Delivering the 24/7 Customer Experience: Essential Guide for Banking

The 5 Must Haves to Help Your Customers Answer Every Question and Complete Every Task

The 24/7 Customer Experience

What Do Your Customers Really Want?

As banking adjusts to the realities of COVID-19, the industry is hyper-focused on improving its digital offerings. When you talk to bankers, the majority are focused on improving online account opening and origination software. But, that’s not what your customers are asking for. According to the BAI Banking Outlook Special Report: Digital Banking the digital banking enhancement most desired by consumers: 24/7 customer service.

Why It Really Matters

Delivering a 24/7 Customer Experience is not only great for your customers, its great for business. It impacts the metrics that matter:

  • Reduced call volumes
  • Increased leads & conversions
  • Higher technology adoption
The 5 Must Haves For Delivering The 24/7 Customer Experience
How 200+ banks and credit unions are helping their customers answer every question and complete every task

#1: Understand what your customers are looking for

66% of consumers agree that a frustrating experience on a website hurts their opinion of the brand. Those frustrations begin when your customers cannot find what they are looking for. Sometimes it’s a content issue (see must have #2), but it starts with your technology not being able to understand what the customer is asking.

This is where banking-specific AI comes into play. Banking-specific AI understands the intent behind the customer’s question and can interpret multiple different variations to deliver the right answer. While there are thousands of AI providers out there, only a select few have banking-specific AI that truly understands the nuances of how banking customers act.

#2: Provide the right answer at the right time

Providing a 24/7 customer experience requires the right content. Content that answers the question and directs your customer to the right next step. This is where most financial institutions fall down – they guess at what these questions are and miss out on thousands of opportunities each month.

Capitalizing on these opportunities requires insights to truly understand what these questions are and how they vary throughout the year. The majority of banking providers sell tools to deliver content, but very few actually provide the insights into what content is needed and more importantly, are able to develop the customized content for your institution.

#3: Anticipate what customers need to do

Consumers love Amazon. We love how we can find whatever we want and how easy it is to search, find, and buy. The thing that Amazon does really well – they keep content and format consistent and they anticipate your next question or action. They drive conversions by answering all of our questions and making Buy Now prominent.

This same tactic can be used by financial institutions. When a customer asks a question, anticipate what they want to do next and embed that call to action or a decision tree to drive them deeper. If they are asking about Mobile Deposit, give them a link and tutorial for how to use it. If a customer is asking about Rates – serve up a decision tree to drive them into the type of product they are looking for.

#4: Deliver across all devices and applications

Siloed. That is the best way to describe the approach most financial institutions bankers have taken with their digital strategy. The website is controlled by marketing and used for lead generation. Mobile Banking and Online Banking are controlled by IT and used for transactions.

But your customers don’t see it that way. They see all of your channels as an extension of your branch and expect whether they are on your mobile banking app or website to be able to do transactions, get support or shop for products and services. Chatbots, live chat, contextual widgets and search are great tools that need to be added across your different channels to make sure you are providing that 24/7 customer experience they demand.

#5: Ensure a consistent experience every time

Your customers expect consistency. They expect it whether they are calling in, coming in, looking on your website or mobile banking. The challenge for bankers is how do you ensure the content in your chatbot, website, and mobile banking application is consistent and that one small update propagates across all those channels?

Providing a great 24/7 experience requires a solution the allows you to make a quick change and have it automatically update across multiple channels and interfaces like your chatbot, FAQs and website. This not only ensures a consistent experience, it makes your operations and compliance team happy as they only have one place to manage and report on.

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