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How Customer Service Impacts Financial Services Businesses

Many financial services companies compete to attract clients by providing digital services, lower fees, and great interest rates. Although these factors appeal to patrons, customer experience is perhaps the most vital determiner of whether a client will continue to do business with a financial institution.

As such, customer service’s influence in the financial services sector cannot be overemphasized. Therefore, it is prudent for businesses in this industry to offer outstanding customer service to enjoy numerous benefits. Here are some crucial insights into how good customer service impacts financial services companies.

Customer Retention

Modern-day patrons have numerous options to select from for their financial services needs. Therefore, customer retention is an important goal in this sector since customers can readily switch their providers to enjoy higher returns on their investments and an overall better customer experience. Consequently, it is no surprise that many businesses in this industry are leveraging helpful solutions like cloud contact center software to help them offer timely and excellent customer care to clients, boosting their retention prospects. Leading software brands such as Bright Pattern can help you find the right call center software for your enterprise’s needs.

Bright Pattern offers one of the best call center solutions on the market to help your customer care teams engage with clients across multiple platforms. With this call center solution, your help desk can engage with clients via live chat, social media, phone calls, and other communication channels while maintaining context and relevance in all customer interactions. In addition, this cloud contact center solution has advanced features like interactive voice response, call routing, predictive dialer, and automatic call distribution. Also, you can receive crucial information on agent productivity to help boost agent performance and customer satisfaction in the long run. What’s more, Bright Pattern’s call center solution supports CRM integrations with Salesforce, Zendesk, Hubspot, and other CRM platforms.

More Business from Existing Customers

Besides retention, excellent customer care can also facilitate more business from your existing patrons, so keep this in mind. For example, if you own a bank, your clients are likelier to open more accounts or use more services due to their overall positive experience. Consequently, they may pick you as their mortgage provider in addition to saving with you, bringing you more business.

However, to boost the chances of this happening, consider adding more value to clients besides routine customer care. For example, you can provide helpful financial tips and insights on your website, making you their go-to provider for all things money. Great financial websites such as Wealth Rocket are good examples of websites to model your site after.

Wealth Rocket is a financial platform that educates its readers on taxes, budgeting, credit card usage, insurance, savings, and investments, to help them with their money management. Their article on CI Direct Investing/Wealthbar vs. Wealthsimple analyzes two investment platforms to discover the various similarities and differences concerning accounts offered, funding methods, sign-up requirements, among others.

On both platforms, investors must select a risk profile based on their financial goals and personal preferences. Then, the robo-advisor buys Exchange Traded Funds (ETFs) on their behalf and automatically purchases and sells other investments to balance investment portfolios. The two platforms tie on all factors, excluding management fees, where Wealthsimple edges out Wealthbar due to its more straightforward pricing structure.

Better Chances of Referrals

Service-oriented businesses rely heavily on referrals to obtain new clients. Therefore, offering excellent customer care to your existing clients can leave them so satisfied that they recommend you to others. As such, it is always a bright idea to guarantee great customer experiences for your patrons, turning them into willing brand advocates who will recommend your business to others and improve your chances of success.

To conclude, customer service influences financial services businesses in many ways. The above-listed points are vital insights into how customer service affects financial services providers.

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