Years in the past our trade adopted the ‘Know Your Buyer’ (KYC) pointers to confirm identification, assess threat and stop fraud. This simple idea has helped many monetary establishments dramatically reduce identification theft, cash laundering and different types of suspicious conduct.
Can KYC assist past identification verification? Clients at the moment have come to count on a high-touch, customized expertise. What if we have been to leverage KYC from a distinct angle—to enhance the shopper expertise. It seems that ‘understanding your buyer’ can be an amazing technique for customer support, particularly in our more and more digital-first world. Your prospects are searching for the identical handy digital engagement choices for banking as they use of their private lives. In reality, they’re beginning to demand the selection of chat, voice and video, primarily based on what’s most handy for them on the time.
Understanding your prospects may help your monetary establishment present an expertise that retains them absolutely engaged, lowers abandonment charges and drives up buyer satisfaction (and loyalty). That begins by understanding how they need to talk. What if they might join together with your establishment nevertheless they really feel most snug—with the power to seamlessly transfer to different channels, as wanted, with out disruption?
Think about if customer support representatives might really see a buyer’s display to take away ambiguity, immediately perceive the service want and supply fast help that results in a satisfying expertise. This has been a expertise problem … till not too long ago.
Digital Buyer Service vs Multi-Channel
Whereas many banks have adopted a multi-channel method to customer support, the buyer expertise is usually fragmented. That’s as a result of many establishments have bolted a gaggle of disparate level options along with separate silos for chat, voice and video. The expertise begins to interrupt down when a buyer must shift to a different channel. A buyer needs to talk to the consultant, for instance, relatively than typing a protracted response. Most banks ask the shopper to name a separate telephone quantity, which breaks the digital connection. It additionally results in excessive abandonment charges and buyer frustration.
Digital Buyer Service (DCS), alternatively, offers a seamless method that enables prospects to interact through any channel and shortly transfer to a different, all inside a single digital journey. A buyer in chat, for instance, can communicate to that consultant with the push of a button. OnScreen voice retains the digital journey intact. Or for a extra private contact, a consultant can provide video chat.
Past providing buyer choices and a better manner to supply service, DCS helps your monetary establishment develop a better relationship together with your prospects. It helps you ‘Know Your Buyer’ higher. In reality, we prefer to say it helps you retain PACE with them.
PACE is an acronym to assist monetary establishments provide distinctive buyer experiences by means of DCS. They deal with 4 key components:
- Personalize: The expertise must be ABOUT the shopper–not simply that they’re acknowledged by identify, however there’s a demonstrated degree of understanding about that individual’s historical past with an organization, the character of their previous interactions and what they’re doubtless searching for from the corporate at that second.
- Automate: By way of using built-in AI and machine studying, chatbots may be immediately triggered primarily based on sure key phrases, concern descriptions or click on patterns. If a buyer wants primary data or to carry out a easy self-service activity, a chatbot can ship this in a fully-automated method with out the necessity for dwell help.
- Contextualize: If a dwell agent known as into the shopper’s decision journey at any time, by means of Reside Commentary and CoBrowsing they can be a part of the dialogue mid-stream (the place the shopper is at that second), relatively than forcing them to start out the interplay once more at the start.
- Educate: We’ve all heard it one million instances: “Give an individual a fish and they’ll eat for the day. Educate an individual to fish and they’ll eat for all times.” As a substitute of conducting a transaction for a buyer, in DCS an agent can allow a buyer to finish the transaction themselves (with a little bit of useful steerage), in a manner that evokes prospects to be extra confidently self-sufficient sooner or later.
Every of those components was created as a direct response to the detrimental experiences so many shoppers have reported prior to now when interacting with firms whose customer support “machine” was constructed on a disconnected multi-channel chassis.
By adopting Digital Customer Service, you possibly can start to actually Know Your Buyer and ship service that exceeds expectations, lowers the abandonment fee and drives up each conversions and satisfaction fee. It’s all about DCS and maintaining PACE.