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Top three customer service challenges facing financial services

AllanBurdekin
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The financial services sector is well ahead of most other industries in offering advanced digital channels for their customers. Even so, the Optus Future of Business 2013 Report identifies three key challenges that are affecting customer service:

 

  1. High customer expectations: consumers expect to significantly increase their use of all channels - including contact centres and bricks-and-mortar branches - over the next three to five years. They also want a consistent level of service. For example, 70 per cent of consumers expect to be able to access previous transactions through any channel.
  2. Security and trust concerns: 24 per cent of consumers still don't trust financial services' websites, while 42 per cent of financial institutions say their biggest challenge with the mobile channel is ensuring security, compliance and privacy.
  3. Integration and technology problems: financial institutions know channel integration is vital in meeting customer expectations, but among their main challenges with digital channels are difficulties integrating with traditional channels, and with technology restrictions such as legacy systems.

 

Institutions that successfully address these challenges will have a significant advantage over competitors. The question is: how?

 

To tackle integration and technology difficulties head-on, industry leaders are adopting a fully integrated digital platform as the basis for all channels. They're developing new technologies to improve the security of online and mobile transactions without being intrusive. They're also automating more processes, evolving to even more sophisticated analytics and personalising product offers.

 

Some banks are going further by transforming their bricks-and-mortar branches to complement digital channels and encourage higher-value services, such as insurance and investment products.

 

All these measures will bring efficiencies, but the key benefits will be to improve the customer experience and build trust. This will be vital as digital channels lower barriers of entry and lead to a more competitive market in the future.

 

For more detailed findings on and analysis of service delivery in this sector, see our Future of Business 2013 Financial Services and Insurance Insights Paper.

 

By Allan Burdekin, Optus Business Manager Industry Development, Connect with Allan on Twitter: @AllanBurdekin

 

All views expressed are the author's own.

About the Author
With 20 years of experience in the ICT industry, Allan Burdekin is a former member of the National Consultative Committee for Security and Risk (5 years) and the National Standing Committee on Cloud Based Computer Services (2 Years). Prior to joining Optus, Allan was Head of Salmat Speech Australia which specialised in Natural Language Speech (NLSR) and biometric solutions. Allan also held the position of General Manager at KAZ Business Services. Responsible for Sales, Consulting and Industry Development, he lead a team focused on process improvement, industry based solutions and business process outsourcing. Prior to KAZ Allan held a number of General Management positions in Telstra focussing on convergent business.
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