Banking and empathy might seem like an odd couple—but for customers and employees, it’s the perfect match.
The world of financial services is at a critical juncture.
Customers are demanding a more personalized all-around experience—not just digital self-service tools, but full experiences that demonstrate a true understanding and prioritization of their needs. This demand has forced banks to focus on creating customer experiences that are imbued with empathy, delivering first-contact resolution in a way that is both scalable and cost effective.
Banking experiences should put a smile on customer's faces—not the opposite.
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Add to this trend the challenge of building modern experiences using formerly “best of breed,” purpose-built solutions cobbled together over time on an outdated architecture—a feat akin to changing a flat tire on a moving car.
Unresolved issues, growing frustration
Recently, IDC conducted a survey of bank customers to get a better understanding of how they look at the financial services industry as well as some of their pain points. Only half of customers surveyed felt their bank was empathetic and understood their financial goals.
Among consumers, 88% first use a digital channel before contacting someone at the bank. When they reach out directly, it’s likely because they were unable to resolve their issue digitally. Customer frustration grows as they jump from one platform to the next, entering the same information over and over again.
Meanwhile, employees are increasingly spread thin. As branches have been reduced and staff repurposed, dependence on the contact center has grown. This is especially true of larger institutions that continue to shrink their branch footprint faster than community banks and credit unions.
Banks must find the right mix of digital and physical channels to support their customers and take the pressure off their people. And that’s just the beginning. Today’s financial leaders are facing operational challenges that can’t be ignored.
A balancing act
A recent business value project IDC conducted with ServiceNow found that the median number of business applications managed by a bank at any given time is around 300. Each application has its own unique set of processes—some of which can’t be resolved by automated agent solutions. When human intervention is required, issues take longer to resolve, creating more delays and frustration.
Add to this a shortage of talent—not to mention the need to keep the existing workforce trained and up to date on the latest compliance and regulatory issues—and you have the ideal breeding ground for overworked employees and frustrated customers.
Banking leaders must perform an ongoing balancing act to address these operational challenges. They need to prioritize solutions with a more immediate ROI, while addressing the need for more resilient operations, improved customer experiences, and strengthened compliance. The good news: With the right service management platform, executives can solve for all of the above.
From good to great
A good service management platform will automate low-value tasks that speed the identification and resolution of issues. A great service management platform will deliver digital workflows catering to the needs of bank employees, particularly tellers and contact center representatives, to create a markedly better work experience.
When workflows are imbued with empathy and crafted with people in mind, the result is increased productivity, better adherence to regulatory requirements, and happier, more satisfied employees.
With digital workflows are in place, back-office reliance can be minimized to the point where there is little to no need for human intervention. New hires can ramp up to full productivity more quickly, shortening the learning curve and allowing them to tackle more complex customer needs. Banks can also develop or redefine key performance indicator (KPI) dashboards that gather and analyze data to provide visibility on metrics and performance.
Is this the rise of kinder, gentler financial services? Yes. And that new-found emphasis on empathy will allow banks to achieve their ultimate goal: To deliver outstanding banking experiences that delight customers while allowing employees time to focus on more complex financial issues. This, in turn, creates a more resilient operational environment and a more cost-efficient operation.
It’s official. When it comes to modern banking, the nice guys finally win.