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Financial Services Customer Support for Customer-centric Banking Solutions

Over the course of the past two decades, there has been a gradual shift in customer expectations for all businesses. This transformation has somewhat been accelerated in the past year, caused by the rampaging devastations of the COVID-19 pandemic. Financial Services Customer Support is most important things in this time.

Today, most customers give greater importance to customer service than their quality-and-pricing preferences. The same applies to the Banking sector too, which is evident by the ever-increasing demand for customized products and services, in addition to prompt and efficient resolutions.

In fact, Customer Support & Experience has become one of the most important factors that can make major contributions to the success of a banking or financial services provider. Most SMSEs and large banking corporations have even remodeled their banking services and solutions to meet customer expectations.

The Importance of Top-Quality Customer Services

Let’s look at some statistics published by HubSpot in a compilation of top Customer Service stats for 2021.

  • 9 out of 10 customers in America use “Customer Support” as deciding factor when choosing a company or service.
  • 6 out of 10 customers in the USA would switch service providers due to unsatisfactory customer support.
  • 89% of American customers are likely to make repetitive purchases with a company if they receive satisfactory customer services.
  • Retention costs for existing customers are 5-25 times lesser than the costs incurred by companies in acquiring new ones.
  • 78% customers are willing to do business with a company even after a mistake due to excellent customer services.
  • In case of “Good” customer services, over 60% consumers are willing to remain loyal to a company. Also, there is an increase of 38% likelihood that customers are willing to recommend the brand to others.

There have been numerous studies and market research conducted on the subject, and all results point to one undeniable fact – positive Customer Support has become a benchmark for all successful businesses.

As a banking services provider, you must recognize the importance of efficiency and excellence in Customer Service, and design your service offerings accordingly. At the same time, you might also want to consider the professional services of a Banking Solutions Outsourcing company due to the potential value that they can bring to the table.

What Can Financial Services Customer Support Do for Your Banking Services?

The truth of the matter is that there are endless possibilities to how Banking Solutions Outsourcing can benefit your banking business. However, the most prominent among these benefits is with Customer Support. Outsourcing the customer service for your bank to a banking call center will save you tons of money and resources. It will also improve the quality of customer service, thereby improving customer retention rates.

At the same time, banking BPO companies also deploy a certain level of expertise and efficiency that has proven difficult to replicate in-house by many banks. These efficiencies include (but are not limited to):

  • Industry-specific knowledge

The key to becoming a successful Outsourcing Customer Service company is to have sufficient clarification on industry-specific and process-based information. Banking BPO companies indulge in adequate research and training programs to ensure that they are equipped with the necessary resources. This enables the customer support services provider to provide high-quality customer services and ensure assistance that consumers expect.

  • Requisite tools & resources

Customer support for the banking sector involves the use of a number of industry-specific software programs and other infrastructural tools. Without the necessary resources, the customer support is likely to lack the necessary efficiency and effectiveness. A good banking BPO company will have all the necessary resources to ensure that your customers receive prompt solutions to their issues.

  • Complete compliance management

Financial Services Customer Support, owing to the nature of their business, must comply with numerous local, national, and international laws and regulations. A professional banking BPO will have the necessary compliance certifications and other data security and management accreditations to ensure that the sensitive nature of your customers’ financial information is protected under all circumstances.

  • Efficient interpersonal skills

Different customers have different ways of communicating with others. While some customers are likely to patient with the customer support executive, there will be others who would demand prompt solutions to all their problems. Dealing with such customers require a great deal of interpersonal skills that are difficult to develop without proper training. Banking BPO companies train their executives to interact with every customer with extreme calm and composure.

  • Complaint management

Complaints are much more serious in nature than mere customer inquiries. This makes it important to be dealt with the necessary tact and strategies. During Escalation requests, Financial Services Customer Support executives need to think on their feet to deescalate the situation and come up with the necessary solutions to resolve the customers’ grievances. Banking BPO executives are trained with effective conflict-resolution skills. This helps them deal with highly stressful scenarios and transform complainants into happy consumers.

  • Omni-channel support

Banking BPO companies today offer multi-channel support to customers. This allows the customers the freedom to request assistance from a medium of their choice. The most common mediums of customer support available today include calls, text messages, web messengers, emails, etc. At the same time, banking BPO companies usually work with a 24X7 timeframe to offer prompt solutions to customers at their desired times.

  • Responsibility & ownership

One of the most important aspects in Financial Services Customer Support is to take the responsibility and ownership of customer grievances. Banking BPO contact center executives will empathize with the customers and offer them customized solutions within the scope of your business processes.

  • Brand engagement & up-sale/cross-sale

Customer support is among the most underrated channels of brand engagement and sales. A Financial Services contact center executive will utilize every opportunity to engage your customers into additional brand engagements. In addition, they will also bring in substantial revenue through up-selling and cross-selling, whenever there is an opportunity!

There are plenty of other benefits you can enjoy by Outsourcing Customer Service to a Banking BPO company. Each of these efficiencies will enhance the quality of support your customers receive when they make contact with their issues.

Why Should You Hire a Financial Services Customer Support?

Hiring an in-house team of customer support executives can prove to be a nightmare for your banking company. You must have a team of HR that will deal with hiring functionalities such as Talent Acquisition, Onboarding, Training, etc. You will have to incur heavy costs at every step, not to mention the recurring costs of running a team of trained customer support executives. On the other hand, hiring a Banking BPO to deal with Financial Services Customer Support will give you access to a team of already trained professionals, thereby saving you a ton of money.

At the same time, you need to have the latest infrastructure and software programs for efficient customer service. However, constantly upgrading your infrastructure is likely to take out a massive chunk of your operational expenses. Banking BPO companies, on the other hand, update the infrastructure to the latest systems to cater to multiple clientele. Hence, you make an incredible amount of saving on your infrastructural setup and management expenses.

Hiring a Banking BPO company for Financial Services Customer Support will allow you to offer the best customer experience to your consumers at a fraction of the costs. Their top-quality services also assure greater customer retention rates, thereby boosting your revenues.

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