In a previous post, I concluded that financial institutions who can significantly improve the consumer experience while simultaneously ensuring the safety of their customers’ money and personal information will win the hearts, minds, trust and, ultimately, business of their competitors’ customers.
While I believe this to be true, still, financial institutions are no longer the sole determinant of their brand. Today, customers are a prime driver of brand. If they are dissatisfied, they will walk, and follow up by posting their opinions on Google, Facebook, and everywhere else your prospective customers will see it. Because of social media, the consumer’s voice is louder than ever… and it’s about to get louder.
We are on the cusp of a major transformation in the financial services industry, where the success of the entire enterprise is dependent on the customer experience and its ability to service its customers’ needs. Over the next several years, we will see a market shift where financial institutions are no longer able to define their own brands. Instead, the consumer will define them. Banks that understand this shift, and alter their business processes to invisibly and non-intrusively improve the customer experience and ensure consumer safety, will gain a competitive advantage that will significantly improve top and bottom-line performance for their shareholders.
For example, take a look at some of the top reasons for customer dissatisfaction. If you eliminate product factors such as line assignment, fees or interest rates, one of the main reasons for customer dissatisfaction is poor customer service due to a lack of trust and respect for the customer’s time. This is often caused by highly disruptive “customer interrogation,” or knowledge-based authentication (KBA). Yet, banks and financial institutions continue to rely on this outdated, costly and time-consuming method to identify customers over the telephone. In an industry where seconds count for average handle time (AHT), it is a huge frustration for the customer. This is why it’s no surprise that KBA is having a negative impact on financial institutions and their brands.
How a customer feels during and after phone interactions is a significant differentiator, yet too many banks have lost sight of what consumers really want. Current fraud prevention strategies – many of which are still focused on KBA – are at odds with both customer care and the bottom line. KBA is no longer a viable and sustainable method for validating caller identity and is creating an even bigger disconnect between fraud prevention strategies and customer care goals. Instead of endless customer questioning, imagine your IVR picking up every call by saying:
“Thank you for calling (Company Name). For your security, we have validated your phone number. How may we assist you today?”
This streamlined telephone interaction can be a reality with the telephone firewall. The TrustID® Telephone FirewallTM solution provides financial institutions with a competitive differentiator that enhances the customer relationship while simultaneously improving fraud prevention.
By eliminating interrogation at the start of each inbound call and giving the customer more perceived control over the bank/customer relationship, TrustID is paving the way for financial institutions to transform the customer experience. Customers want to be trusted and respected, and demand both safety and convenience. The TrustID telephone firewall is paramount to a mutually trusting relationship between customers and their banks, and proves that the bottom line and customer service do not have to be at odds with each other.