AZ Digitals Blog

It's safe to predict that the future of finance is uncertain as technological advancements, GDPR, and digitalization continue their transformations in Europe. Bank customers have new expectations, and organizations need to be able to meet them.

Institutions are increasingly looking to CX leadership and tools for transformation that create differentiated brand moments. These are five ways to build lasting customer relationships with current banking customers.

1. Provide the best service at the right moment

Customers are constantly on the go, so why shouldn't we expect finance professionals to be mobile? According to research by CACI, 72 percent of the UK's adult population may use mobile banking services by 2023.

These on-the-go interactions will be efficient, quick, and automated. Financial service apps that are the best allow seamless transactions without having to switch channels.

A successful mobile app should focus on the user experience. For convenience and convenience, the app should be minimal. The experience is user-owned.

Homelife, a fintech company based in the UK, allows users to access and manage a custom range of insurance policies via one app. It eliminates sales representatives, third parties, and comparison websites from the equation so that users can easily access quotes and purchases.

2. Eliminate unnecessary friction

New laws and regulatory changes are upgrading the way of dealing with wealth in UK financial institutions, privacy, and data. However, the rules can be complicated, and the finer details can make them harder to understand.

As part of the value exchange, organizations have an opportunity and a responsibility to help customers navigate these changes. Customers should be able to easily understand how financial changes could affect them through multiple channels. You can communicate with your customers using FAQs, AI-powered bots, and other tools.

3. Treat your customers as individuals

Good brands are like friends. They understand and will let you know. An organization must know as much about each customer as possible to provide better service.

According to Business Insider, 82% of UK consumers want their digital financial services experience to be more or less the same as that of technology corporations. Banks that can assess customers 360 degrees so they can track their preferences and how they respond to marketing messages, as well as how they behave in different places during a customer journey, the win will go.

One direction I like is that banks conduct assessments based upon market, customer, and employee information. It helps uncover strategic issues to address.

4. Use emotion analytics to improve customer experience

The personal touch is always appreciated. An example: In an Allied Irish Bank branch, you might find an employee carrying an iPad and providing personalized service to customers who have not yet made it to the counter. Customers can also speak with bank specialists via video conference using the iPad.

In the financial sector, the need for empathy is growing. A Deloitte study found that less than half of large consumer banks are "impressed" by the quality of their products or services. Building strong customer relationships is essential.

Many Organizations are using emotional analytics to learn how customers feel about their brand and their interactions. They use this information to make proactive updates and increase positive emotions in customers.

5. Increase customer trust

It is possible to lose trust in a bank. It has never been a trusted industry. Of eight European countries by Pew Research Centre, only 53 percent have confidence in banks and financial institutions.

Particularly, fraud, data leaks, and theft have become a concern for financial institutions.

More organizations are working on technology and fraud prevention techniques to improve customer trust and provide educational content about safe financial practices.

Cloud technology is a solution. For customers who haven't switched to the cloud yet or are unsure about it, make sure your company informs them about the security measures. That protects their personal information.

Make extraordinary experiences

It is not possible to create a great customer experience for your company by pressing a button. Customers are fickle and always looking for the best. You can understand that customers are fickle and always on the move.

Therefore, This is important to connect with them using a combination of digital and human resources to bring out the best from each interaction.

POS systems in the restaurant industry are a huge boost to sales and an innovation in technology. The hospitality industry is booming everyday with on-going developments & promotions in travel & tourism sector. Same is the case with restaurant businesses as the food sector is no more just a semi-professional food serving entity. In fact, it’s a professional field & a highly improved industry. Ironically, an industry where you not just have to take care of many things at the same time. These are aspects apart from the on-going quality assurance procedures. Cash handling has been reduced as it used to be because of innovative, fast and responsive POS technology. Obviously, rapid response measures that are highly effective means of payments in PCI, i.e. Payments and Cards Industry. An industry that is booming everyday due to innovative POS devices,Wi-Fi-payments and rapid response systems.

The technology has specifically impacted the way restaurants accept payments & process orders, engagement with customers and finally manage their inventory.

The change is for the sake of better customer experiences that the POS systems have adapted. Hence, dramatically as well as provision of tools to business owners at exceptionally lower costs. It helps a great deal in bringing customers closer in terms of relationships. Add on, keeping all sort of records of customers intact including their bills & payments and their complete transaction history. In simple terms, POS systems have become a useful part of the CRM systems. Hence, while bridging the gaps between Customers and the customer service.

The latest trends in POS systems will definitely help you keep your hardware and software updated. Also, ensures that you are equipped with all the tools needed. Especially, for the provision of a memorable customer experience. Apart from this, gives you the data insights to make informed business decisions.

HOW MODERN ‘POS SYSTEMS’ ARE BRINGING REFORMS IN THE INDUSTRY?      

A huge credit goes to the way modern POS systems are bringing rapid changes to the dynamic POS industry. It is no more a secret that how technology can bring rapid improvements & transformations in the restaurant experience. A business that is a highly refined one as of today. It helps in keeping a record of your lunches & dinners. Things that should be helpful for you in future decision making if you are a regular paying customer. The POS systems have also been a cause of huge impact and much improved for higher levels of guest satisfaction and operational efficiency.

Why ‘operational efficiency’ is so important? Hence, while we think in terms of operational efficiency and its importance. What’s imperative is to realise the amount of competitors involved in the restaurant industry. Automatically, efficiency in POS systems is a huge upgrade in combating the competitor’s strategy while achieving your own goals.

As part of the revolutionary change culture, the restaurant are now able to build a culture based on quality assurance. With the time, POS has moved to higher levels, getting into the quality aspects of many businesses including restaurant & hospitality business. Mobile POS systems are good for customer interactions as they allow more time on floor with the customers.

Hence, as part of the more refined reforms and similar to many other industries. Obviously, the business of restaurant has evolved with time because of much improved technology. From management point of view, things have dramatically improved and become much faster and highly efficient. Therefore, it’s up to the restaurant operators to make useful decisions and think for more competition in the restaurant business.

POS TECHNOLOGY & MANAGEMENT DECISIONS:   

POS Technology has improved management decision making for future improvements in the restaurant & hospitality business. The CRM system attached with this is the Restaurant Management Software. Hence, it is always on the change and the demands are increasing for the latest features. The simplest systems used for taking payments from the customers are now being replaced with other more dynamically improved systems. The replacement of the systems is with all-in-one technology platforms. Key platforms that are offering online ordering, loyalty programs & gift cards. Also includes, CRM and more in terms of  features. Hence, bringing more advancements & innovation in management decision making in the restaurant & hospitality business.

The year 2021, just like some previous years will be a year full of challenges for customer care. This is more or less due to the fact that this year will be a year post pandemic and will have significant impacts of the current pandemic. Apart from this, there are some key trends in customer care that will be followed in 2021.

Hence, guaranteeing customer satisfaction, and making some useful efforts regards to customer care. These are some useful efforts and are all part of the vital trends analysis. What are Trends? In the customer service and Support industry. More commonly, trends are related to most common set of activities. Importantly, activities that are followed traditionally by the practitioners. The industry pundits believe that trends are the practices that helps in achieving the benchmarks. These are set of standards as ‘benchmarks’ for future prospects. Trends and practices not only helps in making benchmarks. However, they are the key indicators of standards in customer care industry.

Here, we are dealing with people who are highly judgemental. Importantly, regards to products and services and hold opinions in form of feedback that are vital for future progress. Customer satisfaction is indeed vital for the future of support and highlighting the trends in the industry. More over as customer’s expectations is on the rise and is indeed an ingredient of success. This is vitally in the customer care and customer support industry all over globally.

Research into different areas has revealed some key trends that are vital for the growth;

CUSTOMER EXPECTATIONS ARE ON THE RISE:

Being part of the trends in year 2021, the customer expectation is always on the rise. Furthermore, the support needs catching up to higher levels. This is not only regards to the work standards. However, also managing the customer’s request and satisfaction levels on an everyday basis. Customers as being the keenest consumers are looking for quick personal support, 24/7. According to a 2020 survey, 71% of support leaders say that customer expectations are increasing. However, 44% of them believe that support is meeting their expectations. The world of customer care & customer service is a unique world where buyers have tens, if not hundreds of choices. Therefore, more importantly businesses, irrespective of their nature needs to deliver according to the diverse needs of the customers.

Part of the top level challenges facing the customer support teams includes increasing the workflow efficiency. Another primary aspect is meeting the customer expectations to higher levels. Finally, helping agents manage conversation volume.

A SHIFT TO ‘PROACTIVE SUPPORT’ GAINS MOMENTUM:

What helps in gaining momentum necessary for customer support is a ‘Proactive Support’. Being proactive will be seen as a common thing in the year 2021. Ironically, as proactive support is the New Year’s resolution for dynamic customer care. According to a Customer Care survey, a huge 73% of Support leaders want to switch from a reactive to a proactive approach. A reactive approach is not good for gaining momentum, and is indeed a slow approach in solving customer care issues. A proactive support indeed empowers businesses to get way ahead of known customer questions and vital issues before they arise.

A PATHWAY TO MEASURABLE BUSINESS IMPACT SLOWLY TAKES SHAPE:   

The end result in the identification of trends for 2021 is a systematic pathway that helps in measuring business impacts. In today’s world of Customer support, the most wanted metric for support teams is customer satisfaction. A huge 26% of leaders are affirmative that this is the key metric they track most closely. The value of measuring the customer satisfaction enables businesses to know successfully they are meeting customer expectations. Something that is also vital for customer retention aspects.

Accordingly, good support is good business for most businesses in this pathway. A narrow focus on the measure of customer experience or efficiency alone misses the bigger picture. Thus, the focus on this pathway is to have a close eye on the big picture. Ironically, this is more vitally after identification of what exactly is the big picture for a company.

Understanding the customers and focusing on customer’s needs is the best way to find improved customer satisfaction. Whether it’s the retail industry environment or online buying, customer values holds huge values. While focusing on the key variables, for sake of new customers it demands more value addition and success. Services industry is all about providing the best services to the customers. Hence, along with high product standards and taking the best available feedback. Therefore, an implementation of a proper feedback system is the best way to give due importance to customers in whatever industry they are operating.

WHY trends matter in Customer service? A very common approach is in-depth trends analysis of how customers behave with changing products and improved services. On top of this, what are their most common likes and dislikes. Customer demographics plays a huge role in determining the way customers think. Furthermore, how higher values are attached to their brand loyalty aspects. Online buying & retail in-store, the attachment to different environments of the customers satisfaction aspects is critical. Why online buying is getting so popular and what are the fluctuations in different selling strategies. Are these also dependent on demographics of customers and their personal likes and dislikes.      

1. BEST WAYS TO UNDERSTAND CUSTOMER GOALS:

Finding the best ways to understand customer goals for buying products, i.e. buying behaviours should be the sole objective of the retailer or market researcher. One of the ways that will deeply influence improved customer satisfaction values and finding more about buying behaviours and trends. A common survey that can be taken as an example is; what are the goals of majority of customers preferring to buying a product online, than buying the same product in-store. The goal can be saving time and saving commuting expenditure. Or for some people the goal can be convenience and ease. The different customer goals includes;

• Identifying the solutions they want to work with;
• Prove program’s worth and grow with partner;
• Entering the best partnership with the peace of mind;
• Finding the best options to meet their needs;
• Comparing options and selecting front runners.

2. PROACTIVELY ASK FOR CUSTOMER’S FEEDBACK:

What’s highly important is a highly interactively designed customer’s feedback system that is highly proactive. For generation of goals which means attached customer values, its conclusively a proactive strategy. A feedback system in form of percentages, pie charts, histograms or other statistical measures shall be important in every way for improved customer feedback. This is particularly true as there is always room for improvement with regards to a customer & seller/retailer’s relationship.

However, on the other hand speaking from the point-of-View of consumers, they now expect the brand they love to deliver the right message. This is in particular to the right person, at the right time and via the right medium. Finally, at the right place across all of their digital and on-site experiences.

3. UNDERSTANDING CUSTOMER’S EMOTIONS BEHIND THEIR ACTIONS:

‘Emotional intelligence’, or ‘EI’ values attached to a brand always helps in creating brand values and brand loyalty aspects. The responsibility that holds vital is finding out customer’s emotions apart from different buying behaviours. Why particular actions of customers holds so high values for them other than some other ones that don’t. Hence, there is a ‘customer’s psychology’ attached to this phenomenon and this can dynamically vary between customers of different kinds, and their varying demographics. However, the best phrase here is true “Behind customer’s actions are their intentions & emotions.”

4. ACTING ON CUSTOMER’S FEEDBACK:

Customer’s feedback holds huge values and acting on customer’s feedback holds larger values for relationship sustainability. It is indeed a vital ingredient of Customer relationship management showing that customer’s significance is larger in terms of feedback and acting on it. If the feedback is so common and is from a larger number of people, than acting on the feedback is indeed a huge responsibility. What’s true is that a lack of communication and implementation of the customer’s feedback can indeed affect brand loyalty. It can also affect the customer’s willingness for the sake of providing feedback in the future.

What’s important as part of acting on feedback is let it drive your product road map. Finally, let the feedback influence your future marketing initiatives.