Financial services are services provided by institutions that manage money. Wikipedia defines financial services as “the economic services provided by the finance industry, which encompasses a broad range of organizations that manage money, including credit unions, banks, credit card companies, insurance companies, consumer finance companies, stock brokerages, investment funds, and some government sponsored enterprises.” During the economic recession the financial services industry took a beating as people began to act cautiously with respect to money. As the deposits went down, the customer service became poor leading to low customer satisfaction. Moreover, the introduction of new fees further complicated the situation. As a result, consumers began to change banks or credit card companies for a good banking customer experience and did not stop until they found one.
With the advent of the Internet and its paraphernalia, most customers carry out financial transactions online. Financial service institutions need to keep pace with consumers and offer customer service when and how their consumers demand it since this is the only way to retain customers. Most enterprises often forget the fact that in order to grow and expand they need the support of customers and therefore ensuring good customer experience is of utmost importance. However, most enterprises fail to do so.
Realizing the problems faced by customers with respect to financial institutions many enterprises have come up with intuitive customer experience solutions. These solutions
?? Anticipate what consumers want, gives them easier ways to get things done and builds brand loyalty
?? Make company-to-consumer connections intelligent, integrated and immersive-across all touch points
?? Help B-to-C enterprises get closer to their customers by giving them complete access to information, at any time, from anywhere, through any channel
The customer experience solutions are truly intuitive since it not only changes the way service is delivered to the consumers but also alters the way the consumers receive and react to those services. These solutions truly make banking easy for consumers. However, not just consumers but financial institutions also make gains with these solutions. It helps banks and credit card issuers in customer acquisition, activation, up selling and cross selling of products. Besides, it helps banks and insurance companies in customer support.
With customers playing a dominant role in the success of any enterprise, customer experience solutions have become a vital investment in enhancing the customer experience.