How can financial service firms improve the customer experience?

Today, guaranteeing an exceptional customer experience is paramount to organizational success, and for financial service institutions, this rings truer than ever. 

In our technology-driven society, consumers are now adamant that banks and financial firms maximize their opportunities by innovating and improving the customer experience.

Reflecting this desire, in 2020, it was reported that 85% of global banking decision-makers were looking to pursue a digital transformation of their services.

With COVID-19 revolutionizing the very notion of business as usual, expectations are at an all-time high to adopt digital technologies to help consumers enjoy greater control and independence over their financial affairs in a more convenient and accessible way. 

Now, banks must prove that they can provide customers with what they’re looking for, instead of in the hands of a competitor.

To do just that, here are a few ways you can get rid of the drudgery and build better relationships with your clients.


Streamline the financial onboarding experience

The transition from physical banking to digital services can be tedious and uncomfortable for everyone involved.

For that reason, it’s not enough to implement the latest technology but also understand how to blend human and digital interactions into a seamless experience that introduces clients to the new normal of banking.

Here, it’s important to onboard your customers with the goal of retaining them. By creating an interactive onboarding experience that your customers enjoy, you get your teams the information they need without taxing or overwhelming your clients.

Given that this is almost always the first major interaction they have with you, how consumers feel at the completion of your onboarding can set the tone for the rest of your relationship. 

Learn more about Why is the client onboarding experience important?

Introduce solutions that resolve common concerns and challenges

Nothing frustrates a client more than having to encounter the same issue over and over again with no end in sight. 

Financial consumers, today, are looking to address their needs and concerns with easy-to-use and intuitive solutions that offer them flexibility in terms of payment options, approval time, and other traditional financial services. 

To address this, banks need to automate their systems and introduce digital solutions like apps to streamline customer journeys and the overall financial service experience. This doesn’t just ensure that clients access quick solutions, but it also reduces the administrative burden on your teams through robust self-support features.

Implement easy omnichannel solutions for clients

Omnichannel platforms are a major trend in service-based industries and this is because they can improve synergy across various teams and departments. 

Today, they are simple, cost-effective resources that financial organizations can wield to improve the customer experience, too. They not only cut costs and improve efficiency but also help teams provide more personalized services to clients. 

Beyond just convenience, however, these solutions are important because customers are looking to establish a relationship with you. By providing useful omnichannel support, you reassure clients that you’re a reliable, trustworthy and accessible partner. 

Adopting this hybrid approach, which combines digital communication with more traditional forms of outreach, it’s easier to cater to clients’ unique needs that a one-size-fits-all approach would otherwise fail to do. 

Collect feedback and act on it 

Communication is key! 

To be the best, you have to know what’s working for you and what’s not. Today, what better way to do that than by managing and responding to customer feedback proactively?

Your clients are central to your optimization processes. With a systematic way to request, manage and respond to feedback, it’s easier to spot common friction and pain points and resolve these in ways that are meaningful to them. 

Feedback loops also help you capitalize on features that make you stand out from the competition and utilize that across your marketing and outreach efforts.

Successful, long-term relationships start with awesome experiences

From the start of your customer onboarding processes and through every interaction with your clients, making sure they enjoy a smooth, supportive and enjoyable experience is key to their loyalty and happiness. 

In a highly competitive market, client satisfaction is pivotal to the success and longevity of your financial services firm. Take the steps to optimize their experience and build an unshakeable legacy.

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