Successful relationships are based on a foundation of trust, whether that relationship is with your friends, family, colleagues, or the brands you choose to do business with. The banking and financial services sector also is not an exception. After all, without having faith or trust in the brand, how can customers trust an institution with their finances, like- short and long-term savings or investments? As a matter of fact, trust plays a greater role in the financial sector than any other because of the heightened financial and emotional investment of their customer base.
So, how do you build customer trust for your bank or financial services organization? Here are a few things to ponder:
The Building Blocks of The Trust Factor
The Bull’s Eye: Millennials Are Your Biggest Present and Future Customer Base
Millennials are one of the financial service sector’s most significant and growing segments. With their growing purchasing power and ability to take risks in terms of investment, they can be the most significant assets for BFSI sectors. The only problem is that many financial brands struggle to gain their trust due to a lack of seamless experiences.
Millennials are the first true digital natives who do most of their purchases on smartphones and are technologically savvy enough to enjoy self-service, interact with a voice bot and chat bots. They only communicate with human agents unless it is necessary. Another key trait of the millennials is that they crave experience over things. Therefore, you need to personalize everyday customer interactions to gain their trust. To win them over, you must anticipate their needs, identify pain points, and proactively offer tailor-made solutions.
The Strategy: Enhanced Customer Experience Is the Key to Building Trust
As customer behavior, needs and expectations change, brands in the financial services industry must focus on delivering consistent, transparent, and unified customer communication across multiple channels. And for that you need a financial services call center partner that can help you ensure a glitch-free experience to boost customer engagement and brand loyalty.
An effective customer experience (CX) strategy is no longer considered a luxury, and financial services companies can no longer afford to be complacent with their existing customer support. A well-thought-out CX strategy involves not only 24/7 support and zero downtime but also focuses on providing points of surprise for customers, staying connected to your customers across multiple channels, and much more.
With the right call center partner, you will be able to integrate your customer service channels and provide that seamless experience to create meaningful relationships that your target customers crave. And when you maintain consistency, it will help you gain the trust of your customers.
The Tool: Omnichannel Customer Experience is Your Best Aid
The financial services landscape is changing – thanks to omnichannel experience with different touch points to complete a transaction. Adding intuitive messaging and communication to the mix can further drive customer-centricity. For a long time, financial institutions like banks, insurance companies, and other financial service providers followed an institution-centric approach where the company was at the center. However, with the business world shifting its focus to customer-centricity, the financial services sector, too, must put customers at the heart of the transaction. And for that, they need to leverage an omnichannel customer experience strategy.
A business that opts for an omnichannel approach enables customers to reach out to them using any platform of their choice (whether it is a mobile app, chat, voice, or email,) and continue the conversation without any hiccups even when they choose to change their communication channels. From the banking and financial services call center perspective, having an integrated interface leads to seamless interactions and marginal errors. The convenience of monitoring and managing all channels from a single platform is a win-win for your consumers, your call center partner, and you.
When you opt for an omnichannel customer experience, your customer service agents can access complete customer information from a single platform, which helps them better understand customer behavior and expectations and offer personalized service. Omnichannel helps you break down information silos, improve interdepartmental transparency and make customer interactions faster and more effective. In other words, customer trust can stem directly from an omnichannel approach to customer service, which results in streamlined operations, a heightened customer experience and improved trustworthiness of your financial institute. Now that is something to bank on (pardon the pun)!
The trust of their millennial customer base is the biggest asset for any business nowadays, and the BFSI sector is no exception. And with a large section of its present and future customer base being the millennials, the financial sector must focus more on connecting with them on a personal level by offering omnichannel customer experience at every stage of the customer journey. Having the right banking BPO partner will help a financial institute offer superior and effective customer engagement and experience on a continuous basis, which will fuel customer trust and turn them into brand loyalists. Now that is something worth investing in!