Times are changing. Every day the world moves towards a more innovative and advanced future. The customers of the 21st-century are evolving, and their spending habits are changing. Now more than ever, companies are forced to either adapt or be left behind, and financial firms and institutions are no exception. With most banking tasks, like cashing cheques and paying bills, available via mobile apps, financial firms and institutions need to ensure their customer service is excelling. There are plenty of financial services consulting firms that can significantly facilitate completion of this objective. In the meantime, here are some general tips to increase your customer service and retention.
- Building an Empowered Team
Every great business begins with a solid foundation. Investing in the right people will ensure a company’s ability to make it through the toughest of times. From the very start, foster a community that feels confident sharing their thoughts and ideas, and understands the professional standards expected of them. Financial institutions need to set achievable goals, create multi-year strategies, offer a reward and/or benefit system, and focus on transparent communication to ensure they achieve the right results. If a financial institution does not provide their associates with the most up-to-date and consistent information, as well as quick and easy ways to access this information, they cannot confidently provide clients with immediate answers to their questions.
- Using the Latest Technology
Thousands upon thousands of apps are released every single month, well exceeding the 60,000 mark. That is how quickly new technology is developed and released. Clients want on-the-go service with immediate results. Financial technology has to be user-friendly and up to date, offering more than the basic functions. Companies such as Square, Receipt Bank, and Payment Evolution can be looked to as examples of integrated systems that focus on achieving the most innovative solutions for their clients’ needs. Financial institutions are not just competing with one another, but they are competing with a vast digital world full of apps and software systems for every need.
- Creating Genuine Engagement
Financial institutions and firms have developed a somewhat bad reputation for being untrustworthy and crooked. One thing that an app or online software can’t compete with is the experience of connecting with another human being. Treating every client as a person rather than a number will establish a real relationship, and this engagement needs to extend beyond in-person meetings and services. Taking the extra step to personalize marketing messages and technical services is a simple way to show customers they are valued. Ensuring customers are being properly educated, implementing rewards and offer programs, and offering free advisory services builds mutual trust and allows customers to feel in control.
- Analyzing the Data
To further increase customer engagement, financial firms and institutions need to constantly collect and analyze client data. This data will help financial businesses understand and identify what their customers want and need. This data can be used to recommend and build more personalized products and services to customers, instead of offering broad suggestions that are often confusing and inaccurate.
Customers buying habits are shifting, and personal finance apps and software systems are gaining popularity. Clients are tracking the way they spend and paying more attention to their transactions. Financial institutions must also be aware of their clients’ balances and transaction activity, as they can use this data to offer more helpful suggestions at the right times.
- Getting Comfortable with Blockchain
Blockchain and cryptocurrency is in its infancy right now, meaning there are many finanical institutions that don’t understand how to leverage them. Basically speaking, cryptocurrency is traded on a blockchain. Blockchain is the underlying technology that allows a cryptocurrency to work. Blockchain uses an “open” or decentralized ledger technology that enables the sharing of data and transactions with multiple parties.
Levering blockchain and using cryptocurrency can help mitigate risk and allow entrance into new markets.
There are several applications of blockchain in financial services beyond cryptocurrencies:
- Digital identity, security and fraud detection
- AML (Anti-Money-Laundering)
- Interaction with 3rd parties such as credit agencies, other banks, etc.
- Smart contract and payment automation
- Transaction processing including verification
- Risk management and KYC (know-your-customer)
- Being Proactive in Activity Management
It is important to be very proactive managing your company’s processes. Inattention to this detail means allowing inefficiencies to take hold. Soon, processes are duplicated, unnecessary tasks are part of the daily routine, and eager employees’ skills are left stagnant because they don’t have a way – or a reason – to talk about how they can be more efficient within the company. Have regular intervals where processes are reviewed, updated, and revised, and construct the activities of your teams accordingly.
When a company gets set in its ways, it stagnates. When finanical services strive to move and evolve with the times, they serve their clients well, and that is reflected in company’s success. The Burnie Group’s financial services experts can help you enhance efficiencies and open new perspectives.
