Before the COVID-19 pandemic, changing consumer preferences driven by the rise of digital transformation had already begun to impact financial services in critical ways.
Then, out of necessity, the rapid shift to digital-first engagement and remote work launched customer service into a new era. This trajectory is only accelerating as a host of factors — including customer behavior, indsutry dynamics, workforce needs, and technology trends — simultaneously require and support service organizations in rolling out new strategies and systems.
Customers still value knowing they can speak with human representatives. At the same time, increasingly, they prefer self-service options, whether it’s through intuitive features on a mobile app or targeted questions with sophisticated chatbots. No matter how they connect, today’s customers expect their experiences to be seamless and cohesive across channels and lines of business.
Digital transformation has impacted every industry, but it’s particularly imperative for financial services. While the industry has kept pace on basic servicing requests, it has been slower to adopt a digital-first model for more complex requests. Consequently, just 27% of customers think the financial services industry provides great service and support, according to a Salesforce survey.
Here’s why customer service transformation is accelerating and what it means for banks and other financial services organizations.
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