Customer Service Transformation has become a must in a Digital World

5 May 2020
Customer Service Transformation has become a must in a Digital World

As the digital arm of banking takes control and navigates the world population through these troubled times, consumers have high expectations when it comes to their bank’s customer support and accessibility of their finances. Bank customers have all sorts of needs and some are more complicated than others, but either way they come to expect one thing; easy and instant solutions.

With mobile wallets, banking apps, digital payments & transactions and always-on customer support channels, banks are adapting a new direction to satisfy their customers, and have come to realize that real customer satisfaction and loyalty is attained through quick, efficient and personalized customer support, especially during the COVID-19 outbreak.

So how can banks leverage their customer service efforts in a digital-first world today?

Before deciding how to adapt current customer support strategy to digital channels, banks need to pinpoint their most frequent requests by customers and then determine the best implementation of a digital solution for these requests. One advantage of having routine questions being asked and processes being requested is that this pattern can easily be catered to through automation and self-servicing software.

Even before the Coronavirus outbreak, Artificial Intelligence (AI) and Machine Learning (ML) concepts were being applied in a variety of ways to customer service, namely through chatbots on websites or mobile apps that provide answers to common questions or as complex algorithms for transaction processing, fraud detection and similar aspects of the backend of finance.

No matter how advanced, secure or reliable automation processes are, they are still missing a crucial part of customer service: the human element. Taking care of customers is not just servicing them in an efficient manner, it’s also connecting with them on a human level to deliver the utmost personalized care and attention. Interpersonal relationships are important, especially for customers who have been loyal to the bank and trust it with their finances.

So it seems that although next-generation technologies are keenly eyed by the finance community as the next big thing, the human element is still an indispensable aspect of customer service. As such, it is the combination of human empathy and robotic algorithms in customer service that will differentiate banks from their competitors. To that length, it is critical that the process itself is seamless in terms of switching from AI to a human agent and that the customer does not wait between the switch, at a time when connecting workflows seamlessly across a bank’s digital presence is not a luxury but a need for speed and accuracy.

The final step for the digital transformation of customer service is to provide contact agents with the necessary tools to understand and relate to the bank’s customers. This is usually through a CRM platform that holds a database of clients’ history, financial holdings, activities, and relationships, offering comprehensive, detailed information on customers in one place. This allows agents to have a full understanding of the person they are trying to help and therefore serve them quickly and efficiently.

Once this flow of integrated systems is in place and the customer experience is well thought-out, customer service efforts in banks are empowered to go from being reactive to consumer issues to being a proactive entity that delivers customer satisfaction at a time when it is most needed.



Coronavirus, COVID-19, customer service, customer experience, CRM, digital services, customer support, AI, ML, Artificial Intelligence, Machine Learning, digital transformation, chatbots, fraud detection.

FinTech Newsletter

Sign up to our newsletter to stay up-to-date on the latest fintech news and events.