Five ways Lenders can improve their customer experience with instant messaging

January 27, 2022
minutes read

In order to meet consumer demands and match today’s pace of innovation, financial services are looking to implement digital transformation efforts to remain competitive.

According to McKinsey, CX focus and digital transformation practices drive customer satisfaction up to 30% and revenue up to 50%, making the connection between digital transformation and customer experience inseparable.

Here are five ways Lenders can improve their customer experience:

1. Collect data from touchpoints

When tasked with improving the customer experience, the first step is to look at optimising touchpoints. These are the key deciding moments for when customers will either onboard, stay, upgrade, cancel or refer to your service. 

Customer feedback is the easiest way to find out what they like, what they want and at which touchpoints they make the critical decision to choose you. 

After collecting data from customers, you should begin by organising it into segmented lists, breaking it down so that your team is able to understand the customer. You can then use this data to more effectively target and/or understand your customers in order to take action.

2. Offer a frictionless communication channel

67% of customer churn can be prevented by resolving a service issue during your first interaction with the customer.

In addition to personal service, your customers want your bank to be accessible. Communication via messaging apps is digital, flexible and not reliant on the opening hours of offices on site. Resulting in both on-hold waiting times and email response times being eliminated. 

3. Implement automation

When considering customer experience, you need to consider the response time. While adding resources to help can mitigate the impact in the short-term, this is not a long-term solution to success. 

Automation enables financial services to work faster and more efficiently, improving customer experience and promoting long-term loyalty.

4. Humanising interactions 

‘Digital’ and ‘human’ are not as disconnected as businesses once thought. While nothing replaces the face-to-face aspect of financial services, the last 18 months have taught us all that we can interact remotely. Lenders need to find the balance between offering convenient digital solutions for efficiency without relying on robotic conversations. 

5. Listen to customer feedback 

70 percent of consumers consider their relationship with their bank to be transactional, rather than relationship-driven, according to Accenture. 

Not only does feedback help with the development of services that inspire loyalty, but the simple act of soliciting feedback can help your customers feel heard. Intuitively, it makes sense that acting on customer feedback improves the customer’s experience and will keep them around for longer.

Digital transformation in financial services will make your business more innovative, and help to grow your customer offerings. Instant messaging is going to continue growing in business communications. It is vital that financial services choose an application that supports the regulatory requirements. 

Hear from United Trust Bank, how our solution created a smoother, more efficient customer experience.

Read success story

Receive 'Leaving legacies The digitisation of regulated Industries'

For regulated industries, where risks need to be expertly mitigated, it can be difficult to make the move away from widely adopted legacy systems.In this guide, we’ll run through the benefits and challenges of digital transformation for financial services, with practical steps on how to move away from legacy systems for the betterment of business and customers.

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