4 Customer Engagement Trends For the Financial Services Industry

Written by KOVA Corp

Like every other sector of business, the financial services industry is being reshaped by new and changing technology. These changes are happening in the way these organizations do business, but also in the way they market themselves and engage with their customers. Customer service and engagement are crucial to businesses in this industry, as it evolves, to keep current customers happy and attract new ones. Here’s a look at some of the most prominent customer service trends in the industry, and how they’ll help your business thrive in this new environment.

Mobile Banking
Mobile banking continues its upward trend as more people choose to do their banking online, from their phone or tablet. The attraction to mobile banking is simple—it’s easier, and it allows people to do their banking in between checking their email and scrolling through their newsfeed. Having an app for customers to download and use is an important part of staying ahead of the curve in customer engagement.

Customer Service
This involves listening to what your customers are saying to you, as well as listening to what they’re saying about you. In-person engagements are declining, thanks in part to the mobile banking we just mentioned, but also because people are using the internet to research and investigate products and services. Now that people have the ability to sift through multiple offers and claims, great customer service comes from providing them with the best product or service available.

Comparison Shopping
The rise of price comparison websites has put even more pressure on financial institutions to provide better services and rates than their competitors. It’s important to provide a similar way for customers to simply and easily compare and contrast the benefits of certain deals. This is where customer service agents can come into play—offering “instant quotes,” on-screen chats, or offering an in-person meeting to help with the decision and establish trust. Gaining that trust is one of the big, ongoing trends in the financial services industry right now.

Data Analytics
One of the biggest advantages that financial services companies have is that they take in vast amounts of data on each of their customers. What bills people pay, where people regularly swipe their debit cards, and when people write checks—these are all signs that provide data about how people spend their money. Properly analyzing and using this data can help companies offer services based on what the data says their customer might need. For instance, if a customer’s behavior across different channels suggests a spike in saving, then why not offer them a free budgeting or bill payment app? This kind of personalization is going to be key in retaining and bringing in new customers as online options and comparison tools continue to grow.

Do you want to find out more about how your organization can improve customer engagement and retain customers? Then contact KOVA today and see what our innovative customer service solutions can do for your business.

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