The High Cost of Poor Communication in Banking - and How to Fix It

 

Banking has changed, and so have the customer expectations. Customers no longer believe in just waiting around. They expect 24*7 support from you, seamless service across every channel, and answers in minutes, not hours.

Customer experience in banking is so important that 73% of customers will switch to your competitors after a few bad experiences.

Poor communication is a multi-billion-dollar problem in banking. Yet, fixing it should be the #1 priority for financial institutions. Bad customer experience (CX) not only frustrates your customer but also damages your brand reputation, which results in customer churn. 

Continue reading to learn what the possibilities are when CX in banking is being ignored and how to ensure that your customers stay happy.    

Poor Communication in Banks Costs You More Than You Think.

Let’s look at a common scenario:

Your customer is stuck somewhere overseas. They can’t access their mobile banking app, and their debit card is not working. 

They call your bank helpline, get transferred to three different agents, and still no resolution.

The outcome is not just a few angry tweets or bad reviews, but bad communication goes a long way and results in:

Lost Customers (And Trust)

According to Zendesk Benchmark data, more than 50% of customers will leave the bank they love after just one bad experience and switch to another. That’s how you lose the customer and their trust. 

Timely responses build trust in your customers, whether via text, WhatsApp, call, or email. When you miss those responses, customers go away. 

Waste of Time, Reduced Productivity

When communication systems are disjointed, agents juggle between platforms, and issue resolution takes longer than ever. It kills productivity. 

Remember, the longer the issue takes to resolve, the more it costs you. A research by Opus technology says that banks that implement omnichannel communication solutions, see up to 35% increase in their agents’ productivity. 

 

Compliance Risk

We all know how strict bank regulatory frameworks are. When communication is not efficient, documentation gets messed up. Customer interactions become difficult to track, increasing the risk of non-compliance and penalties.

When regulations matter this much, you’re not just risking customer satisfaction, but also risking your reputation.

Potential Revenue Loss

It’s important to have a unified view of the customer’s journey with your bank. Without a unified view of the customer journey, agents can't offer the right solutions at the right time. It makes you miss your chances for cross-selling or upselling financial services. 

Omnichannel contact center software allows you to access all customer data, enabling personalized recommendations with more sales opportunities. 

So, How Do You Fix It?

If you’re feeling stuck in the above situations, here’s what can help.

Adding more channels, like WhatsApp or live chat, is a great idea until all those channels are tied to each other. If not, your agents may still feel blindfolded.

All your bank needs is one smart system that connects all platforms together and gives your agents a simplified view. That system is omnichannel contact center software. 

How Omnichannel Contact Center Software Helps You Avoid Unnecessary Costs?

All Channels in One Platform

With banking omnichannel contact center software, you can respond everywhere, whether your customer calls, emails, sends a message, or WhatsApps you, you are there. Your agents get the full context of every interaction without any hassle. 

Faster and Smarter Resolutions

Leverage the intelligent call routing and real-time customer data to match customer issues with the right agent for faster issue resolution. With CRM integration, your agents no more need to dig deeper for account details or ticket history. 

Be Fully Compliant 

The right software helps you stay fully compliant with all your compliance needs, such as call recording, audit logs, and data encryption. 

Scale As You Want 

Whether your team works in the office or remotely, omnichannel software supports both, thanks to WebRTC-based softphones and secure browser access. Scale effortlessly as your operations grow. 

Real-time Insights 

The contact center software comes with built-in analytics and reporting to track your agents’ performance, customer satisfaction, and channel usage, enabling smarter, data-driven decisions. 

Only Clear Communications Ahead

Banking is all about trust, and breaking it can cost you so many things at once. While communication is the main factor to build trust, you can not avoid it. 

If your current system is making it hard for your agents and customers to connect seamlessly, this is the time you change it. 

HoduCC Omnichannel Contact Center Software is built for teams like yours to deliver the conversations that feel more human, helpful, immediate, and personalized.

Let’s eliminate the poor communication now and start connecting easily with HoduCC.