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Channelling financial services customers

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04 July 2016

Global Services

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Consumers want to contact financial services providers via user-friendly tech. But the conversation won’t be one way. Find out why in our latest reports.

Youbiquity research.
For nearly five years, BT and Avaya’s Youbiquity Finance research has revealed how consumers’ expectations of financial service providers are changing.

From phone to email, internet self-service, web-chat, social media and more, the average consumer now uses more than six channels to contact their financial services provider.

The customers.
Our two latest reports outline key trends in consumer behaviour across both retail banking and general insurance. They strongly suggest that financial services providers need to do more to build consumer confidence.

Banks in particular need to build better ‘digital’ relationships with consumers to drive sales while reducing costs. But insurance companies can’t rest easy either; 58 per cent of UK consumers are using aggregators (websites like MoneySuperMarket.com) as their first point of call for new insurance.

For both sectors, customers are going digital. And to keep them, banking and insurance organisations need to do the same.

The catch.
However, it’s not as simple as adding extra functions to the website and giving employees smartphones. The Youbiquity reports also highlight the complexity of the modern consumer. Despite the fact that so many consumers want to use digital solutions, 23 per cent have had a problem with the online process or find it too complicated.

They also want more self-service, but made easier by person-to-person contact. An example of how customers would like to see the two integrated, 75 per cent of British banking customers want to be able to book an appointment with a bank advisor online.

So there’s a need to focus on improving digital provision, and making this work seamlessly with traditional customer service.

The positives.
It’s not all customer demands though. The reports also reveal very promising leads in terms of customers’ desire for a proactive service. This could include reminders about applying for new products and updates regarding services they’re currently using. A significant 79 per cent of Brits want to be sent details of good-value deals too.

To find out more about what customers want, and how technology can help meet their needs, read our Retail Banking and General Insurance reports.