Improving Customer Engagement in the Banking Industry
Employee turnover and customer engagement are continuing to cause challenges for businesses. In fact, CSI’s 2023 Banking Priorities Executive Report revealed that bankers saw employee turnover (34%) as the most significant issue impacting the financial industry in 2023.
With the banking industry facing high employee churn rates coupled with ever-increasing customer expectations, financial institutions must have a plan to effectively engage and retain their customers. So, bankers are turning to customer engagement strategies to scale their in-house teams and increase customer loyalty.
By shifting your priorities to building meaningful relationships with customers, banks can improve retention, increase advocacy, drive revenue, and gain a competitive advantage. At Radius Global Solutions, we work closely with banking executives and financial services professionals to elevate the banking customer experience.
Find out how building a customer engagement program can help you solve your biggest banking challenges.
Why Should Banks Prioritize Customer Engagement?
Banks have long been known for their traditional, primarily transactional approach to customer service. But with the competition growing every day, banking executives must rethink their strategies and focus on building long-term relationships with their customers.
This is where customer engagement comes in. Customer engagement programs are all about creating an emotional connection with customers that inspires loyalty and encourages them to become advocates for your brand.
But boosting the customer experience doesn’t mean that you’ll be creating additional strain on your current resources. With an outsourced customer engagement team and advanced customer service technologies at your disposal, delivering competitive service will be easier than ever.
Read on to discover how our team created a successful, compliant banking customer service strategy for a large multinational financial services corporation.
Our Banking Client’s Customer Service Challenges
Our client is a large credit card bank that operates in over 100 countries. Before contacting Radius, our client sought a partnership with a customer engagement firm to help enhance their customer service channels.
That’s where our team came in. Once our partnership launched, we got to work building a solution with over 900 dedicated agents across multiple domestic and offshore locations. Collaboration was key for identifying our client’s biggest challenges and tailoring our outsourcing services to meet their needs.
With the ability to offer 16-hour-a-day service, seven days a week, our team streamlined several of our client’s processes:
- Assisted with verifying and disputing customer charges
- Secured accounts compromised by identity theft and replacing cards in confirmed fraud situations
- Enhanced customer communications surrounding reductions in credit limit, account cancellations, and suspension of features/ benefits
- Handled low balance past due activities for consumer and small business credit cards (enabling card usage, providing temporary credit limit increases and reconciliation of statement balance)
Focusing on positive customer engagement while handling difficult financial conversations is incredibly important. Our teams have decades of combined experience approaching these conversations with empathy and patience while successfully reaching our client’s goals. Read on to find out how our efforts paid off!
Benefits of Boosting the Banking Customer Experience
As a result of our tailored customer engagement program, our banking client has enjoyed several benefits:
- Improved the customer service experience across all processes
- Achieved customer satisfaction scores exceeding the banking industry’s standards
- Improved customer engagement with a full staff of flexible, experienced customer care experts
- Provided a more stable and tenured team which translated to higher quality calls, increased one-call resolution, lower costs, and better overall performance
- Reduced the client’s customer support costs with our nearshore and offshore outsourcing services
- Delivered a 24/7 audit-ready environment by staying 100% compliant with regulatory policies and industry guidelines
The Radius team also spearheaded innovative strategies to achieve continuous improvement in performance. Our efforts lead to higher target attainment and the need to set new performance benchmarks.
Retain Your Banking Customers with an Engagement Program
As our results have demonstrated, focusing on the banking customer experience while making strategic changes to existing processes can yield several benefits.
Want to realize these benefits for your financial business? Contact our team at Radius today to discuss how we build a successful engagement program that your customers and your internal teams will love.