Three Customer Service Trends Financial Institutions are Embracing

June 3, 2019

Most people today use online banking services, largely due to their convenience. According to Statista, a leading provider of consumer data, over 161 million people in the United States use digital banking today. This number has steadily increased over the last five years, indicating expected continued growth in the upcoming years. As a retail banker, credit union or other financial services provider, now is the time to ensure your online presence is up to par.

  • Do you have a mobile app that is easy to navigate and offers robust features?
  • Do you offer customer service support outside normal business hours?
  • Do your online customers receive the same level of service they would receive if they visited your organization in person?

Financial institutions that place a strong emphasis on their customer service offerings will experience an increase in sales and brand loyalty. The financial industry has a history of adopting innovative technology early. Customer service technologies are rapidly advancing; banks and credit unions should continue to explore the ones that are a good fit for their institution. 

Here are three important customer service trends financial services organizations should watch for in order to stay current and keep customers satisfied.

1.  Remote video chat support

Personal finances can be confusing and overwhelming. Many customers prefer to discuss their needs with a representative. Many people don’t want to write an email or fill out an online form for financial matters such as investments, loans and savings accounts. Live engagement platforms offer one-on-one remote video chat support that is convenient and secure. 

In the age of web-enabled mobile devices and widespread fast Wi-Fi, more financial services customers expect video conferencing on mobile customer service help desks as the norm. Video chat enables well-trained agents to provide assistance to customers in real-time. Face-to-face interaction is a powerful addition to an online customer service strategy. 

2.  Omnichannel banking

In addition to offering online video support interactions, financial institutions are realizing the need for more accessibility across all channels and from any device. Many banks and credit unions are already prioritizing omnichannel platform offerings. 

Omnichannel banking is more than providing multiple ways for customers to transact. It’s about seamless interaction between the financial institution and the customer across multiple channels. Omnichannel support focuses on the interaction that occurs, allowing customers to access financial services via smartphones, tablets, laptops, and even kiosks. An omnichannel strategy allows anytime, anywhere, any type of device access to personalized, consistent services. 

3.  Co-browsing with customers

Co-browsing is an extremely valuable service that enables a trained customer support person to share a screen and co-browse with a customer. More than one-fourth of banking providers rate co-browsing as the most important feature to offer when deploying video chat. Online navigation can be frustrating for customers who can’t find what they are looking for; an agent of the financial institution can communicate over the customer’s browser and direct them to the right page. More sophisticated live chat platforms allow representatives to walk through filling out a form, enabling them to jointly fill out online forms and improve the completion rate of submission and accuracy. 

The advancement of artificial intelligence will continue to drive automation and omnichannel access, improving online and mobile banking technology over time. The most successful financial institutions will continue to keep up with these advancements while staying consistent with customer servicer offerings. Most online customers expect personalized experiences that are consistent with the high standard of service that meets or exceeds their bank’s stated commitments. 

Marsh & McLennan Agency (MMA), offers public and privately-held financial institutions world class value added resources, a wide geographic presence and a highly-trained Financial Institution Team to help identify potential risks and assist in meeting compliance and market issues.

Contact us here to learn more.