In a competitive and global financial services market, where new, increasingly innovative, players continue to enter the sector, customer loyalty has become one of the most valuable commodities. Market leaders have long since recognised the economic good sense of retaining loyal customers in addition to attracting new ones.
We all know that in order to deliver products and services that ultimately result in customer loyalty, businesses need to understand and deliver beyond the aspirations and needs of their customers, keeping them interested and invested, whilst pacifying any doubts or fears.
Trust & confidence are the key to success
Successful businesses also acknowledge that sometimes things go wrong – after all, mistakes do happen! In order to have a better opportunity to ensure mistreated customers remain loyal despite recent experiences, things need to be put right quickly and efficiently. Whether it is correcting a simple administrative error or remediation of an unsuitable product recommendation, emphasis should be placed on not only redressing the financial detriment but also addressing the customer’s loss of trust and confidence.
Listening drives change
In the digital age that we now live in, never has it been easier to express dissatisfaction and be influenced by other people’s opinions. As social media influence grows and online reviewing continues to gain traction, it is time for business leaders to sit up and listen to what customers are saying and act upon it. It is common sense therefore, for financial services companies to ensure that they have the necessary processes and expertise in place to minimise the impact of mistakes and inappropriate conduct when it occurs.
This is where FinTech can make a huge difference. Solutions that enable the quick rectification of complaints and errors, whilst at the same time mitigating the potential of future issues arising provide financial services firms with the tools to build and retain elusive customer loyalty and consequently increase competitive advantage.
FinTech is the way forward
One of the reasons we developed Recordsure was that there was no solution on the market that provided firms with the level of insight and data into the root causes of errors and, in many cases, poor conduct.
Firms that use Recordsure find that the cause of an error or a complaint can be simply uncovered by listening to the audio recording of the meeting. It is a 100% authentic record, so there is no room for doubt and no need to rely on manually documented notes. This means that the customer can be remediated quickly and correctly and the issue that caused the problem flagged and addressed to reduce the potential for future occurrence.
But where Recordsure really comes into its own, is when the data from multiple complaints is analysed. Having this comprehensive overview of where complaints and errors trends are emerging is a window into the business and often the market, providing firms with the information to improve practices and strengthen processes so that they are less likely to occur again.
With no other product or compliance monitoring procedure are firms able to obtain the same level of insight and information.
Financial services firms are taking full advantage of the growing range of FinTech products to establish themselves as market-leading and reputable businesses. Although many of these are customer-facing platforms seeking to improve accessibility and create superior user experiences, at Recordsure we are concerned with increasing protection – for both customers and firms – from the errors and misconduct of the future. In turn, firms can expect to increase the levels of customer trust and loyalty.
Celebrate FinTech Week! This week, Joanne Smith is presenting the RecordSure solution at the FinTech Week event in London.