February 15, 2024

Enhancing Customer Experience in the Financial Industry: How Contact Centre Solutions Can Make a Difference

Enhancing Customer Experience in the Financial Industry

The financial industry, long known for imposing brick-and-mortar buildings and stern-looking tellers, has entered a new era. Gone are the days of one-size-fits-all offerings and transactional interactions. Increasingly, consumers across the United States, European Union, and other large markets demand that financial services companies offer mobile apps and minimal processing times. Meanwhile, in Africa and Asia, fintech apps have helped small producers more quickly sell their crops or goods, hinting at not just the potential impact of digital finance on the developing world but also the green economy

At the same time, customers demand that digital solutions be as reliable as the face-to-face transactions they experienced in the past. Indeed, research conducted by Edelman reveals that 53% of consumers across 28 nations expect online financial services to provide the same level of trust as real-person interactions.

Bottom line: In 2024, customers demand personalized experiences, seamless omnichannel support, and instant satisfaction about the status of financial transactions. To navigate this dynamic landscape, many financial institutions are turning to outsourcers as business partners.

While outsourcing initially focused on cost reduction, its potential for enhancing customer experience is increasingly recognized. “An outsourcing partner offers specialists who draw on their CX training to deliver quicker resolutions for end-users, as well as higher customer satisfaction,” says Cathy Jooste, President of BPO and Customer Care at CGS. Done right, partnering with specialized providers can unlock a wealth of benefits for banks, non-bank lenders, and fintechs.

First and foremost, an outsourcing partner offers access to expert talent. While venerated banks typically employ economists and investment bankers, many financial institutions struggle to find and retain specialized talent in areas like advanced analytics, cybersecurity, and digital marketing. By outsourcing service delivery, the financial institution leverages the expertise of established providers with dedicated teams of professionals who are constantly honing their skills in these fast-evolving fields. This translates into faster problem-solving, more efficient operations, and improved customer service.

The right outsourcer also brings enhanced multichannel support. Today’s customers expect seamless transitions across platforms. Outsourcing can bridge these gaps and offer consistent support. Partners with expertise in multi-channel communication can implement integrated systems, train agents across platforms, and ensure a unified customer journey, regardless of the touchpoint.

Beyond adding convenience, the ability to interact seamlessly with customers through different communication channels matters because of demographic patterns. Younger consumers are more likely to interact with brands via social media, text and email; older consumers reach for the phone when they have a problem. Financial institutions need a seamless offering. “There’s not a brick-and-mortar experience, there’s not an internet experience, there’s not a social media experience,” says Robert Spector, a noted customer experience expert, “Today, it’s all a part of the deal.”

Moreover, outsourcing enables financial institutions to cope with scalability in an agile way. Financial institutions often face fluctuating demand, with peak periods causing frustration for customers and inefficiencies for internal teams. Outsourcing provides the flexibility to scale resources up or down as needed. During busy times, partners can ramp up staff to handle increased inquiries, while during slower periods, costs can be adjusted without impacting core operations. This enables financial institutions to be responsive to customer needs without compromising efficiency.

Also, in a world of seemingly endless options, customers crave personal connections with their financial institutions. Outsourcing can facilitate this through targeted services. Providers can leverage data analytics to identify customer segments and personalize communication, offerings, and advice. This can range from automated financial health checkups to tailored investment recommendations. Through forms of engagement that do not rely exclusively on the sale of a product, the financial institution can foster customer loyalty and trust.

Finally, technological advances are constantly reshaping the financial landscape and outsourcers offer a means of staying on the cutting edge. AI, cybersecurity tools and other tech innovations can prove costly for financial institutions to integrate. But, outsourcing allows them to tap into the expertise and resources of partners who invest heavily in such technologies. This could include AI-powered chatbots, fraud detection systems, or real-time financial analytics tools, all readily available and integrated into partner solutions. The result: a competitive edge in terms of service and efficiency.

Despite the array of benefits, the decision to engage an outsourcer for customer experience management requires careful consideration. Financial data is highly sensitive, and choosing a secure partner is paramount. Thorough due diligence is essential to ensure the partner adheres to the strictest data security protocols and regulations. Robust data transfer agreements, ongoing security audits, and relevant certifications are crucial to safeguarding customer information.

A disconnect between the partner's values and the financial institution's brand can also mar customer experiences. Choosing a partner with a similar customer-centric mindset and ensuring their service culture aligns with the institution's core values is vital. “When a financial representative intuitively grasps a customer’s needs and goals, they create a rapport that allows them to offer more targeted products and services,” explains Jooste at CGS, “and the resulting trust helps ensure that borrowers come back, becoming long-term customers.”

And finance, it must be said, has suffused other industries and sectors. Nowhere is this more evident than the financial linkages developing with e-commerce, with “buy now, pay later” promos and installment plans with low or zero interest rates cutting into traditional credit or debit card spending habits. Customer experience partners like CGS offer years of expertise in fashion and footwear, allowing financial institutions unparalleled insights into customer spending habits. 

In sum, the customer experience has come to define brands—including financial institutions—like never before. The world of finance is democratizing, with more types of firms competing against established banks. Amid these changes, outsourcing can be a powerful tool for financial institutions looking to elevate their customer experience.

With a customer-centric approach to financial interactions, an outsourcer can help transform lending. Mere transactions can become trusted partnerships. Trust breeds loyalty. Loyalty spells long-term spending and higher revenue.


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