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This is why automation must not be restricted to self-service options

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This is why automation must not be restricted to self-service options

The COVID-19 pandemic crisis has upset our classical business models, putting pressure on in-store businesses and accelerating their digital transformation. A sudden profusion of online service options has been experienced by consumers, undoubtedly affecting their expectations and satisfaction towards financial institutions.

In the financial industry, 41% of customers said they are now more comfortable handling financial interactions online than they were prior to the pandemic.[1]

Coupled with the increase of customer requests, we have entered an age of dematerialised interactions where it is crucial for financial institutions to undertake a strategic and staged approach to meet their customers' expectations.

Competition has never been as fierce as of today, and the rise of digital channels is transforming the way financial services are provided to consumers. End users can now understand, control and optimise their finances on their smartphone with just a few clicks, and plan their future through natural conversations with their digital assistant. Willing to buy a car, make a trip to Hawaii or simply save money for future projects? Everything gets as simple as a conversation.

Targeted customer management can make a massive difference in customer retention, as tailored and timely customer interactions can enable banks to offer relevant services when it's the most useful to the customers. Working systematically to understand the needs of each customer segment can greatly help to develop relevant products which ultimately guide every significant decision and interaction.

In Europe, 73% of customer service leaders are seeing an increase in support volumes across written channels such as email, chat, social media, etc.[2]

Customer satisfaction can also be increased when the customer can conveniently choose his or her preferred communication channel, but the organisation must be able to quickly identify (and reduce) any customer dissatisfaction, sometimes even before it occurs. In that context, digital channels are becoming central in the customer relationship – fuelled and enriched with both technological progress and customer knowledge.

All around the world, banks are exploring the use of self-service models to support customers in carrying out banking activities without the need for human interaction. As self-service is becoming increasingly important, it seems crucial to consistently orchestrate and implement automation across all channels, always mixed with trusted human interactions.

This is why automation must not be restricted to self-service options 3

New digital options can empower banks to better meet consumers' expectations of service efficiency, whilst also building customer trust. The right use of technology can drastically improve and strengthen any customer service strategy – for example by automating repetitive tasks (e.g. RPA), facilitating team collaboration (e.g. semantic analysis) and smoothing the customer experience (e.g. chatbots).

In 2018, 43% of consumers said they trusted their financial institution to look after their financial well-being. In 2020, that number decreased to only 29%.[3]

A fine balance between human and self-service channels must be found in order to achieve a deep understanding and empathy for the customer.

Focusing on human-centred channels appears to be essential in order to ensure a successful customer experience, and ultimately guarantee customer trust and proximity. To answer an increasing number of requests while maintaining high levels of satisfaction, most banks have heavily invested in both self-service options and advisors empowerment solutions.

By using technology to automate repetitive tasks and facilitate team collaboration, advisors can dedicate their expertise to the most complex and profitable tasks. This synergy of human intelligence and artificial intelligence thus enables advisors to digitally replicate the level of quality and intimacy experienced in branches, and ultimately to focus on their real purpose: human relations.

Want to know more about automation in self-service?

Discover our actionable methodology to further increase the accessibility of all your services using automation and AI, in order to ultimately increase customer satisfaction. Worldline unveils the 5 main steps to orchestrate self-service across digital banking channels in an exclusive Webinar on Tuesday, May 18 at 10:00 am. Register here: https://www.brighttalk.com/webcast/18085/479604

Not available? You can watch it on-demand.

You will learn more about:

  • Why self-service is an opportunity for digital banking channels
  • Why self-service does not compromise customer trust
  • How banks have faced the challenges of service automation
  • Our staged approach: from self-service to higher intimacy

About Worldline

Worldline [Euronext: WLN] is the European leader in the payments and transactional services industry and #4 player worldwide. With its global reach and its commitment to innovation, Worldline is the technology partner of choice for merchants, banks and third-party acquirers as well as public transport operators, government agencies and industrial companies in all sectors. Powered by over 20,000 employees in more than 50 countries, Worldline provides its clients with sustainable, trusted and secure solutions across the payment value chain, fostering their business growth wherever they are. Services offered by Worldline in the areas of Merchant Services; Terminals, Solutions & Services; Financial Services and Mobility & e-Transactional Services include domestic and cross-border commercial acquiring, both in-store and online, highly-secure payment transaction processing, a broad portfolio of payment terminals as well as e-ticketing and digital services in the industrial environment. In 2020 Worldline generated a proforma revenue of EUR 4.8 billion.

[1] The Financial Brand, Covid could cost banks big, https://awl.li/7q9nh

[2] Freshworks, insights and predictions of customer service leaders, https://awl.li/7m12f

[3] The Financial Brand, More Digital Banking Experiences, https://awl.li/ozpt0

 

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