Digital customer service in the banking sector: A Seamless Customer Journey for Greater Customer Loyalty
The financial industry is facing unprecedented challenges. Established business models of banks and savings banks are being called into question from several directions at once:
Digitization is raising competitive pressure with new market participants and innovative service and sales concepts ” Digitization is raising competitive pressure with new market participants and innovative service and sales concepts
Traditional sources of revenue no longer guarantee returns because of the extended period of low interest rates
Growing regulatory requirements and documentation mandates are creating high administrative costs and increasing the amount of activity that doesn’t generate added value
Furthermore, the relationship between customer and bank is being terminated and renegotiated with breathtaking speed in online and digital markets. Brand loyalty is a thing of the past in the banking sector; the bank customer has never been more transient than today.
These days, all cars look good and last ten years. All washing machines are environmentally optimized and wash the laundry clean. And all checking accounts are inexpensive and secure. These days, in other words, quality and reliability are “hygiene factors” in the financial sector. If you want loyal customers, you have to create an emotional bond to the product and the brand, and you have only a few “moments of truth” at which to do so. Arvato CRM Solutions is aware of the importance of these moments for the banking industry and has developed a customer journey for bank customers that intelligently combines digital support and personal services.
The customer Max Meier, for example, would like to open a new checking account. He researches the services of various banks online and notices QuantosX-Bank, an institution created by Arvato CRM Solutions. His first touchpoint is the bank’s website, where he first looks for the terms and conditions for checking accounts. Here, a semantic search feature like eSearch from Arvato CRM Solutions can provide the first positive customer experience, because a natural-language search feature gets to the heart of a query and supplies much better – as they are more appropriate – results than a typical online search.
While Max Meier surfs on QuantosX-Bank’s website, a chat window appears and offers him additional support. A chatbot responds to Meier’s questions and provides him with the information he is looking for. If the questions demand more complex answers, a human customer service agent intervenes in the chat. Since Meier wants to open his new checking account right away, a service agent is needed. Meier provides the necessary identification right from his sofa using VideoIdent from Arvato CRM Solutions. A few weeks later, he wants to apply for a loan so he can buy a new car. He sends an e-mail to his bank, and the response is positive. Via e-mail, QuantosX-Bank also sends him an online agreement for the loan, which Meier can finalize right away without printing it out or having to visit a branch office. That’s because the digital agreement can be signed with a qualified electronic signature that’s legally equivalent to a handwritten signature.
In the background, a powerful analytics solution at QuantosX-Bank ensures that Max Meier’s customer data is used to generate information with which the bank can offer its new individualized products and services. In the case of Max Meier, these would be investment opportunities to build wealth.
Analytics technology is also useful to the customer service agents when Meier contacts them for assistance. An innovative user interface like the CRM Analytics 360° Cockpit from Arvato CRM Solutions shows them all the relevant information and insights about the customer at a glance. The system also makes real-time suggestions for specific actions to provide support tailored to the individual customer. These “next best actions” can be used not just for support but for sales activities too.
The bottom line
At any point and at any time during his customer journey, Max Meier can reach QuantosX-Bank via his preferred channel and get the information and support that he needs. At each buying decision, he can act without delay and without having to switch to other media or modes of communication – he experiences a seamless customer journey made up of digital services AND personal service.
Author: Editorial team Future. Customer. Image: stokkete – AdobeStock