Here are the keys to providing a satisfactory customer experience in banking and financial services, taking into account the great importance that citizens attach to their personal finances.
The financial industry has undergone an unprecedented evolution in recent years. Historically a very “traditional” sector, it has had to adapt to meet customer demands and expectations, especially since digitalisation. Users of financial services are no longer just looking for robust transactions and products; they now expect a complete, personalised and agile experience in every interaction with their bank.
In this new scenario, innovative solutions for listening to the Voice of the Customer (VoC), driven by Artificial Intelligence (AI), have emerged as key elements for banking and financial services to understand the real needs of their customers.
Keys to improving the Customer Experience in the banking and financial sector
As indicated by Alejandro Conejero, Manager of Strategic Alliances and Tenders at SANDSIV, there are 4 essential actions to consolidate the relationship between the customer and their banking entity, guaranteeing a satisfactory experience based on trust:
1. Personalise attention, each customer is unique: Voice of the Customer tools can collect a large amount of data from previous interactions, preferences and behaviours of each customer. The application of AI and data analytics are imperative for banks to truly understand their customers. “Technology solutions such as sandsiv+ offer a comprehensive collection of feedback across multiple channels,” said Alejandro. This allows us to better understand each customer profile, identify critical points in their experience and personalise financial services based on each customer’s needs.
2. Deliver immediate, real-time solutions: In an increasingly fast-paced world, citizens no longer accept long queues at their branch or endless calls on hold to resolve queries. VoC solutions can include chatbots with machine learning and Natural Language Processing (NLP) capabilities to provide fast and accurate responses. In addition, employees leverage the potential of these tools by using their adaptive dashboards, which are able to merge captured insights with internal CRM data. As Alejandro says, “this is essential to empower them to be able to make agile and effective decisions on their own when faced with customer issues“.
3. Serving the customer on all available channels: Implementing VoC solutions across multiple channels (such as calls, online chats, social media, etc.) ensures a consistent and seamless experience. The ability of technology solutions such as sandsiv+ to integrate with existing systems is key to capturing and measuring feedback at multiple touch points, across all channels, and throughout the customer journey.
4. Building a relationship of trust and confidence: VoC tools help to reinforce trust in banking by identifying behavioural patterns of potential problems and opportunities for improvement.
This is a challenge for companies operating in multiple countries that must capture and analyse millions of pieces of data. As an example, an Italian PayTech company, specialised in omni-channel digital payments, with more than 2 million merchants and some 21. 21 billion transactions per year, partnered with SANDSIV to automate and unify all structured data sources and was able to send more than 4 million surveys, centralising all organisational units of the business-to-business (B2B) and business-to-customer (B2C) channels on a single platform, allowing them to analyse customer data by sentiment and theme, and therefore strengthening the relationship of trust and engagement.
Thus, trust and financial stability are crucial elements for the citizen. Sensitivity to economic issues makes trust a crucial element in the relationship between banks and customers. For them, any setback or mishap in this area can leave a very negative impression and affect their loyalty. Therefore, innovative solutions for listening to the Voice of the Customer stand out to address these challenges, create a long-term relationship of trust and deliver a truly satisfying customer experience.