The banking industry is doing a good job OF promoting Web-based approaches to customer service. The industry understands it makes economic sense to drive customers to use online customer support tools instead of in-person or virtual teller support. However, a closer look suggests that the industry may be shortchanging itself by continuing to compel its customers to use the telephone as their primary support option.
Indeed, while the telephone is the preferred method contact for those customers seeking contact with a real "live" person, lengthy hold times often result in customer frustration. Even though many financial institutions now offer email as an alternative support option, response times of one business day or more are not uncommon; for time-sensitive issues, this is obviously unacceptable and may require answering both a phone call and an email. Furthermore, if the industry does not provide customers with immediate online response tools, it risks losing opportunities such as cross-selling, up-selling, and even impulse buying through expanding Web portals.
So the question arises: How can the banking industry deliver cost-effective, online support in real time with a real person? The answer is simple: interactive chat.
In just a few short years, chat has evolved from a popular cultural phenomenon-particularly among 13- to 25-year-olds-to a viable business support tool. A combination of characteristics makes chat particularly useful support tool: interactive-like voice; multimedia capabilities (beyond voice); co-browsing/shared-view so agents can help customers navigate; simultaneously handling of handle multiple chat sessions by agent; and transactions can be routed to skilled agents via mature CRM tools, providing reporting of productivity statistics.
For example, the banking sector sells a wide variety of products and services and it may prove difficult for some customers to differentiate among them. Often, customers require more information and clarification than a product comparison sheet can provide. A quick chat session with a chat agent can instantly resolve customer questions, help customers fill out forms or provide other appropriate actions to close transactions.
According to a recent Forrester Research online study, a high percentage of online customers said they like chat because it is faster and easier to use than the telephone. They like that they can cut and paste information into a chat window, and that the chat format gives them more time to formulate their thoughts. In fact, 74 percent said they would use chat again as a means of customer support.
Unlike the one-call-at-a-time approach of telephone support, chat agents can handle multiple chat sessions simultaneously, saving companies both time and money.
There is little doubt that chat can improve the customer experience and keep costs low. So how might an interested financial institution implement online chat support? One way would be to purchase and install on Websites a chat tool and then enlist a group of telephone support agents to test how chat works for their organization. Another way would be to find an experienced chat support provider that can implement a simple, low-risk online chat pilot, and also support growth needs.
When considering chat providers, it is important that they are able to train personnel in the specific and unique requirements of chat support. For example, a chat session can consume the same amount of a customer support agent's time as a telephone call. To fully realize cost benefits, it is important that customer support agents are trained to efficiently and effectively manage multiple chat sessions.
Also, when delivering chat support, it is important to strike a balance between formal, canned responses and informal dialogue. If a chat agent's responses sound too canned, customers may feel they are not getting the specific response they are looking for and subsequently drop the chat session; conversely, if the chat dialogue feels too casual, the customer may find the chat agent lacked professionalism. It's important to maintain the balance.
The banking industry has dedicated a lot of time and money to bring customers online. Asking customers to go offline can create customer-service problems and increase costs. However, maintaining a robust chat-support channel provides a significant means to bolster customer satisfaction levels and reduce costs.
In today's competitive customer-service world, chat is, quite simply, a must-have.
