The Challenge: Modernization of the Banking Customer Experience

As the changes brought about by ever-evolving digital technology become progressively meshed into our daily lives, consumer demand has also advanced to now expect from all businesses the same level of speed, convenience, and efficiency. At banks, and similar financial institutions there is growing pressure to satisfy the demands of Millennials and tech-savvy customers who have come to expect nothing less than unspoiled optimization from their customer experiences. The lack of a good experience has put banks at risk of losing customers to other financial institutions as simple as applications or any other non-bank players in real-time payments, P2P payments and other growing sectors aiming to take advantage of business opportunities in areas traditionally dominated by banks. This is especially true in the call centers, the front lines of customer service, where automation is a critical step towards greater operational efficiency, and thus, a seamless customer experience.

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It seems automation is everywhere these days, allowing people to accomplish a variety of tasks faster, and the customer service industry is no exception, where technological advancements continue to transform the customer experience, and businesses continue to discover the benefits of real-time automation. Here are the top 5 customer service automation trends in 2018:

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Annoying notifications, complex registration and freezing are the top three reasons for uninstalling mobile apps, according to an Appiterate survey, so it's no wonder that most people use only about five of the apps on their mobile, and ignore the other thirty or so. I personally couldn't live without 7-8 apps, but I rarely touch the rest.

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Today, there’s a growing consensus that the age of robotic process automation (RPA) has arrived, capable of significantly increasing operational efficiency, thus offering clear-cut cost, performance and scalability benefits. It seems it’s only a matter of time before RPA will eventually be leveraged in just about every industry, automating business processes with cognitive systems. In fact, while estimates for the RPA market are currently around $500 million, in the next years, the market is expected to exceed $1 billion! In fact, one estimate pegs just the North American RPA market at over $3.5 billion by 2024 (per Grand View Research). These numbers not only point to the increasing usage by companies that are finding value in virtual robots but to growing number of capable providers as well.

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Robotic Process Automation (RPA) has been one of the most revolutionary products of enterprise technology in the last few years, stirring the winds of change in the business world by enabling increased productivity at reduced costs, and one which will likely eventually be leveraged in just about every industry. In fact, according to a recent report by McKinsey and Company, it’s predicted that automation technologies, such as Robotic Process Automation, (RPA) will have a potential economic impact of nearly $6.7 trillion by 2025! For now, however, there are three particular industries that are most reaping the benefits of RPA, blazing the automation trail. Lets take a look:

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Doing More with Less, Customer Service Automation

The verdict came by email. Martha Mitchell learned that her request for 10 customer service agents was denied. All managers were expected to “Do more with less”. As director of the customer experience, Martha was responsible for the contact center of 300 agents and a product support team of 20. She understood that there were only two ways to do “more with less.”

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Today, companies are increasingly adopting new strategies to improve the customer experience and profitability while lowering operational costs. Desktop automation is one such strategy, as it removes the barrier that the myriad of existing applications can present to a call center agent trying to deliver exceptional customer service, and thus empowers agents to provide faster, more personalized service to every customer, all while increasing operational efficiency. Let’s take a look:

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10 Customer Service Skills that Every Customer Service Representative Must Have

When it comes to providing the best customer service, there are certain skills that everyone staffing your contact center should possess. The following may seem basic for many but it is surprising to me how many times these basic skills are overlooked. More often than not, it is the people themselves who make the difference when it comes to an organizations ability to provide great customer service. Here’s a list of 10 customer service skills that every person involved in customer service needs to own to be able to provide the best customer experience possible. Let’s take a look:

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Customers want Low-Friction Channels Like Automated Chat

More and more customers are choosing to use low friction channels as their point of contact for customer service. Chat, which includes automated chatbots and interfaces to chat with live agents, is perhaps the most suitable of all such channels.

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As customers have more brands to choose from than ever, the businesses that win the battle of the customer service wins the game. In today’s world, more and more brands are chosen based on whether customer experience matches their rising customer centric expectations, and customer service plays the most critical role in creating that experience. It’s no surprise then that the top trends in customer service heading into 2018 all have one thing in common, the customer themselves. Let’s take a look:

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