How strong is your bank’s human connection?

Posted on: March 16th, 2016 by Art Barger

Banks cannot buy or sell trust. They’ve got to earn it, one human connection at a time.

While self-service digital banking products can satisfy your consumers’ needs to check their balance or make a transaction whenever they want, the absence of human interaction doesn’t strengthen the level of trust between banks and customers. The daily relationship between financial institutions and their customers is one that all banks rely on for a myriad of reasons, including customer satisfaction, trust, retention and loyalty.

Today’s on-the-go consumers may enjoy the convenience of these do-it-yourself banking products, but how far do these services go when it comes to customer trust and loyalty?

In the recent American Banking article, “New Tech Tools Rebuild Human Bond Lost to Digital Banking,” Mark Schwanhausser, director of omnichannel financial services at Javelin Strategy & Research, said the lack of human connection is diminishing opportunities to strengthen trust between banks and their customers.

“We’ve done such a terrific job of enabling people to do banking 24/7 in their pajamas, they never see a banker. So we’ve lost that face-to-face opportunity that’s so powerful. People still come into the branch, those opportunities are still there, but there are fewer of them. In some senses, digital banking is a double-edged sword. It’s enabling us to provide convenience and satisfaction, but it’s also undermining or weakening the fundamental relationship we have with our customers.”

While do-it-yourself banking is the reality of today, banks need to create opportunities that allow customers to talk with reps when they run into problems or need to resolve issues. Your contact center is an essential touch point for your customers. However, if your authentication process creates friction when your customers phone in, it may be doing more harm than good to your relationship-building and retention efforts.

Creating a seamless experience in your telephone channel is critical to building and strengthening the level of trust you want to create and maintain with your customers. The TRUSTID® Physical Caller Authentication solution delivers proactive, real-time customer identification that allows financial institutions to better serve their customers without the hassle of frustrating, time-consuming telephone interrogations.

By identifying the risk of each inbound call before it is answered, call center agents can start serving customers the moment they pick up. Instead of requiring customers to answer a bunch of security questions at the onset of each call, TRUSTID enables telephone agents to immediately address and resolve issues in a timely fashion. This type of human connection is what builds a stronger bond between banks and their customers.

Your contact center agents interact with hundreds of thousands of customers each year. The way we see it, each call is an opportunity to strengthen the trust between you and your customers, and there’s no better way to do that than through the power of human connection, one customer at a time.