5 Tricks for Financial Service Companies to Create a Differentiated Customer Service Experience

Customers expect more from financial services companies as they become more digitally savvy. Gone are the days when static and siloed platforms were sufficient. The modern consumer wants a highly engaged, intuitive experience with 24×7 availability and proactive responses. 

Financial services firms are now reinventing themselves as customer service providers, striving to create a differentiated experience that cements their customer relationships. But, standing out in this competitive landscape requires more than the latest digital trick. 

Here are five ways financial services firms can differentiate themselves:

1. Single Platform for Seamless Communication

Financial services companies can benefit tremendously by having a platform that ensures seamless communication. 

Real-Time Collaboration 

By connecting the front, middle, and back offices across a single platform, financial services institutions can ensure real-time collaboration and communication across their teams. It becomes easier to receive updates, assign tasks, and obtain a singular view of customers. 

Automating Workflows 

Having a single platform allows for automating cross-department workflows, as well as processes across the front and backend. This can result in quick resolution of transaction disputes and other customer complaints. A cloud-based solution can help financial services companies to achieve this easily. 

The ServiceNow FSO platform

Using state-of-the-art technologies such as machine learning, artificial intelligence, and analytics, ServiceNow FSO provides better time to value while speeding up deployment. It empowers employees, removes barriers, and ensures better customer satisfaction. 

ServiceNow FSO provides a context for a customer issue even before the first contact with the client. It enables financial services companies to drive coordination between departments and ensure more transparency and accountability. 

Such a platform digitizes the entire customer lifecycle to ensure optimal compliance and on-boarding, thus, easily doing away with the limitations of the legacy IT infrastructure.

2. Smoother Client On-boarding Experience

Financial institutions tend to build resilient and efficient operations, mainly to ensure better productivity from their employees. They further ensure that their customers get access to 24×7 support from anywhere. However, when implementing a digital customer experience, the changes can often be overwhelming to new clients and customers. Therefore, a smooth on-boarding experience becomes imperative. 

Customers Expect More

As more customers make financial transactions online, it becomes even more critical to have seamless and responsive experiences. If there are no easy and quick fixes to these, customers will move elsewhere. 

To that end, ServiceNow offers the Customer Service Management (CSM) platform that empowers customers with omnichannel capabilities while enabling skilled customer service agents to resolve more complex problems. 

3. Personalized Experiences – Customer Chooses

By letting the customer decide how they want to engage with the business, the business provides them with a personal experience relevant to their preferences. This helps build trust and can be a big hit in the prolonged run.

Employing AI for Personalization

Often, simple tasks such as finding the correct online form, resetting the password, or even checking the status of claims become problematic when these facilities are not backed up by a definite flow and an expert’s advice. Customers want an effective resolution to these on the first try. This is where having automated AI-powered agents help. 

ServiceNow’s Capabilities

The ServiceNow FSO platform employs AI-powered virtual agents that can take care of such repetitive tasks with ease. These AI agents offer proper solutions to such queries while emulating a human-like response. 

4. Self-Help Options

Providing a self-help option for customers where they can resolve issues conveniently and immediately provides them with a sense of empowerment. Customers can do this as per their own time and flexibility. However, the solutions are often scattered across different locations, making it difficult for them to know where to seek help.

ServiceNow Service Portal

The service portal in ServiceNow CSM allows customers to access all the self-service options, raise issues (i.e., open cases), and access the knowledge base. It’s here that conversations with chatbots for ease of navigation across the knowledge base can also be facilitated.

Engagement Messenger

Engagement messenger lets businesses extend the self-service options to other mobile and web applications. As such, customers can access the features like AI search, virtual agent, service catalog, etc., on third-party applications.

5. Proactivity in Customer Experience

With increased connection across systems, teams, and workflows, financial services companies can shift from providing reactive to more proactive customer service. Using a unified platform, as discussed above, enables them to have profound visibility into operations. 

This way, they can inform the customers about possible inconsistencies or service disruptions well in advance. Common scenarios include security scams or service outages. With granular data at hand, financial services companies can also preempt problems before they actually transpire.

Examples of Proactive Customer Service 

Support requests can be proactively addressed so that there is greater transparency around service status and availability of crucial banking systems such as bill pay services. In situations where companies are deploying field agents, such as technicians handling ATM equipment, or insurance assessors, they can send people with the right expertise to finish the work in the very first instance. 

Creating a Differentiated Customer Experience with ServiceNow

ServiceNow’s offerings enable access to real-time customer data via intuitive dashboards. 

  • This information enables agents to diagnose problems, monitor trends, and take preemptive actions to minimize any potential negative impact on the customer experience. 
  • By leveraging the power of AI, ServiceNow platforms enable customer issues and queries to flow seamlessly into IT teams and engineering operations. This feature dramatically reduces the time required for resolution. 

Given the large-scale need to transform in the digital age, financial services companies can be overwhelmed by the numerous technologies available. ServiceNow makes the process easier with its unified platform that allows for easy handling of sophisticated tasks. 

Xceltrait brings process as well as expertise to your ServiceNow solutions. Connect with us to know more.

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