You can have a mindset in banking industry that it does not matter if customers leave. Increasing population means more clientele for you and business goes on. This fallacious thinking can stunt your growth and let competitors grab your customers. The better way is for banks to adopt modern omnichannel contact center software
Who has the time?
Precisely. Increase in number of customers and lack of adequate staff to handle them leads to increased workload and pressure that affect quality of service. If small customers leave it has a small impact but what if larger ones leave? It can lead to a domino effect. Overcome this time and employee limitation with the expedient of contact center software with a degree of automation to handle routine queries. An IVR switched into the contact center software and connected with the CRM takes over the workload. Your existing customers stay happily satisfied and, you get additional leads to increase turnover. Acquiring new customers costs $ 200 while they generate only $ 150 in revenue, which means you operate at a net loss while existing customers deliver more revenue at less cost. Automated self service has a positive impact since 63% of customers prefer self service tools according to American Express survey. Customers also expect speedy response, 37% of them expecting a one day response.
Ever thought of campaigns?
Campaigns involve a lot of planning, time and effort should you choose to do it manually. You will have to delegate this task to employees, taking them off from more important duties. So, campaigns are shelved. Meanwhile, competitor banks conduct campaigns and lure customers to their doors. Can you bear this situation? Certainly not. Let the omnichannel contact center software take care of automated campaigns. Record a voice message. Link it with the IVR and lists from your CRM and schedule the campaign. Conduct a satisfaction survey for existing customers. You will be surprised at how much goodwill you can generate simply by contacting them and asking their opinion. 7% of existing customers move to other banks simply due to poor attention and service.
Launch marketing and sales campaigns to get more customers for loans or to attract them with deposit schemes. The Predictive dialer in the contact center software does the work, bringing an employee into the conversation when you have a hot lead to follow up and convert. Instead of spending hours trying to persuade customers, your employees handle only leads ready to drop into the customer funnel and that gives them tremendous satisfaction as well as incentive.
You can use the omnichannel contact center software to send out campaigns for debt collections. Cost of such recovery reduces by 70% when you use the software for automated reminders.
Think of the possibilities. The omnichannel contact center software can be a money spinning tool if used right.
The omnichannel feature is most useful considering that this generation uses a variety of channels such as Twitter, Instagram, Whatsapp and Facebook to interact, voice complaints and importantly, give positive or negative recommendations. Accenture finds that today’s customer would like human and digital interaction channels of communications and, if you are active on social media, customers may recommend you to others. Those aged below 35 years of age are likely to choose your bank on the recommendation of family members or others in their circle.
AI and bots
Humans, it must be admitted are temperamental. Bots are patient. Throw in AI into bots to make them conversational and millenials will love it. It is estimated that 85% of customers, according to Gartner survey, prefer conversational bot interactions. So much for the human touch! You can let your human employees do work that is more rewarding.
Are you going to engage a survey house to derive market intelligence for you? It costs a lot. Instead, use the contact center software’s built in analytics and reporting function. You will find it an invaluable tool to agilely respond to changing market trends, reduce operational costs and retain customers even as you attract more.
It can do a lot more
The primary perceived function of the omnichannel contact center software is customer satisfaction and interaction at a higher, more engaging level. However, you can use it to do a lot more. Use the video chat and conferencing solution to facilitate interaction between branch employees. Use the same feature to conduct in-house on the job training. Let employees listen to call records and discover how they can do better. Conduct conferences with important customers to close loans and negotiate deals.
Look at the contact center software from any angle. It is invaluable. Get the right one and use it right, even to address queries over mobile after office hours. Customers want proactive relationship and you can give them this and more, raising your reputation in the process.