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Weekly focus: the latest customer service trends in the financial services industry

Weekly focus: the latest customer service trends in the financial services industry

This week, we look at the most recent customer service trends impacting the financial services industry - from ATMs with facial recognition sensors and what regional and national banks can learn from each other, to research on why banks need to digitize services sooner rather than later.

Smile for the ATM

We’ve all heard stories about fraudsters targeting ATMs to steal people’s hard-earned cash, but now National Australia Bank (NAB) and Microsoft have teamed up to make withdrawing money a faster, simpler and safer process for customers.

The bank and tech giant launched the prototype for a cardless ATM at last week’s SWIFT International Banking Operations Seminar (SIBOS) in Sydney. The new machine allows customers to withdraw money through facial recognition software and a pin, with the companies boasting that it will provide a more efficient and secure level of service to customers.

But don’t worry if you’re concerned about your image being stolen. The new device doesn’t store pictures. It also stops the customer entering their pin if it sees someone peeking over their shoulder.

Read the article “NAB has created an ATM that lets you withdraw cash using face” on Business Insider Australia.

Robots are here to assist staff – not replace them

Robotic Process Automation (RPA) will relieve customer service representatives of many repetitive and rule-based tasks in the future. But keeping the human touch central to the customer experience will be key too.

This is a view that Tomer Garzberg, the CEO of data insights and business consultancy GRONADE, discussed when speaking at the SIBOS conference last week. He said that, while big data and artificial intelligence (AI) are disrupting the financial services sector, new technologies should be used to assist rather than replace staff.

Banks and other financial institutions are increasingly using chatbots and natural language processing (NLP) programs to help staff provide a higher level of customer service, helping representatives to source information quicker or handling simple interactions while they focus on the more complex inquiries.

After all, technology, despite all its progress, cannot replace the most important human qualities – empathy and the ability to take responsibility.

Read more about Garzberg’s presentation on Mortgage Business: “AI will ‘augment’ rather than ‘automate’ customer service

Why digitization can no longer wait

Banks and financial institutions are increasingly realizing that they need to improve their customer service and that putting the consumer at the center of all developments, especially when it comes to payment services, is key.

Why? Well, with more and more payment and banking solutions available, the number of facilities that customers demand access to is rising, too. Consumers are now expecting payment and banking apps to offer a bundle of services, from an overview of everyday expenses and bookkeeping features, to simple and fast transactions.

Yet according to new research by independent analyst and consultancy firm Ovum, 65 per cent of 226 banking representatives surveyed globally, believe their payment systems are not up to scratch, and need to be upgraded or replaced within the next three years. In the Asia Pacific region, these figures rise to 77 per cent.

Banks need to act today to ensure that they are embracing new technologies that can help to assist staff and offer customers a more personalized experience. Fail to do so and the consequences for customer retention and satisfaction could be serious.

The piece, titled “Banks see payments infrastructure renovation as key to digital strategy”, can be read in full on Finextra.

How to differentiate yourself with technology

A new study by digital banking platform D3 Banking Technology has found that 58 per cent of Americans prefer to bank with regional and community providers over national organizations because their customer service is simply better.

But the 42 per cent who would always go to a national bank, say that their digital offering is ahead of that of their smaller counterparts.

This should be a wake-up call for both small and big financial institutions to improve their customer experience, according to D3 Banking Technology CEO Mark Vipond. He suggests that it’s no longer good enough for institutions to just get by with average customer service and a mediocre app or website.

After all, it’s about offering customers the full package. Focusing on one or the other won’t be enough in the long run.

Read the article “Americans’ preference for regional and community banks on the rise” on Verdict.

Author: Editorial team Future. Customer.

Tags for this article Artificial Intelligence (81) Banks (14) Customer Experience (88) Customer Service (98) Digitization (164) Robotics (15)

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