Do your service standards deliver what clients want? See here

Man, happy with service and experience from brands through his digital devices.

By AdviceBridge

With consumer preferences evolving fast, many financial service providers and institutions are embracing new digital innovations and technologies, to help them deliver a positive customer experience. 

However, as forward-thinking customer service teams are pioneering a new era of financial services, FS companies who fail to innovate risk losing customers.

Meanwhile (and unsurprisingly), the all-important human touch remains a vital component in excellent customer service.

Customers of all ages now conduct their banking through digital channels 

The past few years have seen huge numbers of financial services move into the digital space and customers are making the most of the changes. From millennials to silver surfers, a wide range of customers are conducting their business through digital channels.

Having gained momentum during the pandemic, the shift to digital has consolidated over the last 12 months.

A Deloitte survey found that people in the US feel most comfortable completing tasks such as paying bills, bank transfers, and depositing checks through digital channels, but it doesn’t stop there. In fact, this is where it starts.

Millennials and Gen X prefer to take things a step further 

30% of millennial and Gen X respondents said they prefer to use a mobile app or online portal to connect with a customer service agent or financial adviser.

Read more: How to engage Generation X: 6 ways to tap into their wants and needs

The problem comes when you look deeper and discover that the popularity of digital banking is not always being met with better technology. 

Unfortunately, although consumers are willing to use online and digital services, many end up feeling let down by poor customer service experiences. In fact, a survey from The Financial Brand revealed that 64% felt that their bank’s mobile app did not allow them to solve a customer service question quickly – if at all. 

If digital experience is a let down, customers will look elsewhere

Given the threat posed by fintechs, and the arrival of big tech companies into the financial space, this high number of dissatisfied customers should be alarming for banks who are failing to keep up with tech advances. 

Where customer inertia may once have been enough to keep customers loyal, these days, if they have a bad experience, it’s easier than ever to find a seamless digital banking service elsewhere.

Customer service stats on personalisation

More than ever, consumers want brands and banks to offer them something relevant. 

People want to feel that their service providers know what they need and have their best interests at heart. This is where personalised experiences can strengthen ties and stimulate customer engagement. 

Banks, financial advisers, and large product providers can gain a strategic advantage by offering a customized, cutting-edge digital experience. They can achieve this by making use of the vast amounts of data and demographic trends available to them.

But it takes a lot of incredibly clever and intuitive technology to know how to handle the data well and provide a direct benefit to the customer.

What might personalisation look like? 

One simple layer of personalisation can be delivered by private messaging channels for customer service. And 4 in 5 people say they expect this from both brands and banks.

Meanwhile, more complex products and services will demand a high-touch approach. For example, personalising mortgages and financial advice might mean offering a one-to-one meeting with a human agent and giving the option to meet digitally or in person.

Read more: The figures don’t lie: Why advice firms must provide all three engagement channels (adviser, digital, and hybrid) for all client types

Of particular interest to advice firms, customers also welcome personalisation when it comes to financial health. 37% expressed an interest in receiving account alerts to help them manage their money better. 

AdviceBridge helps clients manage their money better

Advice clients with access to the client-side app from AdviceBridge can use online tools to help them manage their financial situation online, providing scenario based assessment at the touch of a button.

The easy-to-use app creates greater touchpoints and helps increase familiarity and strengthen trust. 

The goals-based tools enable your clients to see how altering their finances will affect them now and in retirement. Crucially, they can access information 24/7.

And that’s not all. 

The great news for advisers is that you get an alert to tell you of any updates or changes in your clients’ financial situation, enabling you to deliver timely, on-point advice with minimal effort.

This is particularly useful when, according to VouchedFor, wealth management clients who meet with their advisers more than four times a year are twice as likely to feel optimistic about their financial situation. 

Get in touch

To find out more about how AdviceBridge can help you deliver the digital experience clients expect, please get in touch. Email, book a demo, or call us on 020 3925 3850.