Thought Leadership

Contact Centers Can Help Banks Open New Doors of Opportunity While Closing Physical Ones

As mobile technology continues to grow for banking customers, allowing them to refrain from tending to their banking needs in person, the number of closures of physical bank branches is expected to grow as well. The Federal Reserve Bank reported that between 2009 and 2014, roughly 4,821 physical bank branches were closed, according to an article published by the Federal Reserve Bank of New York. That number is expected to gradually increase based on information released in a recent research study, showing consumer visits to actual branches dropping 36% by 2022.

Much of the reason behind these closures are due to financial institutions becoming more digitally adept, allowing customers to communicate with their banking institutions through mediums other than in-person visits. Instead, many financial institutions are diverting their customers to other channels such as mobile-based banking and telephone communication. While many banking businesses now offer mobile applications to their customers, many individuals still prefer to dial in to address basic needs such as reporting stolen or lost cards and disputing transactions.

Because some matters are best resolved by speaking with a live agent, it is important for financial institutions to hone in on creating effective and positive experiences for their customers when interacting with contact centers. Consequently, the need for trained and skilled contact center agents is at a crucial high. Banking customers expect their needs and concerns to be handled with the same amount of care they would normally receive at a physical branch. But having to walk through the doors of one, if one can be found, seems like tedious work for today’s banking customers, especially for millennials, a demographic eager to solve their problems from the convenience of their own homes.

The statistics previously mentioned place a great amount of responsibility on the bank’s contact center, acting as the bank’s initial form of interaction with its customer base. Individuals want an agent to be as knowledgeable and helpful as a bank teller normally would be while executing tasks at a faster pace. Contact center experts, like DATAMARK, can help banking institutions establish operational contact centers fit to handle their customers’ needs including features such as omnichannel automation and security measures, both of which are important to consumers. Other customer services, such as data processing and document sorting, continue to be an integral banking operation, services in which DATAMARK has many years of experience.

Ultimately, customer retention is key for a bank’s revenue growth.  In many ways, contact centers are a pivotal point of customer loss or retention. By applying functional business processes like those supplied by DATAMARK, banks can continue to tend to their own professional requirements while allowing an outsourced contact center to focus on the needs of their customers, a business venture taken by many concerned with both continuous business growth and customer satisfaction.

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