Startek Receives 2019 Top 50 Digital Edge Award from IDG

Apr 9, 2019 8:00:00 AM

in Press Releases, Blog

Across the financial services industry, continuous disruption and nimble competitors eager to snatch up market share mean that customer satisfaction and loyalty are essential to top-line revenue growth and bottom-line profitability. To attract and retain today’s consumers, retail banks, credit card companies, consumer finance, insurance companies, and others must forge a strong emotional connection between their brands and customers. In the past, these industries competed largely on price, product and scale – winning customers through convenience and visibility. Today, the main competitive frontier is the customer experience. In a world where customer expectations are being driven by digital disruptors, it can be difficult to adapt to the new landscape. Check out these customer expectations to learn what financial consumers really want.

Financial Customers Want an Effortless Experience

Financial consumers are no different than any other consumer. They want convenience and control without disruption to their daily lives. Who wants to wait on hold to activate a credit card or inquire about a bank balance? Most financial institutions have adopted digital channels to help streamline parts of the customer journey using self-service. But friction may still exist – especially as consumers use multiple channels to complete a task. To deliver on this expectation, use technology to automate simple questions and transactions to enable consumers to self-serve whenever possible. And don’t forget to reexamine the customer journey. Where are consumers getting stuck or experiencing delays? Why are consumers repeatedly contacting you? Look for opportunities across the journey to reduce frustration and confusion. Finally, start thinking like a Fintech by integrating technologies into your traditional service delivery model. You may even consider future collaborations with existing Fintechs to create better outcomes for your customers. When you make the experience easy and hassle-free, it increases sales, enhances customer satisfaction, and improves customer loyalty.

Financial Consumers Want to Speak to Someone Who Cares

When it comes to the topic of money, the conversation can become complex and personal very quickly. For issues or questions beyond straightforward transactions such as getting an account balance, financial consumers still prefer communicating with humans—regardless of whether the interactions are in voice, chat, email, or other channels. In a recent study by Startek, 50 percent of financial services consumers want to interact with a human who cares about them personally and both answers their questions as well as offers insights 1. To deliver on this expectation, specialists speaking to your customers must be better prepared to handle complex and emotional financial issues in a way that shows they care. This requires the right training and coaching around proven communication skills to respond to concerns optimistically, educate consumers in ways that reduce their anxiety, anticipate customer needs, and build rapport.

Are you making the right CX investments?

By integrating advanced technologies with authentic human dialogue, organizations are bringing true human dialogue back to their customer engagements. And they’re reaping the benefits of greater customer satisfaction, retention, loyalty, and share of wallet. Startek partners with over 30 financial institutes including global Fortune 500 companies to provide a wide range of comprehensive CX solutions. As financial organizations work toward the future, one of the biggest challenges will be developing strategies that integrate both technology and exceptional human capital. If you want to invest in the right CX strategies to support your financial customers, connect with Startek today. Visit our contact us page to learn more.