Is Your Financial Institution Participating in the Self-Service Revolution?
Written by Jeanne Moore
The majority of consumers, about 81%, say they want more self-service options, but most businesses believe only 60% of customers would be interested. This 21% gap in understanding consumers’ needs means businesses are not focusing enough on increasing self-service options to meet demand. It’s no surprise that customers have come to expect digital-first customer self-service from their financial institutions. And fortunately, many financial institutions are rising to the challenge of the self-service revolution and taking steps to develop modern digital strategies that provide customers with streamlined service delivery, easily accessible products, and efficient digital banking platforms.
Depending on your institution’s offerings and goals, this could look like anything from automated customer service chatbots, digital onboarding solutions, or even complete digital banking platforms for both business and personal accounts. As with any digital strategy, success will depend on regular innovation, evolution, and customization to meet changing customer needs.
What is the self-service revolution?
The self-service revolution has been an ongoing digital transformation effort over the last decade, as customers increasingly have moved from face-to-face and telephone-based customer service interactions toward digital-first customer self-service models.
Top 3 Areas for Financial Institutions to Offer Better Self-Service Options
Better Chat Support Options
Chat is quickly becoming the preferred digital channel for customers of financial institutions across the globe. Despite this, only a shocking 31% of businesses offer chat as a primary digital-first customer self-service option. While this may provide short-term cost savings, there could be long-term implications of not meeting customers’ digital needs and preferences. Offering digital options like chat support is essential to meet the changing customer needs and digital expectations of financial institution customers.
An emerging channel for digital customer self-service is accessing self-service options or chat support through social media. Sadly, many are not yet offering service on this digital touchpoint due to the lack of internal resources or the fact that their digital presence is not optimized for customer support. Companies find themselves stumped by needing to provide excellent digital customer service while unable to ensure that the level of service they are providing is up to standard. It remains a challenge for many, but those who do make an effort to stay up-to-date on digital technology can certainly be rewarded down the road.
Improved Digital Account Opening Solutions
Banks and other financial institutions should prioritize digital-first customer self-service options to ensure quality and efficient service. One avenue to consider is offering digital account opening, such as digital identification and digital document scanning. This will assist customers with instant access to services without waiting in long lines or having their queries answered slowly over the phone.
Digital-first customer self-service offers numerous advantages for customers, from quick, efficient transaction processing to round-the-clock availability and enhanced security for online financial services. Banks and financial institutions that implement digital customer self-service can then focus on addressing other customer needs that can’t be addressed without a representative quickly and efficiently.
Full-Service Mobile Applications
It is increasingly important for financial institutions to provide digital-first customer self-service options via mobile. Apps offer financial services providers an ideal way to meet customers exactly where they are in their daily lives – on their phones. This digital convenience increases customer satisfaction, inspires trust and loyalty in the brand, and ultimately drives revenue.
With a full-service app, customers are granted access to a vast range of services, including the ability to open an account and even manage deposits, investments, and loans. Providing an interface that makes managing your finances easier for customers is beneficial not only for them but also for the financial institution. Having digital tools that promote convenience and reliability provides a more satisfying customer experience which will ultimately lead to positive outcomes in business growth.
- A 21% gap in understanding consumer needs means businesses are not focusing enough on increasing self-service options to meet demand.
- Customers have moved from face-to-face and telephone-based customer service interactions towards digital-first customer self-service models.
- The top 3 areas for financial institutions to offer better self-service options are customer chat support, digital onboarding solutions, and full-service mobile applications.
- An emerging channel for digital customer self-service is accessing self-service options through social media.
- With a full-service app, customers are granted access to a huge range of services, including the ability to open an account and even manage deposits, investments, and loans.
- Digital-first customer self-service offers numerous advantages for customers, from quick, efficient transaction processing to round-the-clock availability and enhanced security for online financial services.
Digital Account Opening Solution
By implementing a digital account opening solution like IgniteConnex, banks, credit unions, and other financial service providers can increase their self-service options and onboard new customers much faster. We can help your digital transformation by enhancing the account opening experience and digital onboarding process for new customers. Access a cost-effective solution that can offer your financial institution enhanced security, a good return on investment, and scalable growth. Schedule a Demo to learn more!
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