Financial services companies come across various hurdles in gaining the trust creating a memorable, significant brand name in the marketplace. Many financial services players are realizing now that in order to maximize the reputation of their brand and moving it further and more deeply into the marketplace, they need to humanize their brand by relating them with the changing different demographic peoples.
With the increasing pressure from new entrants into the world of finance, banks, credit unions, wealth management firms and tax preparation companies all need to return to the crux of effective customer engagements: the emotion behind the experience through deeper relationships with prospective and existing customers by Humanizing the Financial Services.
The financial companies must maintain great relation with the consumers to connect with them and provide consumer friendly solutions which in other way enhances the reputation of the brand of financial services company.
Fintech companies does one thing incredibly well: it solves a core problem, consumers are facing. Phonepe, for example, put both personal and business banking transaction functions at very ease in our hands. That are user friendly and they go through the consumer needs and difficulties and work on them to come up with the solutions that can be accessed where, when and how consumers want.
Customers sometimes complain about the advice they receive is varying. By creating a comprehensive business culture, customers can feel like they are receiving the same level of service throughout their relationship with you. Oh, and no financial language. Your customers need to understand your strategy and they don’t want to feel powerless or belittled.
Today, “digital” and “humanized” are not disconnected – it is entirely possible to offer technology-based options without the interactions that appear purely robotic and non-robotic. personalized. Digital tools must be user-friendly and fast. They must provide the functionality the customer wants without requiring them to use another device. (For example, let’s consider live chat should be available online and on your mobile app, not just either.) And they need to capture emotions, not just step-by-step actions. The AI hygienist can start a conversation by asking a question about current financial issues or savings goals, then steer the conversation and deliver products based on that response. customer reactions and feelings. It counts – 57% of Millennials stated that they would switch banks for a better technology platform.
Everything has changed a lot, as customers are not visiting their banks like they used to do earlier. This gap can be cleared by providing live video chats. Nowadays with the rise in technology customers are using the banking services online and also they prefer tools of self service in majority of times. Some of the fintech companies doesn’t have any physical location for their service at all. but still face to face interaction with the customer is very much needed. Live video chat serves the purpose to certain extent as it is in between the regular virtual chat and physical presence of a customer to a bank. This helps the customers to directly interact with the bank representative in live for sensitive transactions such as mortgage discussions or during investments.
Humanizing the brand can also be done in many more ways such as including the customer testimonials online that is to your application, website or in social medias.
Offering Video tutorials to the customers can also be done which can help the customers while performing difficult Services like investing.
In the past, Companies that deal with finances have forgotten to connect with their customers in a very basic human way in order connect themselves with the customers in that way they need to be human too. Listening to the customer needs and providing the same should be done. For the customers financial services are pretty much near to their heart and very personal as it has their money and costs their quality of life, their future and their loved ones.
II MBA, DSCE