Building trust through a better banking experience

Posted on: February 26th, 2015 by Art Barger

For the financial services and banking industries, trust is an incredibly valuable asset. When consumers trust your brand, it’s a good sign that your organization is running on all cylinders. You’re consistently meeting their demands around things like functionality, performance and customer service. When trust levels drop, however, it’s usually an indicator of how you’re making your consumers feel, and how they perceive the industry as a whole.

Edelman’s 2015 Trust Barometer, which measures the level of trust in institutions around the globe, shows that the financial services and banking sectors remain two of the least-trusted industries, with trust levels below 60 percent in the latest survey. While financial institutions are doing what they can to regain consumer trust after the recent recession, there’s still much work to be done. For banks and other enterprises, there are many opportunities at the customer level that can help strengthen the trust of their brand.

We all know that today’s savvy consumers have access to more information than ever before. If their bank is not meeting their needs, or they lack the confidence in things like security and data protection, consumers will find a bank that can. While earning and maintaining trust with your customers goes much deeper than any single component, how you treat them can go a long way in building and maintaining their trust.

Sure, investing in blanketed marketing campaigns can improve name recognition, but they don’t improve trust. Winning over your customers is primarily done on a personal level. How you treat your customers is critical to earning their trust and confidence. This is why investing in areas that can truly impact your banking experience like technology and customer service are so important to building stronger relationships and loyalty.

In the telephone channel, making customers feel trustworthy and valued can be foiled by your own authentication process. Greeting customers with a bunch of security questions at the onset of each call can leave them frustrated and feeling distrusted by their own bank. This is exactly what knowledge-based authentication (KBA) methods do. Today, these unwanted and unnecessary telephone interrogations put your profitable banking-customer relationships at risk.

On the other hand, an automated customer identification process like the TRUSTID® Physical Caller Authentication solution improves the banking experience through more trusted, secure and efficient interactions. Using advanced telephone network forensics to validate the risk of each inbound call before it is answered, banks get real-time information that allows them to make instant decisions on both legitimate and high-risk calls without impacting the customer’s experience.

When a Caller ID or ANI is identified by TRUSTID as spoofed, banks can automatically remove the call from the telephone system to reduce fraud. They can also route high-risk calls to the appropriate operator pool or IVR option for processing. For verified good calls, contact center agents don’t have to pressure customers into lengthy phone interrogations. Instead, at the start of each call that reaches an telephone agent, the caller is treated like the valued, trusted customer they are. Their issues become the top priority of the conversation, which means they’re resolved in a time-efficient manner.

Providing this high level of personal service each time your telephone representatives talk with your good customers is one way financial institutions, banks and other businesses can build a stronger bond, trust and goodwill through the banking experience.