For many businesses, customer experience (CX), which is directly linked to customer satisfaction, has become a top priority.
By James Bayhack, director for sub-Saharan Africa at CM.com
A Salesforce report from 2020 found that 91% of customers claimed to be more likely to make another purchase after a great service experience. And, when it comes to service experiences in 2022, consumers have indicated that online interactions are becoming increasingly important.
They expect top-notch online services anytime, anywhere. An industry that has embraced this CX trend is the financial sector. There are important lessons to be learnt from the way banks and other financial institutions are catering to demanding customer needs.
Everyone’s going online – for everything
The CM.com Consumer Insights Report 2022, conducted amongst 2 000 digitally active South Africans between April and May this year, found that our local digital activities are ever increasing. Around 87% of the sample claimed to use digital channels to bank, while 62% use digital channels to purchase non-grocery items.
Almost half the respondents (48%) said they use these mediums to shop for groceries. A significant number of people are also going online to do everything from book flights and accommodation, seek financial advice, purchase insurance policies and to schedule medical appointments. It’s clear that many people want to be able to go online for almost anything. And, importantly, they want to do it at a time that suits them.
This is where digital self-service capabilities come into play. When looking at the times during which people complete bookings or transactions online, most respondents claimed to shop, bank, book flights, or schedule medical appointments “whenever the need occurs”. People want to do things themselves, in their own time. And, here, the banking industry shines. With the right processes and cybersecurity safeguards in place, many local banks have embraced digital transformation and prioritised online CX.
Self service and satisfaction
With the advent of internet banking, banking apps, cell phone banking, and even contactless banking, everything from opening accounts and applying for loans to making payments and setting up investment funds can be done when it best suits the customer. In terms of customer satisfaction, the numbers speak for themselves. Of the many people surveyed who said they bank online, nearly 60% were satisfied with the online experience and online service they received.
In comparison, only 29% of people who claimed from medical insurance or medical aid online were satisfied with their experience and interaction. Even with fewer branches, banks have kept satisfaction levels higher than in other sectors. They’ve been rewarded with high usage levels, which have, in turn, allowed them to improve their margins.
Our research shows that other industries have much to gain by following in the banking sector’s footsteps. For instance, respondents indicated that being able to make insurance or medical aid claims at any time of the day or night is not only appreciated, but expected. The number of industries that need to consider how well they can provide end-to-end online services to both existing and potential customers is broadening every year.
Fortunately, there are easily accessible tools that will help businesses in industries from travel and leisure to insurance and even municipal services offer improved customer experiences 24 hours a day.
Digitisation for all
Something as simple as contextual chatbots will help keep the conversation flowing and offer great customer service solutions when, or if, people get stuck with an issue online. A tech innovation like conversational AI allows businesses to deliver exceptional CX while enabling customers with self-service support.
This solution encourages automated conversations using AI-powered conversational bots, producing personalised and customised conversations online, anytime – without the need for 24/7 customer support staff. A business looking to increase its online capabilities should also consider the importance of mobile accessibility and seamless digital payments.
Speaking on the benefits of providing customers with digital options and online self-service insurance solutions, Brighton Ravele, senior manager for digital transformation and automation at Hollard, has found that: “People have grown accustomed to interacting with longstanding institutions by just sending a few keystrokes. And, while we will continue to offer face-to-face experiences, we are facilitating new portals through which people can take care of themselves and the ones they love. Life is too short to be spent on paperwork.” Who wouldn’t agree there?
It’s clear that with the right attitude, the right tools, and the right partner in digital innovation, businesses in a range of industries can confidently deliver new standards in CX. Allowing customers to help themselves through digital channels can lead to enhanced margins and satisfied customers, which is the ultimate sweet spot for all businesses.
Gone are the days of getting dressed up to go to the bank or do the weekly grocery shop. But that doesn’t mean customers expect any less when it comes to stellar service with a digital smile. Today, technology is here to help businesses deliver the best CX solutions anytime, anywhere – whether your customer is in their Sunday best or Friday night loungewear.