The biggest banking technology is working all the way to improve the customer experience. More and more Banking are investing in their customer experience as they begin to recognize two things: that customers are more willing than ever to switch providers and happy customers are more profitable customers. One of our core principles at Microsoft is empowering people and organizations to achieve more. Banking is looking to Microsoft for solutions that can empower their employees to provide great experiences to their customers. With this comes the recognition that customer service is no longer solely the responsibility of the “customer service agent” but traverses all roles across the customer lifecycle.
Today, organizations drive low-value customers to self-service channels, while keeping other services (like face to face relationship managers) for the more profitable and higher-value customers. The high value (and more profitable customers) were complaining that they didn’t want to pick up a call from a relationship manager or book an appointment with an adviser, they wanted the same services they received as a standard retail customer. They wanted to log into a website and address their own needs through a self-serve portal. They wanted to apply for a loan online, transfer money from one account to another without needing to speak to someone to do it. They said that they have more flexibility as a retail customer and they wanted the ability to interact across the same channels.
With this insight, some Banking industry where delivering great customer experiences whilst others were not. Most of the companies that had achieved success had broadly five elements in common:
1. Culture
2. Process
3. Tools
4. Measurement
5. Empowerment
Culture
Companies with a successful customer service strategy have a culture built around customer satisfaction. All levels of the organization live and breathe a customer-first culture and are rewarded for it.
Processes
Good customer service means a well-understood customer service process. This is across the entire customer lifecycle process not just when it goes wrong. Employees understand their role in the journey and handoff to others is efficient and transparent.
Tools
These companies all have good tools to support the processes and these tools enhance the experience and allow employees to remain focused on the customer and the desired outcome
Measurement
These companies can provide clear and up-to-date metrics on customer service. They can give their employees frequent and accurate information on the satisfaction of their customers. More importantly, they can deliver metrics that show the financial impact of great customer service such as product penetration, increase in sales, and so on. Employees could directly link their interactions with customers to the financial health of the company.
Empowerment
In my opinion, this is the most important. An organization can have a culture, desire, or vision to be a great customer service company but does it also empower the employees to deliver on that vision? It is an important distinction.
Source: https://cloudblogs.microsoft.com/
Global iTS is a leading Microsoft Dynamics 365 ERP and CRM Partner with offices all over GCC (Bahrain, Saudi Arabia KSA, Oman “Muscat”, UAE “Dubai”, and Kuwait), with domain expertise in Financial Services Sector Digital Transformation like” Retail Banking, Commercial Banking, Insurance Providers, Private Equity, and Investment Banking.
