Customer service has developed as a major difference among businesses, a top concern for customers, and a profit-generating force in and of itself.  

That’s why providing great customer service may make the difference between standing out and falling behind. 

It’s hardly surprising that financial services firms find a financial incentive to improve customer service. Despite this, many people still struggle with implementation, from keeping it conversational to knowing what to focus on next. 

Nevertheless, financial institutions must act swiftly to prevent typical pitfalls that might derail their development plans.  

In this article, we’ll go through the latest CX trends Zendesk has published to help you align your customer service accordingly and perfect your CX. 

CX Trends 2022 in Financial Services Industry: Zendesk Report 

1. Customers Aren’t Impressed 

Even though 64% of financial services companies rated themselves good scores for service quality, what they’re giving falls short of what clients anticipate. 

In fact, 54% of consumers say customer service is an afterthought for the majority of organizations with whom they do business. 

That’s an issue for most businesses who want to impress consumers and keep them coming back. 

Solution: Focus on decreasing customer effort by offering faster results and improving the quality of every customer service engagement. Customers expect financial companies to provide them with all the information, tools, and services they require. So make sure to meet their requirements and make it easier for them to get what they need. 

2. Leaders Aren’t Engaged in Customer Service 

Going all-in on customer service needs additional support. However, even though 77% of financial executives think that customer service is a crucial business objective, 30% feel that it is still not controlled by the C-suite. 

Furthermore, just 30% said they look at customer service indicators daily. 

Solution: Instill a customer-first mentality throughout the organization through active leadership participation. 

3. Current Budget isn’t Enough to Fund a Standout Team 

Customer involvement is increasing, with 40% of financial firms expecting a budget increase of at least 25% over the next two years.  

However, budget projections fall short of expected demand, with just 29% of respondents feeling that they are spending appropriately in support efforts. 

Solution: Go beyond customer satisfaction and track the data required to establish a business case for customer service.

4. Agents Feel Burnt Out and Undervalued 

Agents’ responsibilities have grown significantly in terms of strategic importance. In fact, 74% of financial company leaders believe they play a critical role in client retention.  

However, just a quarter of financial company representatives believes that they have the authority to conduct their duties successfully.  

It’s a slippery slope – frustrated and burnt-out agents may easily convert into an increased number of dissatisfied consumers. 

Solution: Take care of your agents by providing them with the training, tools, and flexibility they require to provide superior client experiences. 

5. Disconnected Systems Confuse the Customers 

It’s quite difficult for agents to get a single perspective of the consumer when they’re juggling different tools.  

It’s a wasted opportunity: while 90% of clients are eager to pay extra for tailored experiences, just 29% of financial services agents feel they’re capable of finding the information needed to match those expectations.  

To get there, 33% of financial organizations believe they will need to build and execute new work procedures, or risk increasing irritation for everyone involved. 

Solution: Provide agents with the information they require to handle issues more quickly and increase the business. 

Next Steps 

Now that you’re aware of the CX trends in the financial services industry, it’s time to start working on aligning your CX efforts accordingly. Don’t let the frequent customer service issues highlighted in this article harm your company. 

According to Faye’s CX mastery, the foundation of the customer experience is how you manage your interactions with customers. Faye provides a Zendesk Sell tool, which is a simple and powerful CRM solution helping you remove friction from your sales process. In addition, Faye offers increased productivity and efficiency for your teams by offering analytics, enhanced CX strategy, data migration, and integrations tools. 

Contact us if you need help boosting your customer experience. Our skilled team of business strategy consultants at Faye is always available and happy to assist you in taking your company to the next level.