Don’t Underestimate Customer Service in the Financial Industry
There’s a perception that all it takes to be the top dog in financial services is to provide the best rate - but this is a very naive opinion.
Sure, being on top of the price comparison tables can get you a lot of business, but without sterling customer service it’s common that these cheap financial services are eventually given the boot.
Our finances are part of our lives that we take very seriously. When something goes wrong, it can be very stressful - and the last thing the customer needs at that point is unreliable customer service. One terrible experience is enough to put many customers off for life. Most customers won’t risk saving a few extra pounds to be put in a situation like that again. Trust is more important than the best deal, so financial companies should do all they can to maintain it.
Who knows how many people that a customer will tell about a poor customer service experience? After all, in financial services, a terrible experience could be life-changing. A data breach. Money lost to scammers. Mis-sold products. Investment opportunities lost. These scenarios have all happened before, among some of the world’s biggest financial companies. No doubt, they will happen again. The entire financial industry is still feeling the pinch of the mis-sold PPI scandal, almost a decade later.
If that customer is really upset, they have the ability to tell the world about their experience via social media, online forums or reviews. It’s not abnormal for the press to cover horrific cases of customer service.
Customer Service in 2018
As technology has improved, so have society’s expectations of customer services. It’s now expected for brands to have a social media account that addresses queries within hours, if not minutes.
Many online businesses now offer live chat services on their websites, so that customers can have their problems solved almost instantly. Chatbots are the new technology, which can solve simple queries in the blink of an eye through platforms such as Facebook Messenger. It’s fair to say that an email service which aims to reply to you in 2-3 working days doesn’t cut it anymore. As times goes on, a telephone helpline that puts you on hold for a few minutes probably won’t either. Customer service is often an area where businesses are slow to embrace new technology - and they’re losing out as a result.
Who knows what expectations will be like by the end of the decade? Whatever they are, it shouldn’t be underestimated how important it is to meet them. Leaders of financial companies should ensure they put as much effort into dealing with customer feedback as they do into creating their products.
At Succession Link, we understand how important it is for you to find the right successor for your business. That’s why we strived to make a database of suitable professionals - and provide customer service on multiple platforms that holds your hand throughout the whole process. Click the link to learn more about how Succession Link works.