Commercial banks must step up their game on customer service
In retail banking, a bank has only one customer (or two) per account. In the business scenario, however, there are so many more stakeholders for each account, which makes service excellence much more complex. When customers are international, getting great customer service also comes with geographic challenges such as different currencies, languages, cultures, and regulatory environments. Fortunately, technology can help make the processes associated with service excellence more manageable and enable the bank to deliver a more personalized experience.
The challenge of getting excellent customer service from business banking seems considerable. We recently conducted research on the impact of inadequate business banking service. Almost half (49%) of business banking customers said they would strongly consider changing financial institutions in the next year. The main reasons were poor overall service (41%), lack of interest from the bank in their business (34%) and systematic errors in account transactions (32%).
In addition, 49% of them said they would consider switching to one of the competing banks. As FinTechs like Monzo, Starling, and N26 shake up what it means to deliver a great banking experience in our personal lives, it’s hardly surprising that commercial bank policymakers are wondering why they can’t expect the same great. service in their professional life. Lives. They are also consumers after all!
But, there are a lot of things that make it difficult for commercial banks to transform their service – workflow frictions, disparate systems, inconsistent data, disconnected channels, and limited self-service capabilities to name a few. .
Nonetheless, the commercial banking industry needs to step up its game. They need to deliver connected and consistent service across all channels, while continually creating value and relationships.
So how do you do it? Informed and connected service capabilities leveraging technologies such as robotics and automation are critical. An intelligent services platform powered by natural language processing, AI and real-time data, for example, delivers effective and efficient customer engagement, better SLA compliance, and insights that translate into products. and personalized services specific to clients’ needs. Additionally, a more informed, AI-powered approach to customer experience can ease operational tensions and create a better experience, whether it’s accelerated, integration in line with efficient operations, proactive customer service, more relevant relationship management.
Delivering great service on a consistent basis means earning the trust of your customers and generating greater business value that offers a multitude of benefits. There are examples where costs can be reduced by 15-25%, customer retention can be improved by 30%, and revenues increased by 20%. Plus, service excellence and the benefits that come with it don’t take years if commercial banks implement the right approach to digital transformation.
Disparate systems, disconnected channels, and friction in workflows prevent merchant banks from delivering superior customer service, and the fallout can mean not only customer dissatisfaction, but also performance indicators. poor service and service, missed income opportunities and declining profits. And it’s totally unnecessary… the technology to make the change is available today. Commercial banks can improve their game to unlock this potential, and technologies like smart service platforms and AI are key.