How To Achieve Good Customer Service In The Financial Sector

Good customer service is crucial to any successful company, but within the financial sector, it takes on added importance. This is because, according to research carried out by Forrester, banks and financial services firms have the highest correlation between dissatisfaction with the customer experience and likelihood of switching businesses.

Here, we take a look at some of the specific areas where you should focus your customer service training, in order to improve the customer experience and keep clients coming back.

Personalised Service

In addition to having the highest correlation between customer dissatisfaction and switching businesses, a 2014 J.D. Power study found that experiencing poor customer service is also the single biggest reason why customers change providers within financial sector. This emphasises the importance of personalising service.

More than in any other industry, customers want to feel like they matter and are of genuine importance to your business - and it is, of course, the little things that make all the difference. You can help to avoid making clients feel like 'just another transaction' by training your staff to do the following:

  • Find out about their personal circumstances, including their family situation, interests and priorities;
  • Customise the service, based on those personal circumstances, so that you take care of their specific needs;
  • Build a rapport, go the extra mile to accommodate them, and try to throw in small acts of kindness.

Selling Value

Although most companies operating within the financial sector compete based on price, one way to achieve excellent customer service is to switch the focus towards selling value instead. After all, people are often willing to pay more if they think they are getting more for their money; especially if they believe it is a unique offering.

To do this effectively, it is important to narrow a target market and train staff to be confident and knowledgeable. Lantern Insurance, for example, turned to MHIGlobal, who implemented several customer service courses, including one called Selling Through Stellar Service. This led to a 70 percent increase in cross-sales and up-selling.

“We celebrated our most successful sales quarter as a result, where we achieved a 12-percent increase in sales compared to our previous quarter best," said Bart Taylor, the head of Lantern Insurance. “We are rapt with its success, the development of our staff and leaders, and the sales culture we are building.”

 

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