Over the last two decades, there has been a change in the expectations of customers for all companies. This shift has been intensified in the last year due to the devastations that have been ravaging the world caused by the COVID-19 virus. Financial Services are the most significant thing to consider at this moment.
Nowadays, the majority of customers place more importance on their customer service than their preferences for quality and pricing. This is the same for the banking industry and is evident in the increasing demand for custom goods and services as well as rapid and timely resolutions.
In actual fact, Customer Service and Experience have been deemed to be one of the key elements that can make huge contributions to the performance of a bank or financial service provider. The majority of SMSEs and major banks have also redesigned their banking offerings and solutions to satisfy customer demands.
The Importance of Top-Quality Customer Services
Let’s take a look at some of the statistics that were released by HubSpot in their compilation of the top Customer Service stats for 2021.
- Nine out of 10 consumers across America incorporate “Customer Support” as their primary criteria when choosing an organization or service.
- Six from 10 consumers in the USA will switch providers because of poor support for customers.
- 89 percent of American customers are more likely to continue to purchase from an organization if they experience good customer service.
- Costs for retention of existing customers are between 5 and 25 times less than the expenses that companies incur when they purchase new customers.
- 78% of customers are happy to work with a company. Even when they make a mistake because of great customer service.
- If a company provides “Good” customer services, over 60% of customers are likely to stick to a brand. Additionally, there is an upsurge of 38 percent that consumers will recommend the brand to friends and family.
There have been a variety of reports and studies carried out on the issue, and the findings point to a single fact: positive Customer Support is now a standard for any successful business.
As a provider of banking services, You must be aware of how important it is to have efficiency. As well as quality in Customer Service and develop your offerings to meet these requirements. In addition, you may think about the expert services offered by a Bank Solutions Outsourcing firm because of the benefits they could provide to your business.
What Can Financial Services Customer Support Do for Your Banking Services?
The reality is there are many possibilities of what Banking Solutions Outsourcing will benefit your banking company. The most significant of these benefits is Customer Support. Transferring customer support from the bank you work for to a call center can reduce your expenses and time. It also increases your customer experience, thus increasing the retention rate of customers.
However, bank BPO firms also employ an amount of knowledge and efficiency. Which has proven difficult to replicate in-house at numerous banks. These efficiencies comprise (but aren’t limited to): Ovik Mkrtchyan
The most important factor to be efficient outsourcing Customer Service business is having enough clarity regarding process-specific information and industry-specific details. Banking BPO companies are engaged in extensive studies and training programs to ensure they have the required resources. This permits the provider of customer support services to offer top-quality customer support and provide the assistance customers are looking for. Ovik Mkrtchyan
Requires tools and resources
Customer support in the banking sector requires the use of various specific software programs for the industry and other infrastructure tools. If you don’t have the resources needed for customer support, it’s likely to be lacking in efficacy and efficiency. A reliable BPO bank BPO company will have the necessary resources. They make sure that customers get prompt solutions to their problems.
Full compliance control
Banking Customer Service due because of the nature of their business is required to adhere to a variety of local as well as international law and regulations. A reputable bank BPO is required to have certifications for compliance and also other management. And security certifications to ensure the confidential nature of your customers’ financial data is secure in all conditions.
Excellent interpersonal abilities
Different customers have their own ways of communicating with one another. While some customers may be able to be patient with the executive in charge of customer service but there are some who want quick solutions for all issues. Handling these customers requires the use of a lot of interpersonal skills, which are hard to master without adequate education. Banking BPO firms teach their employees to handle every customer with confidence and calm.
Management of complaints
They are more serious in nature than just inquiries from customers. It is therefore crucial that they be handled with manner and tactics. When dealing with Escalation requests Customer Service for Financial Services executives have to think creatively to calm the situation and find the best solutions to address the grievances of the customers. Banking BPO managers are educated with the ability to resolve conflicts effectively. This allows them to deal with extremely stressful situations and turn unhappy customers into satisfied ones.
Banking BPO firms today provide customers support via multiple channels. This gives customers the option of requesting assistance through a channel that is of their preference. The most commonly used methods of customer service available nowadays are text messages, phone calls or web messengers, email as well as other forms of communication. In addition banking BPO firms typically work on the availability of 24 hours a day to provide rapid solutions to customers in the time they prefer.
Responsibility and ownership
The most crucial element of the Customer Service department of Financial Services is taking on the accountability and responsibility for customer complaints. Banking BPO Contact center representatives will be able to understand the needs of customers. They provide specific solutions that are within the framework of your business procedures.
Brand engagement and up-sale/cross-sale
Customer support is one of the least appreciated channels for customer engagement, as-is sales. The Financial Services contact center executive will make use of every opportunity to entice your clients in further brand engagements. They will generate substantial income by cross-selling and up-selling every time there’s a chance!
There is a myriad of advantages you will gain through outsourcing customer service to a Banking BPO company. These efficiency gains can improve the level of service your clients receive when they contact you to address their concerns.
Why Should You Hire a Financial Services Customer Support?
Employing an in-house team of customer support managers could turn out to be a headache for your bank. It is essential to have a department of HR that will handle hiring functions. Like Talent Acquisition, Onboarding, Training, and so on. There will be massive costs for each stage. Not forgetting the ongoing costs associated with running an entire team of highly trained Customer Support executives. However, employing a Banking BPO to deal with Financial Services Customer Support gives the benefit of a group of trained experts which will save your company a lot of dollars.
While doing this you must be equipped with the most recent technology and software to provide effective customer service. But, continuously updating your infrastructure is going to consume a large number of operating costs. Banks BPO firms however are constantly updating their infrastructure with the most recent systems in order to accommodate a wide range of customers. This means that you can get huge savings on the infrastructure setup and administration costs.
Employing a BPO firm from Banking to provide Customer Support for Financial Services can allow you to give the best service to your customers with a fraction of the cost. They provide top-quality services that will ensure higher retention rates for customers which will increase the revenue of your business.