How Live Chat Technology is Revolutionizing Customer Care in the Financial Sector

31 / 05 / 2023

In this article, we will explore how Live Chat can benefit banks and financial institutions, and why it matters in today's fast-paced financial sector.

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Live Chat technology has emerged as a game-changing addition to the customer care arsenal, especially for banks and other financial institutions. With its ability to offer instant support, Live Chat greatly enhances the speed, effectiveness, and quality of customer-agent engagement. In this article, we will explore how Live Chat can benefit banks and financial institutions, and why it matters in today's fast-paced financial sector.

Benefits of Live Chat technology in the financial world

Swift support: Live Chat enables financial institutions to provide support round-the-clock, even 24/7, if needed. This ensures that customers' queries are addressed promptly, eliminating the frustration of unanswered questions. Even if staffing around-the-clock is not feasible, self-service support solutions like a knowledge base can be made available to customers at all times. This empowers customers to help themselves and feel cared for, regardless of the time they require support. With automatic chat assignment to active agents or departments, response times are further reduced, providing rapid assistance to customers. This not only improves the customer experience but also prevents agents from becoming overwhelmed with too many conversations to handle, resulting in a more efficient and effective support process.

83% of customers expect to interact with someone immediately when they contact a company.

Save time and costs: Live Chat streamlines the customer support process by leveraging the best aspects of technology and human expertise. Agents can quickly address concerns and offer targeted advice, reducing the likelihood of recurring problems. Unlike phone call support, where representatives spend considerable time conversing with one customer, Live Chat allows agents to handle multiple customers simultaneously in multiple chat windows, increasing productivity. Moreover, by soliciting feedback from customers, financial institutions can continuously improve their customer support, empowering both agents and customers, while reducing support time and expenses.

Live chat customer service is up to 30% cheaper than a phone call.

Trusting relationships: Trust is a critical component of success in the financial sector, where customers entrust financial institutions with their private information and seek reliable collaboration. Live Chat offers a level of efficiency and convenience that was previously impossible. When self-help options, such as knowledge bases, do not meet customer expectations, Live Chat provides an opportunity for customers to find solutions on their own or escalate the issue to obtain the support they need. This not only lowers website bounce rates but also builds trust by offering real-time human support, which is crucial for retaining and attracting new customers. The chat history feature of Live Chat is a powerful tool for both agents and customers, as it eliminates the need for customers to repeatedly state their concerns and ensures that agents have access to the entire chat history for seamless customer interactions.

66% of banking customers said they were very satisfied with live-chat technology.

Maximizing the benefits of Live Chat technology in the financial sector

In today's fast-paced world, customer expectations are higher than ever, especially in the financial sector where trust and efficient communication are paramount. That's why Live Chat technology has become a game-changer for banks and other financial institutions, providing them with a powerful tool to enhance their customer experience and streamline their operations. Let's explore the numerous benefits that Live Chat brings to the table, making it a must-have for any financial institution looking to stay ahead of the competition.

  • Improved Customer Support: A unified digital platform that integrates Live Chat functionality can revolutionize customer support. With features that emulate popular messaging apps like WhatsApp or Facebook Messenger, Live Chat enables seamless communication between agents and customers, preserving conversation logs for quick access to past interactions. This fosters natural and compassionate interactions, especially for customers who may be anxious or agitated. Having a live representative available to communicate with customers through their preferred channel can make a significant difference in resolving issues promptly and effectively.

     

  • Effortless Customer Onboarding: The onboarding process is a critical time for any customer-business relationship. Live chat, along with chatbots and other digital technologies, can be leveraged to provide a seamless and transparent onboarding journey. For example, banks can offer quick and efficient services through Live Chat for simple operations like opening a personal account or addressing customer queries. Live Chat can also facilitate document sharing and completion, whether it's on customers' devices or at a branch. This not only enhances the customer experience but also reduces the risk of attrition and boosts conversion rates.

     

  • Enhanced Sales Conversions: Unlike other online marketplaces, the financial sector faces challenges in advertising products with a simple "Buy Now" button. However, Live Chat provides an effective solution by enabling customers to request more information easily. Sales and support staff can communicate with customers in real-time through live chat, addressing their queries and providing personalized assistance, which can lead to higher sales conversions. Live Chat also serves as a valuable channel for customers to seek advice on more complex financial products such as mortgages or insurance, instilling confidence and trust in the institution.

77% of customers won’t make a purchase if there’s no live chat support.
  • Preferred Communication Channel: social media and online banking services have become an integral part of customers' lives, and many prefer texting over calls or emails. By offering a Live Chat service, financial institutions not only provide timely assistance but also allow customers to communicate through their preferred channel. Live Chat enables advisors to intervene and assist customers with complex issues, instilling confidence and building trust during critical moments. It also opens up avenues for communication with customers by including a Live Chat button on the homepage, making new customers feel welcome and rewarding loyal ones.

Around 73% of customers find live chat the most satisfactory form of communication with a company.
 

Incorporating Live Chat technology in your financial institution

Live Chat technology is not just a transactional tool but a powerful asset for improving customer experience and streamlining operations. With its ability to provide real-time assistance, streamline onboarding, enhance sales conversions, and cater to customers' preferred communication channels, Live Chat can be a game-changer for financial institutions. By leveraging this technology effectively, banks and other financial institutions can strengthen customer trust, improve customer satisfaction, and gain a competitive edge in the market. Stay ahead of the curve by incorporating Live Chat technology in your institution's customer care strategy, and reap the benefits of a more efficient and customer-centric approach.

 

Conclusion:

Live Chat technology has revolutionized customer care in the financial sector by providing swift support, saving time and costs, building trusting relationships, improving customer support, facilitating effortless customer onboarding, enhancing sales conversions, and offering a preferred communication channel for customers. Financial institutions can leverage Live Chat technology effectively to strengthen customer trust, improve customer satisfaction, and gain a competitive edge in today's fast-paced financial landscape. By incorporating Live Chat technology into their operations, financial institutions can elevate their customer experience to new heights and stay ahead of the competition in the ever-evolving world of finance. Embrace Live Chat technology and unlock its immense potential for your financial institution's success.

 

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Lisa HENNEBELLE

Lisa Hennebelle

PRODUCT MANAGER WL TRUSTED INTERACTIONS
Since 2006, Lisa has handled various positions within Worldine such as IT project and team manager, business developer and bid manager. These roles led to her specialization in digital services and gave her all necessary skills and knowledge for the Product Manager position. She is currently responsible of WL Trusted Interactions product, focused on international banks and insurances companies.