Staffing challenges are impacting businesses across the country and financial institutions are not immune. In Engageware’s ENGAGE 2023: Customer Engagement in Banking, Annual Trends Report, we surveyed over a hundred banking leaders to better understand their challenges and priorities for 2023. 53% reported staffing was the number challenge heading into 2023. When we asked about the contact center the top 3 challenges are all related to staffing: improving service levels, training and development, and employee retention.
What is the impact of staffing challenges and service levels? It impacts not only the customer experience but creates unnecessary pressure on existing staff. While solving staffing isn’t a simple solution, thankfully there are ways to improve service levels and in turn, reduce the burden on your staff.
If you search “improve service levels” Google returns 2,590,000,000 results. That’s over 2.5 billion results – a little overwhelming as to the many different directions you could pursue to improve service levels. However, based on our 20+ years’ experience working with hundreds of financial institutions, we know that optimizing the self-service experience for both your customers and employees drastically helps improve service levels. Here’s why.
In 2021, Gartner researched over 8,000 banking customer’s journeys when they were looking for help or support. What they found was that 70% will start digitally and 30% will call or visit. The problem? Of the 70% that started digitally, only 9% were able to get the answers and support they needed themselves. The rest – required help from one or multiple interactions with your staff.
In Summary: 91% of banking customers looking for help or support were forced to rely on your staff, even when 70% preferred to do it themselves. In a tight labor market with overworked staff and decreasing service levels, improving self-service capabilities for both your customers and employees enables financial institutions to:
Here are 5 ways that financial institutions can reduce abandonment rates and improve service levels by empowering both your customers and employees to self-serve.
As the Gartner survey highlighted, 70% of banking customers start digitally when they need help or have questions, yet only 9% can get the answers they need without human intervention. Your website has plenty of content, but does it have the right support answers, placed at the right spot, and are your promoting self-service before offering the option to call? The next 3 tips breakdown how to optimize your digital self-service experience to improve service levels.
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Ready to empower your customers with digital self-service? It takes the right answers at the right place, and a partner that knows what those are.
Learn how Engageware’s Customer Self-Service has helped hundreds of financial institutions improve digital self-service success rates to reduce costs and improve customer satisfaction with its unique content services and interfaces.
During a time when you’re facing staffing shortages and higher than ever volumes – speed, accuracy, and confidence matter. With thousands of constantly changing policies and procedures that your frontline staff needs to know, access to information is critical. The challenge: there is just too much – too much to know, too much to train on, and not enough staff. The next 2 tips breakdown how to optimize your digital self-service experience to improve service levels.
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Ready to empower your employees with instant answers? It takes a partner with the right experience and approach.
Learn how Engageware’s Employee Knowledge Management has helped hundreds of financial institutions empower employees to improve first contact resolutions and reduce handle times by minutes with its unique knowledge management approach.
