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Customer Service Trends and Their Effect on Fintech Businesses

December 8, 2017

White Paper


2017 has proven to be a year of fast changes in the customer service realm. So fast, that companies themselves are finding it hard to keep up.

These changes are brought about by a multitude of trends that have exploded this year. Often conflicting, these trends show that people of all demographics are embracing technological advances when it comes to customer service, but, when it comes to certain industries such as banking, they are still distrustful of technology.

Key Finds: Omni-channel customer engagement decouples low- value interactions from high-value interactions and deflects them to digital channels

Today, it cannot be denied that customer experience is crucial for a company’s continued success. Businesses that thrive in the coming years will be those that pay attention to consumer trends and invest in innovative customer service solutions. That said, it is not enough to simply invest in hi-tech solutions; examining and responding to the ways that customers interact with these solutions is key to their ultimate success.

  • Phone (46%) and Branch visits (34%) are the most popular ways to interact with a bank

  • Two-thirds of respondents said they’d replace emailing, faxing or visiting their branch if they could sign and share documents via co-browsing

  • 80% of respondents indicate that, if offered, they would opt for visual IVR web-based menus during a service call

About Visual IVR

Visual IVR is the visual form of Interactive Voice Response (IVR) technology which guides inbound callers to a web-based touch experience, and personalizing the support journey for customers. Visual IVR technology allows organizations to engage customers in their channel of choice, matching the right channel to intent, carrying context between channels and integrating digital and voice interactions.

By employing Visual IVR , organizations enjoy the a wide range of benefits including:

  • Enhancing digital transformation
  • Reducing the number of calls reaching live agents
  • Improving First Call Resolution (FCR) rates
  • Reducing the Average Handling Time (AHT) for live agents
  • Ensuring compliance to industry standards and regulations
  • Increasing customer engagement and improving customer experience
  • Generating higher response rates customer feedback and surveys