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Commercial Banks need to Step up their Game on Client Service

In retail banking, a bank only has one customer (or two) per account. In the corporate scenario however, there are so many more stakeholders for each account which makes service excellence far more complex. When customers are international, achieving excellent client service also comes with geographical challenges such as different currencies, language, culture and regulatory environments. Fortunately, technology can help make the processes associated with service excellence more manageable and empower the bank to provide a more personalised experience.

The challenge of getting great business banking customer service appears considerable. We recently did some research on the impact of inadequate business banking service. Almost half (49%) of business banking clients said they’d strongly consider switching financial institutions over the next year. The top reasons were poor overall service (41%), a lack of interest from the bank in their business (34%) and systematic errors with account transactions (32%).  

What’s more some 49% said they’d consider switching to one of the challenger banks. As FinTechs like Monzo, Starling and N26 shake up what it means to deliver a great banking experience in our personal lives, it is no real surprise decision-makers at commercial banks are asking why they can’t expect the same great service in their professional lives. They’re consumers too after all!

But, there’s quite a lot of things that make it difficult for commercial banks to transform their service – workflow friction, disparate systems, inconsistent data, disconnected channels and limited self-service capabilities to name a few.

Nonetheless the commercial banking sector must step up its game. They need to deliver connected, consistent service across all channels as well as continually building value and relationships.

So how can this be done? Informed, connected service capabilities harnessing technologies such as robotics and automation are crucial. An intelligent service platform powered by natural language processing, AI and real-time data for example provides efficient, effective client engagement, improved SLA compliance, and insights that result in tailored products and services specific to client needs. Furthermore, an AI-enabled and more informed approach to client experience can ease operational tensions and create a better experience, whether it be accelerated, compliant onboarding to efficient operations, proactive client service, to more relevant relationship management.

Providing excellent service on a consistent basis means earning the trust of your clients and generating greater business value which offer a host of benefits. There are examples where costs can be reduced between 15 and 25%, client retention can be improved by 30% and revenue increased by 20%. What’s more, service excellence and the resulting advantages don’t require years if commercial banks carry out the right digital transformation approach.

Disparate systems, disconnected channels and workflow friction are preventing corporate banks from delivering superior client service, and the fallout can mean not only client dissatisfaction but also poor SLA and service metrics, missed revenue opportunities and lower profits. And it’s totally unnecessary… the technology needed to make the change is available today. Commercial banks can up their game to unlock this potential, and technologies such as intelligent service platforms and AI are the keys.

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Comments: (1)

Melvin Haskins
Melvin Haskins - Haston International Limited - 31 October, 2019, 08:10Be the first to give this comment the thumbs up 0 likes

There is so much difference with responding to a survey saying that they will 'consider' or 'strongly consider' changing banks, than actially doing so. People respond to surveys easily, particularly if they have a few problems with their current bank, but the reality of actually going through the process to change business banking is still cumbersome and problematic. I strongly suspect that the major high street banks will retain their business clients for many years to come.

Steve Morgan

Steve Morgan

Senior Director, Financial Services Europe

Pegasystems

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This post is from a series of posts in the group:

Customer Service 2015-2019-2025

In the industry of customer service how it will grow nowadays. How was it in past and how it will become in future. Sharing innovative ideas about customer services like call centres, phone answering, business process outsourcing, lead generation, verification service, chat support etc.


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