Embracing a New Service Model for the Digital World
In our current swiftly changing digital environment, where technology and customer demands are fundamentally changing industries, financial services find themselves at the forefront of a profound transformation. The white paper titled “Embracing a New Service Model for the Digital World” offers a comprehensive perspective on the hurdles, potential, and methods that banks and other financial entities need to adopt in order to flourish in this era prioritizing digital solutions.
Let’s delve into the key takeaways from this thought-provoking document:
Pre-COVID Shift: The Dawn of Digital Transformation
Even before the COVID-19 pandemic, the winds of digital transformation were sweeping across the financial services sector. Changing consumer preferences were evident, and the impact of this shift was beginning to reshape the industry. The pandemic acted as a catalyst, catapulting the financial services sector into a digital-first era of engagement and remote work.
Meeting Evolving Customer Expectations
Customers today value the convenience of self-service options, but they also seek the assurance of human interaction when needed. A seamless experience across various channels has become an expectation, creating a challenge for financial service providers to balance digital efficiency with personal touchpoints.
The Challenge of Complex Requests
While the industry has made strides in basic servicing requests, it has been slower to adopt a digital-first model for more complex inquiries. This has resulted in a gap in customer satisfaction, with a Salesforce survey revealing that only 27% of customers believe the financial services industry provides great service and support.
Unique Challenges for Financial Services
Banks and financial services companies face unique barriers in unifying customer data. Legacy systems, regulatory demands, and the existence of siloed business lines hinder the seamless integration of customer information, making it challenging to deliver the personalized experiences customers expect.
The Need for Connection and Transformation
The critical solution lies in connecting processes and data across each line of business. This transformation allows financial organizations to offer tailored interactions, improve service efficiency, and enhance customer satisfaction. A hybrid approach, where self-service features are augmented with human support, has emerged as the gold standard for service.
Case Study: Western Union’s Journey
A compelling case study in the white paper showcases Western Union, a company facilitating global money transfers. Western Union’s adoption of an omnichannel approach, integrating messaging with service bots and human agents, highlights the importance of creating a seamless customer experience.
Operational Efficiency and Remote Work Challenges
The need for operational efficiency takes on new significance as service teams work remotely or in more dispersed settings. Robust data and systems are essential to ensure that representatives have the information they need to serve customers effectively.
Digital Transformation: A Prerequisite
Service transformation goes hand-in-hand with digital transformation. The modernization of processes and technology, coupled with increased automation and data visibility, is essential for organizational improvements that extend beyond customer service to impact various departments.
Four Transformation Steps
The white paper outlines a clear path for financial service organizations to transform their customer service:
- Identify common service requests
- Enable self-service and automation
- Connect self-service experiences to the contact center
- Empower agents with visibility into customer and case information
