Every industry values a close, empathetic relationship with its clients, but few have more at stake than banks. Customers want to know that the institutions responsible for their finances are trustworthy and compassionate. However, in the digital age, the personal touches that show a company really cares can be neglected. With the help of a customer relationship management system like Salesforce, financial institutions have the power to provide a more streamlined, user-friendly digital experience while maintaining that close relationship between clients and tellers often found at local branches.

Modern online banking can be a frustration rather than a convenience

Being able to access one’s bank account from anywhere with the touch of a button was once thought impossible — but in 2022, it’s expected. With the digitization of bank accounts has come digitization of bank branches themselves, including customer service. While call centers are nothing new, the advent of digital self-service has made it easier for customers to find solutions to smaller issues on their own, leaving call center employees to answer the most difficult inquiries, many of which they aren’t trained to handle.

This, accompanied by long wait times to talk to an actual human being rather than an automated response, can cause quite a bit of frustration for customers, especially when they’re trying to handle something as serious as their finances. According to a 2020 JD Power survey, one in four callers have waited over ten minutes to talk to a person when calling their bank’s customer service line. The reason for these long wait times, as Gerent’s Senior Sales Director of Financial Services Alex Bryce explains in a recent Gerent paper, is threefold.

1. Reliance on Swivel-Chair Systems‍

As its name suggests, a swivel chair system is one in which call center employees are constantly having to swivel in their seats to go between a multitude of programs and screens while addressing a customer’s issue. “Folks in a contact center typically use — at a conservative estimate — between 10 and 16 core banking systems,” explained Bryce. “When you need to swivel between so many systems just to answer a simple question, it can be tough to provide first-call resolution or deliver an amazing customer service experience,” said Bryce. He estimates that representatives average over ten programs simultaneously when on a call with a client.

2. Insufficient Staffing

Call centers are notorious for extremely high turnover rates, which means having a reliable amount of employees with adequate training and experience to handle difficult calls is a rarity. A NICE WEM 2022 Global Survey found that call centers reported a 42% attrition rate in 2021, with nearly a third of employees actively looking for a new job at any given time.

3. Fragmented Digital Experiences

Currently, most banks operate on a multichannel system. This means that all channels — such as websites, social media pages, texts, and email campaigns — are disconnected and function as independent entities. Having an omnichannel system in which all channels are connected and fully integrated with each other provides a more consistent customer experience.

Collectively, these issues create a chaotic, fragmented, and overall frustrating experience for customers and representatives alike. Ultimately, a bank is bound to lose business with at least a few clients due to preventable customer service issues.

But today, such turnover is unnecessary. Modern customer management platforms provide banks with the support they need to manage their client data, empower their employees, and provide better omnichannel experiences at scale — and of those on the market, Salesforce is by far one of the best.  

How Salesforce’s Digital Banking Solution Can Help

“Prioritizing customer-centric omnichannel experiences could completely change the game for banks,” said Bryce. With everything centralized, banks will be able to operate at a quicker pace and provide better service to its customers with even less work for employees. Salesforce’s digital banking solution offers a variety of solutions to help banks personalize customer experiences while improving overall productivity. Once equipped with Salesforce’s Financial Services platform, institutions can:

• Obtain 360° visibility of their customers in one centralized location, making it easier for employees and call center representatives to find.
• Deliver exceptional service on whatever platform a customer prefers, be it mobile, chatbot, web, or messaging. With customers seeking assistance through other avenues, representatives have the necessary free time to handle more complicated cases that require person-to-person communication.
• Better facilitate employee performance using a low-to-no code, AI-powered workflow to aid in collaboration and maximize employee efficiency so banks can provide exemplary service on a consistent basis.

To learn more about how Salesforce can streamline your institution’s digital customer experience, read our white paper, “Digital Contact Centers Facilitate Exceptional Experiences in Financial Services” or speak with one of our solution leaders today!