Providing exceptional customer service inside your bank or credit union should be the foundation of success. By helping to attract new customer and retain current ones, customer service can help a bank stand out in a competitive landscape. With so many banking options, including online-only startup institutions, customer service is as important as ever before.
Fortunately, most customer service issues can be handled fairly easily, but still require an attention to detail. Here are some ways in which banks can improve on customer service for the modern banking customer.
Embrace FinTech
It’s no secret that technology has made its way into our daily lives, helping us course through our objectives one click or swipe or push at a time. On-the-go service spearheaded by financial technology has helped to boost customer experience in the modern age and has seen a boost of its own with a 75% jump in global investment. Banks are seeing this firsthand by providing tech upgrades for their customers and staying on top of trends in the marketplace.
Here are some of the ways FinTech is innovating how we bank in America:
- Exploring advances in mobile payment options
- Integrating systems and converting old data to new formats
- Using customer data and social media to enhance bank marketing and retargeting
It’s important for banks to be on the ball when it comes to providing time-efficient and reliable services. It’s also important for banks to be in the know of possible pitfalls of working closely with customer data, which can lead to legal issues, as we have seen recently with Wells Fargo. In this case, having a reliable bankers professional liability on hand will help to protect against claims.
Empower Employees
Sometimes banks and financial institutions can fall behind on resources for their employees in order to better serve their customers. Disorganized knowledge base solutions can create confusion for tellers and lenders in branches by not being able to hunt down the right information they need. This affects customer confidence and may lead to some people switching services.
Banks should have accurate, up-to-date and consistent information on hand, as well as an easy way to search for information. Keeping an efficient and knowledgeable roster of resources handy will create a streamlined and effective experience for customers.
Provide Education on Financial Literacy
Having the ability to help customers out with financial literacy isn’t new, but the way in which it can be provided has changed. Financial literacy programs that target lower-income areas have been available for some time, but banks can bring the into the modern age by offering these services to all customers.
The recent financial collapse a decade ago shed light on the importance of being diligent with financial literacy. Everyone, regardless of social or financial status, should feel encouraged to pursue help when needed. This act of goodwill will only help to create a positive collaboration between bank and consumer.
Using these tips will help to improve the evolving landscape of banking customer service. But ultimately customers want to know that their bank is there not to take advantage of them and to meet them with personable touches. Banks should instill ear-to-the-ground service cues in their daily tasks and provide customer with superior, hands-on service on a relatable, personable scale.
Was this blog helpful? Take a look at our other blogs on providing an optimal banking experience.
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About Financial Guaranty Insurance Brokers
Since 1983, Financial Guaranty Insurance Brokers has distinguished itself as a provider of Professional Liability, Cyber Liability, and Crime insurance products for entities of all types. To receive timely, personalized service from a knowledgeable and experienced staff, call us today at (626) 793-3330 to speak with one of our professionals.