You’ve added eSign applications or forms online so customers can apply for help, a new chatbot with a gender neutral name, more FTEs to reduce wait times on the phone channel. You’ve done everything recent customer surveys and the CUX team have recommended to drive customer satisfaction, so why are so many customers still frustrated? With only 13% of customers reportedly resolving their issues completely via self-service, it might be time to review your digital self-service strategy.
Let’s think about this in the most universally recognizable way possible: placing an Amazon order. Most people today expect fast, online experiences where they can resolve their request in one, self-service channel. Banking customers are no different. Imagine filling your cart on Amazon, then having to wait, or worse, call to pay.
With good intentions, many FIs are creating more channels for customer service, but this creates complex customer resolution journeys, as customers are often forced to switch between those channels. Take for example, a due date change - how many different departments and channels does your customer have to go through to change a due date? How many steps and hand-offs do your agents need to make to record that change?
Let’s face it - it’s hard to ask for help, especially when you may not even know the best or most appropriate solution for your situation. This is especially true when customers are facing hardship. While customers can apply for a skip-a-pay or loan extension online or over the phone, that application is still processed manually, forcing the customer to wait for approval.
Most customers rely on their FI or agent to suggest or offer a solution. But this involves the customer answering a lot of questions either on an online form or with a live agent and after all that they may not even qualify for a particular solution. Imagine if that same customer was offered a solution in their own online banking portal, based entirely on their unique situation, and configured to the FIs rules and policy, and the ability to sign their consent all in the same session? That is customer resolution. That is the customer satisfaction sweet spot.
Economic headwinds are forcing FIs to improve, automate, or eliminate inefficient processes. Reportedly 59% of bankers plan to tackle inefficiencies, bolster self-service in 2023.
Here is where we recommend starting:
Focus on resolutionResolving borrower requests completely in the self-service channel and prioritizing immediate resolution versus handing part of the process to a live agent.
Faster response to borrowersImplementing zero processing solutions that ask borrowers a few questions, match the answers to the FIs rules and policy, render a decision, and get the borrower's consent all in one session. Borrowers should no longer have to wait to resolve their requests.
Lower cost-to-serve, reduced frictionPartially automated solutions lead to more complex and costly customer interactions. Avoid this by prioritizing full resolution in the self-service channel.
Lower risk, improved compliance
Humans make errors. By eliminating manual efforts, automating workflows, and empowering customers to self-serve, FIs can lower the risks associated with manual errors. True self-service solutions can audit every step taken by FI analysts in its administrative portal and the actions borrowers take on its self-service platform, and provide robust reports to support internal reviews.
There is certainly no lack of self-service solutions or fintech providers of the same, but FIs need to look to solutions that offer fully automated digital solutions, process round trip to the core, and eliminate back office processing. If your FI can get to this place, you will see your customer satisfaction rates improve and truly move the needle on customers resolving their issues completely via self-service.
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