with making sure all of their customer channels are protected. The problem with offering customers more tools for customers to bank remotely is the ability to successfully secure the growing number of sales channels without impacting the user experience. And this says nothing about the damage that security questions can have on the goodwill of banking customers.

Stronger customer authentication only way to mitigate risk of bank fraud

Dark Reading

Without it, or worse, relying on unvalidated resources like personal identifiable information (PII) to identify customers, puts every banking transaction at risk. The recent article, “$850 Million Scheme Exploited Facebook: Authentication, Secure Browsing Would Have Reduced Losses,” illustrates just how important customer authentication is. Within the next two to five years, we will see stronger authentication everywhere, because the banks are going to get sick of the losses.”.

5 Top Customer Service Articles For the Week of April 13, 2020

ShepHyken

Each week I read a number of customer service and customer experience articles from various resources. I have added my comment about each article and would like to hear what you think too.

Security concerns prompting banks to invest in multi-factor authentication

TRUSTID

With fraud against financial institutions on the rise, what will banks be focusing on in the coming year? The recent BankInfoSecurity article, “New Insight on How to Respond to 2013’s Top Fraud Trends,” suggests that fraud attempts against banks and credit unions will continue to increase this year. Deploying a multi-factor authentication strategy can play a critical role in preventing fraud across all banking channels. Authentication Banking Fraud

How a Great App Can Help Your Bank Achieve Its Customer Service Goals

CSM Magazine

Banks continue to report that enhancing customer service is their number one priority. There was a time when you could walk into a bank and tell the size of its budget based on look and feel alone. Mega-banks would have luxuriously decorated spaces, whereas locally owned branches may not have been as elegantly styled but made up for it with “know your first name” customer service. In fact, most of the top-rated mobile banking apps are from credit unions.

5 Top Customer Service Articles for the Week of July 23, 2018

ShepHyken

Each week I read a number of customer service and customer experience articles from various resources. I have added my comment about each article and would like to hear what you think too. As a bank fires its robot, will the robots fight back?

Helping The Vocally Impaired Speak in Their Own Voice

ComputerTalk

Thanks to voice banking, digitized speech retains the essence of the original speaker. Articles by Robin Springer

Remove friction from the contact center experience

TRUSTID

When it comes to improving banking efficiencies and protecting customers over the telephone channel, contact center supervisors have traditionally relied on knowledge-based information to authenticate customers. In the recent article, “As Passwords Diminish, Mobile Efficiencies Will Increase,” financial institutions are starting to shut the door on passwords and other sensitive customer data as trustworthy credentials for identifying customers over the phone.

Humanizing the Digital Customer Experience: With Gamification, Call Centers Win Big

Noble Systems

Jim Marous, co-publisher of The Financial Brand, laid out the table stakes in his October report on bringing humanized experiences to digital banking. “As A December podcast on employee gamification by BAI (the Bank Administration Institute) scored the highest ratings in the podcast’s two-year history in just one week. The title of a Business.com article says it all: “5 Statistics That Prove Gamification is the Future of the Workplace.”

Remove friction from the contact center experience

TRUSTID

When it comes to improving banking efficiencies and protecting customers over the telephone channel, contact center supervisors have traditionally relied on knowledge-based information to authenticate customers. In the recent article, “As Passwords Diminish, Mobile Efficiencies Will Increase,” financial institutions are starting to shut the door on passwords and other sensitive customer data as trustworthy credentials for identifying customers over the phone.

The one constant in a changing customer environment

TRUSTID

In the recent article, ”How Call Centers Cope with Ever-Changing Threats and Technology,” the PYMNTS Call Center Commerce Tracker reported that despite the evolution from home phones to smart phones and cash to mobile checking accounts, the call center is the one interaction that customers have always counted on. Advancements in banking technology have largely been driven by customer convenience. Technology has changed the way we serve our customers.

Protecting the things your customers value the most

TRUSTID

According to the recent article, “Ready for secure authentication? To avoid becoming low-hanging fruit for social engineers, banks need to provide a secure and seamless experience that meets increasing customer demands. One of the ways banks and businesses are strengthening call center security without impacting the user experience is by deploying the TRUSTID® Pre-Answer Caller Authentication solution. This removes any disruption to a legitimate customer’s banking journey.

Why AI Needs to Vary by Industry

Revation Systems

Healthcare and banking in particular are great examples of the various ways AI can improve engagement based on the specific needs of an industry. Banking is a good example.

How Plain Language Reduces Call Centre Volume By 19%

CSM Magazine

Let’s take a banking example. A bank sends out information on loan restructuring. She doesn’t have time to learn banking jargon. Imagine now that the bank had sent the same letter in plain English with no banking jargon. Customer Service ArticlesWhat’s driving your call centre demand? Most callers look to clarify something. Maybe they just received a notice around revised terms for an insurance policy.

Securing your call center environment from impersonators

TRUSTID

Advanced telephone scammers can manipulate any phone number to trick individuals into thinking their bank is contacting them. According to the recent Fortune article, “A Convincing, New Phone Phishing Scam Wants Your Banking Secrets.

Benefitting from Today’s Advanced IP Video Capabilities without Breaking the Bank

Customer Interactions

In my article, ‘VMS Migration Strategies: Finding the Right One for You,’ you’ll be able to read more about the options I mention above and others. Whatever option is the right one for your organization, you can take comfort in knowing that you won’t have to break the bank to benefit from today’s advanced IP video capabilities.

How to Define Your Priorities and Build a Plan for Customer Centricity

PeopleMetrics

The final discipline of growth banking is all about listening and acting on feedback from your customers. The goal of this article is to help you harness this power. Try these checking your bank for the following symptoms. Impact on the Bank – How will this affect the bank in terms of operational savings or efficiency? An increase in online and mobile banking usage?

The Ins and Outs of Patent Law

ComputerTalk

And, while Article I of the U.S. Articles by Robin Springer accessibility Alice Alice Corp. Patent law has evolved since enactment of the Patent Act of 1790.

Basements, Not Garages: A Midwest Story of Innovation

Revation Systems

Trading in their desks for a basement office, the two would spend the next five years transforming an idea into a mission to change the healthcare and banking industry. With funding secured, Mark and Perry set out to create a secure and trusted platform that could both process and guard the large amounts of confidential information that would become integral to both the banking and healthcare industries.

Basements, Not Garages: A Midwest Story of Innovation

Revation Systems

Trading in their desks for a basement office, the two would spend the next five years transforming an idea into a mission to change the healthcare and banking industry. With funding secured, Mark and Perry set out to create a secure and trusted platform that could both process and guard the large amounts of confidential information that would become integral to both the banking and healthcare industries.

The two schools of thought for caller authentication

TRUSTID

According to the recent article, “Curbing Contact Center Authentication Breaches,” there’s support for both answers. With the TRUSTID Pre-answer Caller Authentication tool, banks don’t have to rely solely on identity interrogations to validate callers.

Your Call Is Very Important to Us

CSM Magazine

How often have you called a large bank, cable company or other megacorporation only to be handed off from one department to the other? I was calling a large automotive bank to obtain a payoff for a vehicle held in the name of a business. Customer Service Articles