Banking Customer Support Automation: Development Guide

6 Benefits of Customer Service Automation: for Banks and Customers

  • Lower costs and increased efficiency. Automating bank support encourages digital self-service and allows customers to find answers to their questions without interacting with humans. When routine tasks are reduced, bank employees have more time for more complex tasks that require emotional intelligence and a personal touch.
  • Increased personalization. When customers get personalized banking experience, it leads to higher engagement and subsequently better conversion rates. This, in turn, leads to a higher return on investment and revenue for your business.
  • Better customer retention. The tip is to turn an average customer into a loyal one. Automation can help you do this by following up with customers after interactions, sending out surveys to gather feedback throughout the year, segmenting customers by the account type, making more personalized offers, etc.
  • Fewer human errors. By using automated customer service, banks can drastically reduce the number of administrative errors, which helps reduce wasted time and customer complaints. The bots work round the clock on routine tasks and do not require breaks. In addition, employees feel less overworked and make fewer mistakes.
  • Ease of use. Banking is often confusing, especially online. That’s why it’s important that your bank provides the most comprehensive and user-friendly mobile experience possible. Chatbots will help to get a better picture of the whole service and product range and will automatically forward your query to the appropriate human specialist if the issue requires such assistance.
  • Efficient service. This term includes fast and effective problem solving and pleasant communication with the bank. Customers do not want to wait hours for a response. Therefore, both the speed with which you initially respond to the customer and the total time it takes to resolve their issue are important. Automated banking systems respond immediately, communicate politely, and reduce wait times significantly. Even complex issues are solved faster because employees can respond immediately to high-profile issues.

Automated Customer Service Across Multiple Channels

Automatically Answer Calls, Emails, and Queries

Automating the Customers Enrollment Process

Routing Advanced Cases to Appropriate Human Personnel

Saving All Interactions in the Log

Capturing the Customer’s Feedback

Best Practices for Customer Service Automation

Ask for Feedback

Don’t Make It Too Human

Personalize Your Customer Service

Have Backup

Add Live Chat

Encourage Self-Service

Tech Trends in Customer Service Automation to Watch in 2022

  • Artificial Intelligence
  • Machine Learning
  • Robotic Process Automation
  • Intelligent Automation
  • Blockchain

Customer Service Metrics to Measure

  • Operational metrics measure the performance of your customer service representatives. For example, how many queries they receive, how many are resolved, etc.
  • Organizational metrics show what your customers think about your product, how happy they are using it, etc.

Operational metrics

  • Average Issue Count (Daily/Weekly/Monthly). Calculating the average number of daily, weekly, and monthly complaints will help you to work out benchmarks for your company staff and identify frequently occurring issues.
  • First Response Time is the time in minutes, hours, or days between when a customer first sends a message and when a support representative provides their first response. This indicates how long the customer has to wait before she is helped.
  • Average Ticket Resolution Time is the total time that is taken by the support team to solve the issue once it is looked upon. Efficient teams focus more on the resolution time, rather than the reply time.
  • Issue Resolution Rate is the percentage of issues your staff actually resolves from the total queries received. A rising resolution rate is a clear indication of the efficiency levels of your staff.
  • Number of Interactions per Case is the number of interactions the support representative and the customer have on one issue before coming to a resolution. It shows how good the support executives are at addressing a given issue without needing multiple interactions.
  • Rate of Answered Calls refers to the number of calls answered in comparison to the number of calls received by your customer support center. A high rate of missed calls indicates more customers with negative experiences and the low efficiency of your team.
  • Preferred Communication Channel tells about the general preferences of your customers. You need to track how your customers contact you and then optimize those channels for an improved service experience.
  • Average Handle Time is the time a customer spends on the phone with a customer support agent. Quick average handle times can signify that your executives are simply trying to hang up calls.
  • Self-Service Usage. The more customers use your self-help channels, the better it is for your company, as it helps your service team to focus on more complex issues rather than answering the same set of questions over and over.
  • Backlog is customer requests that have accumulated over a period of time. You should aim to keep this number at a minimum. The more your backlog, the more irate customers you’ll have to deal with.

Organizational metrics

  • Customer Satisfaction Score (CSAT) is often a subjective metric and you need to use it in combination with other customer support metrics. To track customer satisfaction, you’ll need to use a combination of quick feedback, surveys, and ratings.
  • Net Promoter Score (NPS) measures how likely customers are to recommend you to friends, family, and colleagues. It will give you a strong sense of how satisfied the customers are with your product or service and play a key role in your marketing campaigns.
  • Frequency of Upsells and Cross-sells. Upselling is when you convince your customers to opt for a higher-priced version of your product. Cross-selling is when you convince the customer to purchase a complementing product. Higher upselling and cross-selling rates mean your service departments successfully convince customers to spend more on your products.
  • Customer Retention Rate goes hand in hand with the great customer experience and customer service. Retaining existing customers for the longer term shows that a business has developed loyalty and trust.
  • Customer Effort Score (CES) measures how much effort a customer has to put in to use your product. The more frictionless it is to use an app, the more likely customers are to continue using it.
  • Customer Churn happens when customers stop using your bank. Acquiring new customers is a lot more expensive than retaining old ones. Reducing churn should naturally be a priority for your business.

Itexus Experience

  • Chatbots
  • RPA (Robotic Process Automation) and RDA (Robotic Desktop Automation)
  • Omni-channel customer support automation systems
  • Data analytics
  • Customer service metrics + KPI calculator

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Itexus is a software development company which specializes in the development of Fintech and Healthcare software solutions.

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Itexus Team

Itexus Team

Itexus is a software development company which specializes in the development of Fintech and Healthcare software solutions.

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