Need of Customer Enablement Platform in Financial Sectors

by    May 27th, 2016

Posted In:

Fast access to the right information, in the right form, is an essential part of delivering excellent customer service. Whether it is through self-service systems on the web, or providing agents on the phone, email, social media or chat channels with consistent and accurate information, knowledge is the cornerstone of a successful customer experience.

Financial Services organizations face a tough combination of challenges, from an evolving marketplace to emerging technologies and regulatory compliance, each one adding complexity to customer interactions. Cross-channel solutions and frameworks are more important than ever in reducing time-to- benefit, increasing business value, and improving customer experience.

Financial institutions are saddled with rising customer attrition. Banks, brokerage firms, and insurance companies all wish to engage with their customers online or through their mobile phones — they can no longer survive with traditional 24/7 availability. Innovating with the market and technology trends and improving the customer experience at every stage with an integrated platform are key to building stronger customer relationships.

If you ask consumers to list their main issues with poor customer service then receiving inaccurate, incomplete or plain wrong answers are normally at or near the top. Whatever channel they contact you through; consumers want a response that shows you understand their query and an answer that solves their problem. 

However, contacting a company can often resemble a lucky dip, with consumers receiving a different answer depending on who they speak to or the channel they use. It is important to state that this is normally not the fault of the customer service agent – they simply don’t have the latest information at their fingertips, so they have had to rely on experience, their own knowledge or asking a colleague. This then leads to a plethora of problems, impacting the customer relationship and adding to costs, as consumers need to make contact again to get a definitive
answer to their problem.

The best solution to this is to centralize knowledge management and ensure it is available across all your channels. So, the same knowledge base can power self-service systems on your website and be available to agents working on the email,phone, social media and chat channels.Here are some key benefits that improved knowledge management brings for customer support management in financial institutions:

1.Greater consistency If agents (and other staff, such as in-store or branch) aren’t given the same information, they are inevitably going to deliver inconsistent responses. This risks the customer relationship – the consumer will be annoyed by the confusion and if they are given the wrong answer may well take their businessbelsewhere. It also adds to costs if the answer provided goes against company policies and procedures.

2. Lower training costs There is always a need of good amount of workforce in financial sectors. Having a ready to go knowledge base can lower the cost and burden of training. New recruits can have access to the process through these updated knowledge base platforms. Having access to a ready source of knowledge doesn’t remove the need for training entirely, but it does shorten the time required to get agents confident and up to speed, as they don’t need to learn manuals worth of information.

3. Faster answers Agents are more productive if they have answers at their fingertips. This means that they can respond to more queries per hour, without impacting quality. Customers are happier as they’ve quickly received an answer, on their channel of choice, leading to improvements in retention and loyalty.

4. Greater customer understanding Knowing what your customers are asking is a key source of insight into their needs and requirements. Unlike paper-based manuals or static website FAQs, knowledge management systems allow you to see what the most popular questions being asked are, and how this changes by channel. This can provide early warning into potential issues, and flag up areas, such as on your website or in your processes, that customers find difficult to navigate and that need fixing.

Financial sector has always been associated to life of every person in one or the other form. Banking, insurance, credit institutions, investment centers have a direct or indirect impact on every person. This high dependency and relatedness results into a number of queries, problems, etc. So in order to have a prompt and apt solution to these problems it is very important to have a well-integrated robust knowledge management platform.