Digital technology has transformed banking and wider customer expectations about what a good service looks like. These days, we all expect the same convenience from financial services as we enjoy from other areas of our lives such as shopping and booking holidays. There are challenges to meeting these expectations. The first is that financial services are more complex than simple ecommerce and the second is that providers add value with premium customer service and expertise. How do banks and wealth management firms meet expectations for greater digital self-service options whilst still delivering this added value?
Digital technology puts the customer in the driver’s seat
Digital services can support premium customer service if the customer feels in control. This means that personalisation is very important – from the choice of hard or soft copy statements and reports to how they receive information and interact with the organisation. The greater the options for personalisation, the more successful the service will be – and it doesn’t have to be a simple option of all digital or all in-person with paper reports. For example, a wealth management client may prefer all their updates and news about new investment opportunities via their phone, they may want to check in from time to time via digital chat and still prefer a paper annual report and a meeting in person to review it. Giving customers the choice of how they interact will strengthen the relationship because it will be more convenient and more responsive to their needs.
Offer expertise where it matters
Alongside this, it’s important to consider where your team add value. For example, if a customer simply wishes to update their contact details or switch from paper to virtual reports, this doesn’t require expert support and it may be inconvenient to try to make that call in office hours. In contrast, understanding changes to an investment portfolio, reconsidering investment goals or applying for a product such as a mortgage may benefit from more expert input. Digital technology can bring you closer to customers by putting the spotlight on exactly where you add the most value. The added bonus is that your team spends less time administering simple requests, customers spend less time waiting on the phone for an answer and all that efficiency adds up to more time to deliver a premium service and happier customers.
What is the future for digital financial services?
There are a lot of forecasts and predictions about digital banking, from the demise of traditional bank branches to the rise of digital wealth tools. All the predictions show a growth in digital solutions, but this doesn’t have to mean the end of personalised service. Successful digital banking and wealth services will put the customer at the heart of the solution. That’s why we’re focused on delivering the best possible front-end digital technology, direct to your customers. In the future, we can be certain that your digital interface will be the primary shop window through which customers view your services and we want to make sure it shows you in the best possible light. This doesn’t mean the end of premium customer service – it’s an opportunity to put the expertise of your team and the value of your products and services in the spotlight.