Reputation matters in finance. While the sector has significant customer experience, purchaser expectations have been shaped by experience with other sectors (notably online shopping). Financial institutions need to adapt to offer better service and understand their customers better.
One easy way to do this is by utilising customer feedback. Not only does it provide useful, actionable insights for companies – it demonstrates a willingness to listen and build a connection with their customers.
Improve customer experience through personalised services
When the difference between suppliers comes down to bullet points, numbers or even marketing, customer personalisation can act as a genuine differentiator. Businesses who provide customised offers, catering to individual needs, will create a more engaging experience for their shoppers.
This could be as simple as acknowledging and amending specific pain-points. If data demonstrates a struggle with a loan application process, for example, a bank could streamline or offer an increased level of assistance throughout the process.
Building trust and loyalty is one way to stand out in what is a crowded sector. 74% of customers say honestly and transparently is more important now than before the pandemic -which is especially important to keep the growing trust in financial services.
Customer insights that to help build and sustain this approach can be easily collected through verified finance review platforms like Feefo. By collecting and utilising verified feedback, companies can also improve and manage their reputation more effectively. Since partnering with Feefo to boost consumer confidence in their brand, insurance provider William Russell have seen conversion rates, click-through rates and quote requests rise consistently.
Analyse financial consumer insights to predict their needs
AI is now an omnipresent feature, with technologies evolving to offer more advanced insights. The addition of AI-powered financial insight technology to consumer-led data means businesses can analyse a vast amount of data to predict customer needs and behaviours with incredible accuracy.
Some AI-powered systems can analyse transaction patterns to identify when a customer might be in the market for a new financial product, such as a mortgage or investment opportunity. By understanding these potential requirements, finance businesses are enabled to offer more timely, relevant services that offer solutions to customers before they know they express them.
Collecting and interpreting customer feedback is a necessary part of this. With continual, relevant feedback, businesses can gain an improved understanding of what their customers want, when they might want it, and what opportunities there are for further products or improvements.
Feefo’s offer opportunities to highlight these, such as when British Assessment Bureau improved their audit reports based on recurring feedback about the ease of understanding.
Improving customer communications in the finance industry
Effective communication is the cornerstone of strong customer relationships in the finance sector. Customer insights can significantly improve communication strategies, leading to better engagement and customer satisfaction.
One key aspect of communication is how businesses respond to customer reviews, both positive and negative. Prompt, thoughtful responses to customer reviews demonstrate that company values customer feedback and is committed to continuous improvement. This is particularly important in finance, where trust is a critical factor in customer decisions.
Financial services insights can also help tailor communication channels and content to customer preferences. For instance, if data shows that younger customers prefer mobile banking services, a finance company might focus on developing a robust mobile app and creating content that highlights its mobile capabilities.
By leveraging these insights to personalise services, predict needs, and improve communication, finance companies can build stronger relationships with their customers, enhance their reputation, and drive sustainable growth. As the industry continues to evolve, those who prioritise understanding and acting on customer insights will be best positioned to succeed.
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