In today’s age where customer retention and loyalty is as good as your last phone call, providing a fast and satisfying banking experience is more important than ever. With new regulations like the FFIEC Guidelines holding financial institutions more accountable than ever before, fulfilling federal requirements without sacrificing customer care is one of the top challenges many banks face today.
The recent American Banker article, “The Golden Rules of Retail Banking Customer Service,” highlights the important role that quality service has on customer satisfaction and retention. As ever-shifting banking trends such as the growing mix of sales channels and banking fees confuse and frustrate customers, banks have to work smarter and be more diligent to maintain customer trust and provide top flight customer care. If they don’t, customers will certainly find someone who will.
With customer loyalty being tested at every touchpoint — whether you’re servicing a customer over the counter, online or over the telephone — providing efficient, highly personalized customer service across all customer channels is no longer an option in today’s banking industry, it’s a necessity. Not including customer service initiatives in your overall business strategy or investing in the operational and security tools and technologies to get you there will eventually impact your customer satisfaction rating.
The article points out a number of things banking institutions can do to improve customer satisfaction across all channels. But achieving this is not easy. It’s a process that requires continuous measuring, analyzing and improving your overall business approach and strategy; then, once you’ve achieved that, repeating the process all over again.
When it comes to the telephone channel, addressing and satisfying your customers’ needs is about being proactive and resolving issues before they impact your ability to deliver exceptional customer service. One of the ways is to deploy security tools that allow you to work more efficiently within a more secure environment.
The TRUSTID® Physical Caller Authentication tool helps banks do both by taking a proactive, non-intrusive approach to authenticating customers over the telephone. By validating the Caller ID and ANI before the call is answered, TRUSTID allows financial institutions to take action against high-risk calls in real time. This process invisibly shuts the door on spoofed calls, essentially stopping fraud before a criminal has the opportunity to socially engineer a call center representative.
It also allows banks to quickly accept good customers with confidence without having to interrogate them with a bunch of non-predictive knowledge-based authentication (KBA) questions. This way, banks don’t waste valuable time or money on bad calls and can address good customers’ needs at the onset of each call, all of which provides for a better overall customer experience.