The Important Role of Customer Service in Financial Products

Young couple meeting with financial advisor

Customer service is incredibly important. As the stage of a company which has the most direct contact with the final customer, it is key that customer service staff are properly trained and valued. Customer service has the potential to help customers with many different issues.

Give Advice

The most valuable part of a customer service role is the ability to support clients. When customers are in need of advice – what financial product they should be buying, technical issues, payment problems – the customer service team is invariably their first port of call. Depending on the product, you can sometimes get free debt advice to help you through a difficult time.

This means that the customer service team is a reflection of the overall company and a good experience can make or break customer loyalty. Clear and helpful advice from a customer service representative can really help a customer.

Have to Keep Information Secure

Customer service is particularly important for financial services as security concerns are usually a high priority for clients. When speaking to customer service, you can be sure that your information is kept secure. If the call is going to be recorded for any reason, you will be given prior warning. 

Financial services will only request sensitive financial information over the phone if it is absolutely necessary and it is their company responsibility to keep the information secure. Any financial transactions should be of the highest quality to help clients feel more reassured.

Help People Get the Best Deal

Speaking to a customer service representative can save the consumer money. These representatives usually know the company and the financial products available like the back of their hand. This could mean that they are aware of a better suited deal for that particular client’s needs. 

By speaking to the customer service team, they can share with you the best financial product to suit your needs, any special offers and can try and save you money where possible.

Reassuring Voice

When customers call customer service, they are often in need of support. More often than not, they are looking for a solution to a problem to a financial product and are invariably fairly stressed. A reassuring voice at the other end of the phone can make all the difference. Good customer service representatives have the ability to deal with a situation calmly and, as part of that, helps the customer to feel more at ease.

Increase Customer Loyalty

Having a strong customer service team can really pay it forward for a company as it has the potential to increase customer loyalty. If your clients are made to feel more comfortable speaking to the customer service team, they are less inclined to look elsewhere. 

This, in turn, can increase the amount of money each customer spends and how often they buy from you. It may also encourage them to share your company’s good reputation with others and secure new clients. In fact, data shows that 40% of people start purchasing from a competitor brand if it has a reputation for great customer service and 85% of people are willing to pay up to 25% more for a superior customer service experience!

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