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Customer Service Management 2018Digitally transforming Customer Service Management: A financial services organizational imperative for survival

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IntroductionThe existence of every financial services organization hinges on a single must-have: relationships. If a client or prospect doesn’t know you, like you and trust you to do right by them, your company won’t be around for long.

Once the “relationship initiators” — your acquisition specialist, retail banking lead, advisor, agent or sales team— have made the connection, it’s left primarily to your customer service and contact center to maintain and strengthen those relationships. Because client service representatives are on the front lines representing your organization, their successful handling of service issues helps fulfill your brand promise and create a loyal customer base.

But creating and sustaining a superior level of service isn’t easy. Nor is it limited to a single department. In fact, it requires enterprise-wide buy-in from the highest levels and a strategic commitment to connect customer service to the other parts of your organization so they can work together to diagnose, fix and even prevent issues.

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The customer service conundrumCustomers become frustrated when your client service representatives are unable to efficiently diagnose issues and effectively resolve them, resulting in lower customer satisfaction scores and retention issues.

But efficiency isn’t easy to deliver when your client service team faces growing volumes of service requests across multiple, disjointed engagement channels. Every day, they’re hindered by disconnected systems and manual processes, and weary of addressing the same repetitive issues day after day.

At the strategic level, insights into the reasons people are contacting customer service are limited. Cross-company investigation of customer problems and collaborative analysis, and problem-solving doesn’t exist. And at the same time, you’re under pressure to reduce operational costs.

The reality is, gaps in customer service are inevitable when an organization’s entire operational process is disconnected. True service is about more than engaging the customer on the front end; it’s also about delivery of the service itself, which requires a commitment to seamless, interconnected processes.

The result? Purely reactive customer service, with high-cost service delivery and low customer satisfaction.

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Limitations of a CRMIn today’s commoditized environment, providing excellent customer service is a key differentiator for financial services companies. For many, that means a customer relationship management system (CRM).

CRMs are great for tracking customer interactions, nurturing sales leads and making basic customer data more accessible. But typical CRMs don’t go beyond customer engagement, leaving departments and processes siloed with no ability to deliver the real-time connectedness that is the backbone of an effortless client service experience.

AS SMALL AS A

5% INCREASE IN CUSTOMERRETENTION CAN LEAD TO AN INCREASE IN PROFITS

BETWEEN 25-95%.Source: Bain & Company, Harvard Business School.

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5 steps to happier customers, faster resolution and reduced service costsProactive customer service management pays off in multiple ways. But choosing a comprehensive solution with the right components for your needs — case management, self-service, automation, field service, knowledge management, online communities — can be complex.

Consider these five best practices when conducting your due diligence.

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Reduce case volume with self-serviceResearch from the Harvard Business Review found that 81% of customers — regardless of industry — attempt to take care of matters themselves before reaching out to a live representative.

And like most people, clients of financial services organizations would prefer to avoid problems. But when they do need to reach out for customer service, they’re seeking fast resolution on their schedule, not yours.

Look for a solution that offers a customizable online service experience that encourages customers to help themselves:

• Perform common requests such as address changes, password resets and document requests, using visual workflow and automation to orchestrate front and back-end processes.

• Discover solutions by engaging with peers and experts.

• Find answers to common issues in a knowledge base.

A robust knowledge base also gives your client service representatives an invaluable arsenal of information, empowering them to provide faster issue resolution and reduce customer frustration.

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Industry snapshot: Wealth managementAsset management firms help their clients create secure financial futures through investment management excellence. These large, complex organizations deal with many service requests, both internally and from external clients. Requests can vary widely, from straightforward—“I never received a 1099”—to more complex: “How can I set up an asset protection trust for my aging parents?”

Many routine questions can be handled through a customer service portal; replies to repetitive questions can also be automated via a service catalogue.

When customers prefer other means of support, such as phone, email or chat, their cases are delivered to the most appropriate agent quickly with intelligent recommendations that automatically assign the work based on agent skills, location and availability. Machine learning and artificial intelligence capabilities (available separately) can streamline the categorization, prioritization and assignment of cases, eliminating the need for customers to select a category and priority for their issue while quickly getting their problem to the appropriate agent.

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Make it easy for customers to engage with your service teamRetailers like Amazon and eBay have transformed the consumer buying experience, raising the bar on customers’ expectations for ease, transparency and responsiveness with whomever they’re transacting business. And if those expectations aren’t met, they’re fully prepared to take their business elsewhere while sharing their disappointment with the world via social media.

Customers today want to engage using the channel of their choice. They seek quick solutions on their schedule, not yours. And, they want the entire experience to remain seamless when transferred across multiple channels.

That means you need a platform that goes beyond traditional customer service solutions to serve your customers — consumers or businesses — faster and more effectively, giving them a choice of contact options with omnichannel engagement and quickly routing issues to the appropriately skilled agent.

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Industry snapshot: Property & casualty insuranceYour client was smart enough to purchase auto insurance — one of those rare purchases they hoped they’d never have to use. Now that they need it, they could use a stellar customer service experience when filing a claim for a minor fender-bender.

A Customer Service Management solution should deliver on all fronts:

The ease of self-service and automation

Customer inputs police report number and uploads photo of the damageClaim number is createdCustomer receives details for getting an estimateSchedule and claim number sent to claims adjuster

The value of connectivity

Auto body shop inputs assessmentClaim approvedClaim processed

The efficiency of proactivity

Driver is pleased with no-hassle process

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Monitor for issues and create cases automaticallySome financial services companies experience service issues that require on-site attention from a technician — for example, an inoperative ATM. Unfortunately, customer service or your helpdesk aren’t always aligned with field technicians’ schedules, resulting in multiple internal calls and emails.

Additional delays occur when field technicians don’t have the appropriate skills or the right parts for the job. The result? A poor service experience, negative impact on customer loyalty, and frustrated field and customer service teams.

When evaluating possible customer service management solutions, choose one that allows the integration of field service management into the platform to make integrated, proactive and strategic field service possible. Look for functionality that allows you to swiftly resolve problems and drive higher customer satisfaction:

• Automatic case creation

• Online self-service appointment booking so customers can select the date and time most convenient for them

• Drag and drop functionality for your customer service reps, which simplifies the matching of work tasks to technician skills, geog raphic territory assignments and current location, and available inventory to meet and exceed SLAs

• Customizable reports and dashboards to gain real-time insight into utilization, capacity, improvement opportunities and more

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Industry Snapshot: Retail BankingThe battle to maintain market share in the banking world is fierce, and ATMs are another place to either “wow” or disappoint the customer. They’re an expected customer convenience as well as a marketing vehicle, which means large problems if an ATM goes down.

With a robust, state of the art customer service management solution, an out-of-cash ATM immediately creates its own case and alerts all stakeholders it isn’t functioning properly. The case is routed to the branch manager and call center on their computers, the nearest ATM field service technician gets an alert on his phone, and the head of branch management sees a notice pop up on his tablet —all in real time with full visibility.

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Assign tasks across the enterpriseGreat service doesn’t occur in a vacuum. Nor does it solely fall on the shoulders of your customer service representatives. A brand-positive, differentiated experience requires proactive thinking, rapid assessment and response, access to the customer’s history and seamless cross-channel, interdepartmental communication.

As financial products and services become more technical in nature — and customers more demanding in their expectations — departmental interconnectedness across your organization becomes essential to identify and resolve issues faster, reduce costs and increase satisfaction.

By choosing a platform that connects departments, workflows and systems, helps resolve underlying issues, and automates service across the enterprise, you gain several key advantages:

• Your customers enjoy an effortless customer service experience and the benefits of self-service.

• Agents have context for an issue before they even begin a conversation.

• They’re informed and enabled through technology to provide a contextualized experience that meets the customer’s needs.

• They can easily loop in other departments (engineering, field service, finance, legal) to drive accountability for resolution.

When you make customer service a team sport by engaging other departments, it’s easier to resolve the root cause of issues, which drives permanent solutions and improves product quality.

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Industry snapshot: Commercial bankingCustomers sometimes need to connect with an agent to get issues resolved. An omnichannel customer engagement platform, serves the customer in their channel of choice. Customers can start a chat right from the portal if they’re unable to find an answer to their question. By automating customer service inquiries, you can remove redundancies for your client service representatives, saving them time and effort. The client service representative creates a case and watches in real time as it’s routed to the appropriate department and remedied.

For clients seeking to expand their relationship with you and open new accounts with complex tailor-made structures like money markets, treasury bonds, agency discount notes, mortgages or asset-backed securities, these requests can be routed to various departments simultaneously: Know Your Customer (KYC), Automated Clearing House (ACH), deal creation, your liquidity approval department and more. Client representatives can see the workflows, track progress and message stakeholders, all in real time.

Offering a single pane of glass view and automating these and many more complex processes is imperative.

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Prevent future callsEvery financial services company wants to pr ovide the best possible customer experience. They also need to balance that desire with the costs associated with equipping their client service team to do so.

Likewise, your customers would also prefer to avoid problems that require them reaching out for assistance. While issues or technical glitches are inevitable, a proactive approach to alerting customers — or better yet, preventing an issue from occurring — naturally results in higher client satisfaction and loyalty than if they encounter a problem and are forced to contact you.

When evaluating customer service management solutions, look for one that empowers your representatives to uncover the root cause of customer issues. That means they need real-time insights into the operational health of the customer’s products and services right from the case.

In addition, dashboards provide up-to-the-minute data, giving offering real-time insight into critical metrics and enabling them to drill down to the details and take immediate action. You and your team will have all the tools necessary to fix underlying issues, drive knowledge base content changes, preemptively notify customers, act on trends, and ultimately reduce call volume.

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© Copyright 2018 ServiceNow, Inc. All rights reserved. ServiceNow, the ServiceNow logo, and other ServiceNow marks are trademarks and /or registered trademarks of ServiceNow, Inc., in the United States and/or other countries. Other company and product names may be trademarks of the respective companies with which they are associated.

ServiceNow® Customer Service Management:Deliver service as a team sportFinancial organizations that don’t offer good customer service won’t have a customer relationship to manage for very long. ServiceNow CSM makes it easy to increase customer satisfaction, so wealth managers can engage clients with proactive insights, insurance providers can put their policyholders first, and bankers can create lifelong customer relationships.

About ServiceNow ServiceNow was started in 2004 with the belief that getting simple stuff done at work can be easy, and getting complex multi-step tasks completed can be painless. From the beginning, ServiceNow envisioned a world where anyone could create powerful workflows to get enterprise work done. Today, ServiceNow is the cloud-based platform that simplifies the way we work. ServiceNow software automates, predicts, digitizes, and optimizes business processes and tasks, across IT, customer service, security, human resources, and more, to create a better experience for your employees and customers while transforming your enterprise. ServiceNow is how work gets done.

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