On Demand Demos

According to a recent research report by Capco, 72 percent of customers believe personalization is “highly important” in the financial services industry. Consumers are demanding personalization in all their interactions — so much so that financial services firms now consider it to be a key differentiator.

Financial Services Customers Expect Personalized Service

A study by McKinsey & Company found that 76 percent of customers become frustrated if their customer service lacks personalization. To add insult to injury, many customers will change companies if they feel like they are just a number. On the other hand, customers are more likely to stay with a company that knows them and their preferences.

A customer’s loyalty — or lack thereof — impacts revenue generation. The McKinsey & Company study found that companies who excel in personalizing their service generate 40 percent more revenue than those who don’t. With numbers like these, it’s no wonder that small and mid-market financial businesses feel the pressure to personalize their service.

Unfortunately, the bar has already been set. According to Deloitte, personalization based on customer segmentation is table stakes, and hyper-personalization is the primary differentiator. For smaller banks and financial firms, this presents several unique challenges:

  • Personalization platforms/systems are expensive.
  • Gathering the information for personalization is costly and time-consuming.
  • Matching the right personalization strategy with the right channel is time-consuming.
  • Regularly updating and monitoring personalization strategies is labor-intensive.

The consequences of erroneous personalization can be even more harmful than a lack of personalization. Investing in the appropriate personalization tactic means selecting the right platform to meet the needs of customers and the business.

A CCaaS Solution Makes It Easy to Personalize Your Service

The right contact center solution makes it easy to personalize your customer service. A platform designed for small and mid-market businesses gives financial services firms a quick win that significantly impacts customer loyalty.

A contact center as a service (CCaaS) solution like GoContact enables personalized services thanks to features such as:

  • Sophisticated scripting tools that personalize each conversation.
  • Advanced call routing that directs callers to the right resources.
  • Integrated omnichannel visibility that allows agents to follow conversations from one channel to the next.

The Capco study found that 63 percent of people want the option to have phone conversations with bank representatives, so having a contact center solution that offers voice channels is important. A customizable CCaaS platform like GoContact is the best of both worlds, allowing even the smallest financial firms and banks to deliver personalized service across multiple channels, including voice.

Invest in the Personalized Experience Customers Expect

Working in the financial services industry is demanding. Markets constantly fluctuate, data security concerns are heightened, and customers may be on edge. By deploying an easy-to-use, easy-to-manage, and easy-to-afford contact center solution built for small and mid-market businesses, you’re investing in the personalization needed to deliver the customer experience demanded by today’s consumers.

Contact us to learn more about how GoContact is an investment in personalized service.

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