7 Ways to Improve Financial Customer Services

FinTech Services Team

Thanks to the technological revolution, customer service has become a key factor which distinguishes companies in the financial services and insurance (FSI) industry.

Here are some ways the financial sector can measure their customer service, identify gaps and take steps to improve the customer experience (CX).

1. Get Customer Feedback

Without customer feedback, it’s impossible to improve the customer experience. The client’s experience is better understood when they have rated your service, so the first step is to perform a survey. Bear in mind customers don’t like anything that is time-consuming or difficult and may lose their engagement if they log in to an online portal and find a complex form to complete. Instead, send emails with links to the survey information. Make them concise and useful and offer incentives such as entry into a competition. Both customer and company will benefit from this.

2. Move to Multi-Channel

It’s no secret that an increasing number of people are switching to online and mobile financial services. People do not need to call or visit a branch office anymore as everything can be done online. This move is having a significant impact on the future of customer support.

The main customer support channels are now:

  • Live chat
  • Phone
  • Video chat
  • Social media
  • Email

Make sure you are meeting your customers at their preferred channels and your organization can handle the expected volume of customer interactions, 24 hours a day, 7 days a week.

3. Train Your Employees

Your customer service representatives are responsible for providing customer support in relation to financial products such as a personal loan. It’s therefore important that they are fully trained. Your representatives must be able to understand the company’s products and associated documentation. They should have a good understanding of financial regulations as well as institutional policies and procedures. By regularly attending seminars and taking part in other education, they will be able to keep their skills and knowledge current.

4. Go Digital

The digital transformation of financial services has made it possible for organizations to interact with customers in real time, respond to their questions and solve problems much faster. This also means that they need to have more skills than ever before to solve their customer’s problems. Today, organizations are increasingly investing in artificial intelligence and chatbots to improve the customer experience. They are also working with hybrid tools that turn web content into a conversation on customer service channels, helping customers in need of advice find the resources they need quickly.

5. Offer Self-service

One way to improve the customer experience is by providing a self-service function. These technologies can reduce your help desk staff and increase efficiency, while also providing customers with the help they need faster. However, statistics show that less than 50% of all the customers who are offered the opportunity to solve their problems on their own actually do that. It’s important therefore that self-service options are easy to use, up to date, and provide the information that customers need. An effective self-service solution can save a company huge amounts of money and provide added convenience to customers.

6. Use Social Media

Social media is an important tool for professionals in the finance industry. Everyone wants to do business with people they trust when it comes to money. Social media is a great way to build trust with clients, especially when you are unable to meet them in person. It can help you maintain the customer relationships that you would build at a branch or office. Social media management will allow you to quickly identify customer issues and resolve them quickly. You can also use social media to your advantage by creating a customer group on Facebook or Twitter. Keep in mind customers want consistent customer service, regardless of the communication method they choose.

7. Protect Customer Data

Use strong but user-friendly identity validation methods such as voice biometrics. This method uses the caller’s unique voiceprint and promises high levels of security. It makes identification easier for customers and speeds up the verification process. Your customers and agents should also be educated about the importance of strong passwords as well as the dangers of an easily cracked password. Limit access to your customers’ data so that there are fewer points of vulnerability for your organization.


The financial services industry has already made a big push to improve the customer experience through digital channels. The rise of FinTech services in the mass market has also compelled traditional financial service providers to finally take notice and begin to act. However, as we all know, it’s not just about putting a great digital channel in front of customers, they must be able to navigate through it. Management teams can also play a pivotal role in bringing about a new culture and mindset that places the customer experience at the heart of day to day business operations.

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