In modern banking, customer service encompasses a mix of digital banking strategy across channels, remote human interaction (contact centers), and traditional physical human interaction (branches). The industry has witnessed a shift from relying solely on branches to adopting more scalable service options, and now, all these elements must work in harmony.

Contact centers have proven invaluable in providing personalized service without the need for customers to visit a branch. However, we can also observe the significant costs associated with contact centers in the banking sector. Digital banking strategy rise has amplified the demand for self-service options, catering to customer preferences.

Today, we focus on the pivotal role of digital channels in enabling efficient and high-quality contact center experiences. These channels serve as crucial tools that, when not seamlessly executed, can lead to significant financial losses and a decrease in customer count. A frictionless digital experience is key to maximizing contact center efficiency and fostering lasting customer relationships.

Reduce call volumes. Prioritize Digital for Customer Actions and Empower Self-Service

Digital is undeniably the most cost-effective way of serving customers, and we mustn’t overlook this fact. On average, the cost of service using digital channels is estimated around 0.1 USD. However, failing to provide customers with the online capabilities they expect could lead to costly calls, averaging above 6 USD per interaction.

But it’s not just about cost savings; digital is also the preferred option for 75% of users when it comes to low-touch interactions. Customers seek to access information and perform basic transactions without the need for human intervention, such as transfers, checking balances, or updating account details.

When information is readily available and easily accessible online, unnecessary calls can be avoided. Take, for instance, Leeds Building Society, which saw a remarkable 40% increase in conversion rates by enhancing how users accessed product information and enabling comparisons through Contentsquare.

Failing to meet customer information needs leaves them with two unfavourable options: abandoning the interaction or resorting to calling for assistance. Both scenarios can harm your business.

Moreover, self-service adoption in financial services has experienced a staggering 5.4x growth rate for the last few years, showcasing the unique opportunity that digital banking strategy presents. It’s not just about offering basic activities through digital channels; it’s about delivering them with peak performance. Poor performance in digital banking would only lead to an influx of unnecessary calls to the contact center for support. 

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If you want to reduce call volume in your contact centers, it’s crucial to ensure that digital channels enable customers to perform expected tasks effortlessly and seamlessly. Embracing digital and delivering a top-notch user experience will undoubtedly be a game-changer for your business.

Faster call resolution. Empowering Contact Centers and enhancing efficiency with a good digital banking strategy

For those customer activities that require human agent support, contact centers can leverage digital channels and tools to streamline call times and deliver top-notch service. The ultimate aim is to create a system where customers call when they need to, and agents are equipped with the context to provide the best possible assistance swiftly and efficiently.

Now, the burning question is, how can digital channels reduce agent-customer interaction time without compromising service quality? Let’s explore a couple of examples.

1. Use digital to minimize Bureaucracy Through Online Prequalification:

Due to regulatory constraints, only a select few products can be sold entirely online. Additionally, many customers feel more comfortable seeking human assistance after conducting their preliminary research. Take, for instance, mortgage applications; customers not only seek information but also need to provide certain details before engaging in a conversation.

Mortgage calculators are a valuable tool that allows potential customers to assess their eligibility and offer preliminary information. By increasing the success rate of customers filling out mortgage applications online, resolution times can be reduced significantly. Agents no longer need to re-ask basic questions, saving time and enabling them to delve deeper into customers’ needs and preferences. This enhanced context helps agents qualify customers better and identify the right products to offer. Natwest serves as an excellent example, as they improved their mortgage calculator conversion rates through meticulous attention to digital experience, driving substantial additional revenue (£500k per annum in their case).

2. When jumping from digital to contact center, provide context for efficient customer support:

Digital channels sometimes lead customers to encounter various frictions along the way. Technical issues or challenges in understanding how to proceed may prompt customers to call the contact center seeking support. In these cases, integrating tools like Voice of Customer with Digital Experience platforms can be game-changers. These tools offer agents the necessary context and information to comprehend the customer’s experience and serve them better. For customers, this means not having to recount their frustrating experiences, reducing additional frustration, and allowing agents to quickly grasp the situation without solely relying on the customer’s ability to explain the issue.

In both of these scenarios, the common goal is crystal clear: empowering agents with the tools they need to proactively and efficiently assist customers. By leveraging the full potential of digital channels and investing in a customer-centric approach, contact centers can elevate their performance, foster customer satisfaction, and drive sustainable business growth.

Increase customer satisfaction. Successful digital experience retain customers, but bad digital experiences will push them away

In contact centers, dealing with frustrated customers is a common challenge. Unsatisfied customers are more likely to switch banks, as the Digital Banking Report reveals that 76% of customers would switch due to multiple bad service experiences.

For customers, nothing is more exasperating than being forced into human interaction when they desire a fully digital experience. Such an action alone can cause a staggering 36-point drop in your NPS score.

This level of frustration often pushes contact centers into a defensive role. However, what if we could transform high-value conversations with customers into opportunities for business growth and increased trust? It all begins with the digital experience as the initial step of the customer journey in today’s landscape. Failing at this crucial point will undoubtedly create problems both in the contact center and branches. Emphasizing a seamless digital experience is paramount for driving customer satisfaction and loyalty throughout their journey with the bank.

Need to know where to start?

As per our FSI Digital Experience Benchmark report, we can suggest to focus on some key points:

  • 26% of digital banking users are frustrated. Improve that. Half of the cause is due to huge loading times (14%) while the additional half is due to bad digital experience (rage clicks, multiple button interactions, etc)
  • Focus on mobile experience. Most part of your new visitors are using mobile web and your existing customers primarily use Apps for low touch interactions
  • Double down on your existing customers’ experience. Our benchmark shows that Banking is the industry where the My Account pages are the #1 priority. 

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