The market and customer expectations in the financial services industry are evolving rapidly. With heightened customer demands significantly influencing the CX landscape, it’s time for financial organizations to shape their future strategies and prepare for 2022 by optimizing their customer experience services.
If your business operates in the financial service domain, then this blog is for you. We have cut through the noise and researched expert opinions to bring you CX trends you can expect in 2022.
Let’s get right to it, shall we?
1. AI Will Be at the Forefront
A top technology research company stated that – By 2022, 70% of customers will interact with the latest technologies such as chatbots and machine learning (ML) applications.
Even though chatbots are implemented by some financial organizations, many are still hesitating to implement them. However, this will be temporary as more organizations make the leap to AI in 2022.
Looking at how technology is evolving in the financial services space, we can have a clear understanding of why the implementation of chatbots is on the rise.
Chatbots can handle multiple interactions without the need for human intervention, and provide 24/7 support at affordable costs. Chatbots can also effectively solve customer queries, as well as retain and process information from different sources, such as CRM customer profiles, or the organization’s database. Research also predicts that by 2023, chatbots will be responsible for saving operational costs of $7.3 billion globally.
What’s more, in a bid to refine customer experience, some financial institutions are harnessing the power of AI to develop virtual assistants that can impart tips on money management.
2. Human Interaction Will Continue to be Relevant
Chatbots function efficiently when skilled agents are available to deal with complex interactions. And, even though chatbots are fast and accurate, human interaction is still needed. Without that, customers could feel disconnected from the brand, which could potentially lead to customer churn.
Did you know that 26% of customers expect support from a real person to solve their banking issues? Moreover, 31% consider human interaction to be important when getting investment advice.
With the rise in digital technologies and automation, a human touch can often seem to be missing. So, financial organizations must make an effort to hire skilled agents that can efficiently deal with queries and provide financial advice.
Implementing technology to offer real-time interactions can also go a long way in retaining human connection. For instance, live chats and messaging apps can offer a great experience to millennial and Gen Z customers who prefer instant support with little to no wait time.
3. Many Financial Institutions Will Offer Omnichannel Support
A blending of digital and physical services is what 50% of banking customers expect. To fulfill these expectations, financial organizations in 2022 will shift from legacy technology and move towards innovative services. This will put them on par with other industries when it comes to investing in technology. This will also enable institutions to offer services through multiple digital channels. Omnichannel support will be playing an integral part when it comes to this.
By offering omnichannel customer support, financial institutions will be able to connect with their customers at every point of their journey, regardless of the channel they use. By providing different integrated channels in the form of – live chat, mobile app, email, SMS, etc, customers can interact with organizations in whichever way that is convenient to them while maintaining relevance.
4. The Need for Personalization Will Increase
As CX evolves, customers expect a fast, efficient, and personalized experience. 67% of banking customers have no issues providing their personal data. However, 63% expect personalized advice and priority services. For 72% of customers, personalization is extremely important in the financial services space. Thankfully, with the rise of digital technologies, organizations can find new ways to connect with customers and offer personalized services.
For instance, with live chat features, organizations can offer more helpful and personalized support compared to traditional telephonic support. With the use of CRM, live chat can enable organizations to pull CRM data to the support agent’s console – from mortgage status to loan history.
Data collected from mobile applications is massive. Organizations can integrate machine learning and data analytics tools to extract valuable info from this data, which can later be used to:
● Optimize existing services
● Cross-selling & upselling
● Develop cohesive retention plans
● Come up with promotions for win-back
● Improve overall customer experience
● Cross-selling & upselling
● Develop cohesive retention plans
● Come up with promotions for win-back
● Improve overall customer experience
Omnichannel customer engagement platforms can also help organizations take personalization to another level. With data gathered from different channels, agents can have access to more customer data and tailor support based on that.
Final Thoughts
In conclusion, financial services organizations must prioritize the customer experience to build trust and ensure efficiency. To take your organization to the next level, exceptional CX is vital as it will ensure customer loyalty and help respond to customers’ rapidly evolving needs in a proactive manner – all of which are necessary to gain a competitive edge.
Outsourcing customer experience management services is an excellent way to keep up with the technological trends, gain access to a specialized workforce, and save massively on costs and resources. Looking for a reputed BPO partner? If yes, then your search ends here.
Meet Kserve! We have more than 18 years of experience in providing quality outsourcing services to businesses. We have worked with multiple companies in the financial services space to ensure their business operations function smoothly and their customer base grows exponentially. To know more about our services, connect with our experts today. We look forward to hearing from you!
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