LATEST INTELLIGENCE

Leveling up your customer servicing

You already know that customer servicing is important , sure . But did you know it ’ s the number one deciding factor when people select a financial institution ? It ’ s so essential to them , in fact , that it eclipses other considerations like fees , product availability , and even interest rates . It ’ s understandable – having the best offering on the market won ’ t save your bank if you fail to provide exceptional service .

Unfortunately , that also makes customer servicing a deal-breaker when banks can ’ t deliver the experiences their users expect . And the sad reality ? Most financial institutions aren ’ t prepared , often through no fault of their own .

In the past , many banks took a product-first approach , simply digitizing old services to suit their own needs , but this proved to be far from the cure all they expected . Slowly , they came to realize that their customers and employees alike were beginning to feel the burden of inefficient , siloed systems . And meanwhile , their total cost of ownership was steadily increasing , cutting into their revenue and decreasing the speed of innovation . Add it all together and that ’ s a deep hole to dig yourself out of .

Today , customers have an incredible amount of choices and , unsurprisingly , they ’ re opting for financial institutions that respect them and their needs , not the ones with the coolest apps . It ’ s become clear that no product or amount of marketing spend will help banks come out on top if they ’ re unable to provide the customer-first experiences that users demand .

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