Make Money Personal Through Customer Service

Remember when banking used to be relational? If a customer needed to deposit or withdraw money from their account, they went to their local banking branch and made a face-to-face transaction with a teller. Banking customers often knew their tellers by name and vice versa. The same dynamic used to be true for gaining a loan, a mortgage, and even buying and trading stocks. 

As you well know, that’s no longer the case. Almost every bank offers the option to deposit checks, order checks, and transfer money from one account to another, all with a few clicks on a mobile app. The approach to personal banking has certainly changed. 

Financial technology is here to stay and is growing quickly. The success stories are many. The stock-trading app Robinhood grew from half a million users in 2014 to 13 million in 2020. Coinbase, which helps customers buy cryptocurrency, recently began trading publicly in a “landmark moment” for crypto. While these companies have the technology to serve their customers well, they also need a customer service strategy that puts the human side back into banking. Here’s why:

It builds trust. The banking process, even with the evolution of technology, is relatively similar regardless of where customers put their money. In order to stand out to new and existing customers, institutions must invest in their customer service representatives, who are trained to handle everything from straightforward to more nuanced transactions. In today’s world, getting answers quickly and correctly the first time matters. Ensuring that customer service reps are trained on compliance, trust, and safety is imperative to building trust, too.

It supports every customer. Financial institutions that are shifting to a digital-first strategy need to support every consumer, from the more traditional to the technology savvy. That means meeting customers where they’re most comfortable getting support (including having support in multiple languages). Whether it’s in-app, email, chat, or phone support, all of these channels must have support reps who can handle the technology as well as they can handle the financial information of the customer, in a timely and secure manner.

It helps your bank get better. Want real-time feedback about how well your app or online experience is received? Is the user interface effective? Are there too many buttons to click in order to make one change? Your customer service reps will be the first ones to get that feedback. They’re also the ones who can support returning customers, complex transactions, and customer feedback in real-time.

Your customers are worth the extra investment in customer service. In the financial sector, much like the rest of the world, you’ve gotta spend money to make money. Investing in a customer support strategy that serves both your organization and your customers sets everyone up for success.

With ModSquad, our Mods are trained in safety, privacy, and customer service. We can ramp up quickly (during tax season, for example) and cut back just as quickly in order to tailor service exactly as your institution demands. Banking requires consistency, and our Mods can deliver just that. We’re able to not only align with your institution’s technology but your customer service philosophy as well.

Want to see how it works? Contact us today.