To help better the customer experience challenges, the banking company must know the needs and behaviors of its customers through the customer journey. Effortless and positive customer experience can result in increased loyalty, advocacy, greater customer lifetime value, and customer satisfaction. With the increase in banking service fees, online payments all contribute to a shift in the methods of customer servicing of banking organizations. Increase in organizations trying to poach away customers by providing a wide range of products. The banking sector companies must do something different to provide superior, consistent, and effortless customer experience to acquire a new customer base, or retain the existing ones, or win back the lost ones.
Customer Experience Challenges During Lockdown
1. Less Support agents and more customer queries
Due to lockdown throughout the country, none of the employees are able to work.
All employees have to work from home in shifts. And there are always so many problems of network, internet issues which disrupt the work of the agents. Also, there are job cuts of some employees due to the budget issues and uncertain times. This results in fewer remote agents. However, the customers’challenges increase because now the customers have to do all the work online. They are not familiar with this thereby creating customer service issues.
2. CSAT and FCR Are Reducing
Customer satisfaction is steadily decreasing due to the fewer number of agents and low query resolution rates. FCR has been decreasing steadily due to people shifting to the online mode of banking. Also, their queries increase due to the issues like network failures, internet issues, and complicated website issues. Also, complaints handling is one area where banks can improve greatly.
According to the study, 25% of Indian respondents were dissatisfied with their banks’ complaints handling, compared to 15% in the US and merely 2% in Singapore. The Banking Ombudsman report 2014-15, too, had recorded an 11% rise in complaints against Indian banks. Out of the respondents asked, one-third of the 1,313 respondents were not satisfied with their banks.
3. Average Handle Time Is Increasing
The purpose of AHT is to measure the average time customers (and the agents helping them) spend on a call or chat, including hold time and conversation time. The number of agents is less during this lockdown time so the time taken to resolve a ticket is increasing thereby increasing the AHT and therefore reducing efficiency greatly.
What can be a possible solution to all this?
Self-service can greatly reduce the customer experience challenges faced. Self-service allows you to provide online support to your customers without requiring any interaction with a representative from your company. The most common types of customer self-service include FAQs, Picture Guides, knowledge base, and online discussion forums.
Following are the features of self-service:
1. Multiple queries at a time and Ease of use
With self-service, we can work on multiple customer inquiries at a time because the agents are not physically answering them. Due to FAQs, Picture Guides, knowledge base, etc the customers can go through the queries themselves and resolve them. Ease of use is a key factor when it comes to creating solid customer engagement especially when self-service kiosks are combined with other easy technologies, like cashless payments.
2. Expanded customer choice and reduces AHT
The rising importance of self-service kiosks has been because of allowing self-service technology users to take on a more active role. This type of kiosks gives users more control. It also adds an element of co-creation to the customer experience. They also reduce the AHT because the agents are busy with only the queries which are difficult.
3. Improved customer retention and customer acquisition
Self-service eliminates the need for long waits to talk to agents. It instead offers an interactive solution that helps customers get things done when they want and how they want. This type of smooth experience can help retain and attract customer confidence. Especially those who are comfortable with technology and those who expect to find self-service options as a norm. Self-service technology also takes into account the preferences of more free customers who prefer to get things done or to find answers by themselves.
In conclusion, today’s customers are more than ready for self-service.
But a customer self-service portal is only effective if you make it easy to use.
To achieve this, the customer service knowledge base and FAQs need to be easily accessible, up to date with the use of images and videos. The organization is the need for a self-service portal.
And finally, all content within the self-service portal must be optimized for desktop, tablet, and mobile users. The customer can find information quickly when self-service is done right. Also, it can reduce the number of calls or emails your support team receives and lead to greater customer experience. And that is how you keep customers happy!