Reinventing the wheel can seem an impossible task, if not irrational. It performs the role it was engineered to do, maintain momentum and steer you in the right direction. No better shape could improve its function. Unless of course, the terrain changes. Just as a digger uses caterpillar tracks for propulsion in uneven soil, a complete reinvention of the wheel was necessary to achieve its objective.
In much the same way, technology is radically evolving the customer experience landscape. The product-centric approach of “this is what we do and this is what you get” no longer suffices. Instead, customers expect personalisation, immediacy and transparency. They expect these on demand, wrapped up in fun, simple and empowering ways, ubiquitous throughout the entire customer experience. What worked before, doesn't today. Considering that more than 70 percent of customer defection in financial services is credited to dissatisfaction with the quality of service, it seems highly irrational not to focus on customer service objectives.
Unfortunately for some financial firms, the potential for adapting a solid customer-centric approach has not been fully recognised. However, new regulatory pressures and competition from FinTech startups are forcing major banking firms to play catch up and embrace digitalisation. To regain traction, banks must push beyond compliance and reform, refine and revitalise the end user experience. Refusing to embrace digitalisation will leave financial firms well and truly stuck in the mud.
Meet customers where they want to be met
The rise of social media and messenger apps have forced businesses to reach customers in new ways. However, the vast array of channels can make it difficult to keep track of every interaction, especially when a customer uses a combination of channels. To prove that your business values each customer, it is essential to be able to keep track of the information they’ve shared. Making customers repeat information over and over is a black mark against the perceived experience.
With Avaya IP Office Contact Centre, you can integrate voice, email, and web chat channels, and proactively manage the entire customer interaction lifecycle, whilst providing optimal accessibility for all communication channels. This means customers are free to choose which channel they prefer when doing business with you, whilst ensuring none of the information they’ve shared slips through the net.
Put forward your best person for the job
The familiarity and immediacy of webchat has proven to be an effective way of capturing the customer while they’re in the evaluation stage on a website and turn them into a buyer. Customers want help on demand and live conversations between adviser and customer instills a degree of empathy. 63% of customers said they were more likely to return to a website that offers live chat as opposed to one that doesn’t. However, if the channel only goes to those handling web chat and not the best agent for the customer needs, you may end up with someone who’s more frustrated than satisfied.
Avaya IP Office Contact Centre can help you optimise your multichannel strategy, providing voice, email and web chat and enabling skills-based routing that can get customer inquiries to agents who are best qualified to handle them, including choice of channel, expertise, and past experience with a particular inquiry or customer. This can create a much more efficient experience by increasing first contact resolutions, reducing interaction handling times, reducing or eliminating transfers to other agents, and reducing callbacks.
Let customers serve-themselves
We are entering a self-serving world. It’s a money saver for companies and a time saver for customers. You only have to look as far as this year's International Consumer Electronics Show to see that artificially intelligent self servicing capabilities are on the rise in 2018. From Amazon’s Alexa to Google’s Assistant, it’s clear the customer’s voice is becoming more important than ever when it comes to serving themselves on demand. According to IBM, by 2020, 85% of all customer interactions will be handled without a human agent.
IP Office Contact Centre recognises the benefits of this changing consumer behaviour. For those that call in, an interactive voice response (IVR) can greet and direct callers, allowing them to use their touch tone keypad to get answers to common questions. This may quickly resolve issues without involving live assistance, or if needed, quickly get the customer to the right agent.
Lightning fast connections
Speed in customer service is paramount. Making your customers wait on the phone is a big no no, and that hold music you’re playing is only intensifying their pain. IP Office Contact Centre links your customer engagement platform to your CRM. So now you don’t have to search for customer details or create activity records - it’s all in one place. From here, agents can click to dial or email from customer records, greet customers by name, and quickly access relevant information for more personalised, well informed customer interactions.
Identifying and understanding your customers needs by providing targeted, timely and relevant information right from the get go is one way to leave your customers feeling delighted. With brand loyalty something of a rarity in the banking sector, it’s essential that your customers leave intent on only using your services in the future.
Around the clock accessibility
If your customer service team is dealing with 9-5 working hours, you are likely inconveniencing a lot of your customers who also work 9-5. Customers want to resolve issues on their own terms and not feel pressured by your limited operating hours. 82% of people have stopped doing business with a company completely due to a bad customer service experience which could be inclusive of not being available outside of the core working hours. IP Office Contact Centre makes your business accessible around the clock by diverting your out of hours calls to your mobile via the Avaya One X portal. Considering that the majority of your customers may need your business the most at the weekend or in the evening, a truly unified communications solution means that you can delight your customers, regardless of when you clock off.
Digital technology’s prominence is radically influencing today's consumer habits. Customers now expect more meaningful relationships with brands, including transparent communication, responsiveness and genuine conviction. This includes with their money managers, advisors and banks. Whereas item and price have been the primary drivers of purchasing decisions, the customer experience is increasingly the new battleground. To regain trust and build brand loyalty, banks must completely rethink the way they deliver the end-to-end customer service experience. A focus on offering a cohesive, simple and personalised customer experience is fundamental in meeting the expectations of the 2018 banking customer.
IP Office Contact Center is a true end-to-end solution for businesses that want to differentiate their services from the competition, achieve better customer segmentation, and increase the value of each customer relationship. Because when your customer feels valued, they value you.