How Customer Service Can Balance Efficiency and Security In Financial Services?

How Customer Service Can Balance Efficiency and Security In Financial Services?

Efficiency may not be the number one priority for customer service in financial services when business is booming and resources are available, but the power of an efficient AND effective customer service organization can make a massive impact during both challenging and successful times. Now more than ever, customers want to feel especially in control of their financial picture. This leaves financial services companies with the need to strike a delicate balance between satisfying customer expectations for fast answers and meeting the necessary compliance and security regulations.

A recent Kustomer survey found that customer service agents in the financial industry cited challenging inquiries, the volume of inquiries and unclear/unknown policies as the three biggest problems they are facing. Ninety-five percent reported a need to be more efficient, but only 45 percent use typical technology tools to deliver efficient support. As “doing more with less” becomes a requirement rather than an option, financial service companies must rely on customer service tools to assist their agents in meeting customer needs.

How can financial companies efficiently deliver superior customer service without sacrificing the security and privacy necessary for this industry?

Enable seamless conversations

Understandably, clients expect to have access to their assets anywhere, at any time. As financial management increasingly goes digital, it’s no longer enough to be available on all channels. Switching between channels during a conversation, without losing context, is essential. The right omnichannel customer service platform can provide customer-facing teams the ability to view client conversations in real-time, progress conversations forward without clients having to repeat information and get ahead of client issues before they become problematic.

Rely on AI

Forrester research shows that about half of financial services firms already use AI for a variety of tasks, including automation of menial tasks, data and stock market analysis, fraud detection, payment automation and compliance. With adoption of AI expected to grow, so does the opportunity for AI to make meaningful improvements to customer service. By investing in AI-enabled technologies, financial services organizations can add important efficiencies while maintaining security and adhering to compliance regulations.

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Incorporate defection strategies

While the term deflection doesn’t always have the most positive connotation, deflection in customer service is a highly effective way for customers to get the best answer in the fastest way possible. Whether deflection results in rerouting a call or email query to a self-service or chatbot solution, or chatbot information gathering can be passed off to live agents when they are needed, deflection can help financial institutions develop better, more trusted relationships with their clients.

Invest in secure technology                                                                                                  

Keeping sensitive financial data safe and secure is key to building customer trust. Today’s technology solutions must be continuously available and equipped with layers of protection and ongoing monitoring. It’s also a good idea to make sure that your technology provider is regularly audited by independent firms to ensure that they are meeting their compliance obligations.

Clients have higher than ever expectations for fast and secure customer service when they are making financial decisions. Delivering on these expectations and building long-lasting relationships with customers requires knowledge and implementation of best-in-class technology and AI-enabled services. With the right tools in place, financial services companies can meet a broad range of customer demands.

Read More: GlobalFintechSeries Interview with Brady Harris, CEO at Dwolla

Brad Birnbaum1 Posts

Brad Birnbaum is the CEO, Co-Founder & Chairman at Kustomer, customer service CRM platform helping contact centers and businesses reimagine service and support in today’s customer-first world. Kustomer enables personalized, efficient and effortless customer and agent experiences by delivering unprecedented views of a customer's history, facilitating continuous omnichannel conversations and using intelligence to automate repetitive tasks and surface knowledge.


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