Why Your Financial Services Website Needs a Live Chat Feature

live chat for financial service

Digitization is cutting across all industries, and finance is not an exception.

So if you’ve chosen to provide any money-related services over the internet, then be ready to offer customers the best digital experience. 

And when customers are happy and satisfied, a business is likely to enjoy loyalty and long-term business.

Services like banking, insurance, consultation, or Tax-related ones often require proactive business-customer engagement because clients may need help and advice from time to time.

For a business, that means being available almost all the time, or round-the-clock through technologies like live chat. Add to the fact that everything else happens online, and we may say, we live in a timeless economy. 

Many today customers cherish the ability to manage their money online— from the comfort of their palms—through their mobile devices. The use of mobile wallets and financial apps is skyrocketing significantly. 

So what does that mean for all service providers in the finance niche? 

It means you’ll be celebrating more business, but that will also naturally add to the count of customer queries and issues you have to deal with. 

Be Hands-on: Time is Money

Response time, or how long you take to respond to a customer after the first reach, is a sticking point in customer-business communication.

Client expectations seem to be way above business preparedness. Yet service providers unknowingly prepare the ropes for their (own) execution by making promises and failing to deliver.

For example; 

You offer some money service where urgency and a swift response is priority number one for your customer.

On your landing page, you promised clients unswerving support and provided multiple contact points. So a customer is glad to buy your services because they expect help in case they experience any problems.

Then finally, the defining moment is here; a client is in distress; the clock is ticking; they try all contact points for hours to no avail. Some even suffer a slow resolution process that could last for days— because their service providers are stuck to old methods like email. 

Then the churn kicks in. The client is not happy because you disappointed them. 

And from there, you can figure out what may happen next, especially if these letdowns go on and on….

Engage Your Customers Better with Live Chat

Many service providers offer self-help or self-service platforms where clients can find help with most of their problems.

But the nature of complaints and issues in the financial sectors calls for active engagement and the need for speed, which you can achieve with chat support.

Customers prefer chatting over self-help or any other communication channels like calls or email for problems like those related to bank accounts.

It is a quicker, more comfortable, and more interactive way to settle client problems. Plus, it increases the chances of first contact resolution (FCR).

Your FCR rate is the percentage of complaints your customer support team solves during the first contact a client makes.

Solving customer complaints during the first engagement reduce donkeywork for your agents. It also makes your client happy and contented with your swift assistance.

Furthermore, your live chat tool can help you balance workload between agents and bots and offer more hours of support.

Bots can help engage your customers when you are away. And while they have not yet been trained to handle technical customer complaints, chatbots are spot-on when it comes to handling simple every-day queries. 

The Unique Beneficial of Adding Live Chat Software to your Finance Site

As hinted throughout the article, money matters matter! That’s why a seamless experience should be priority number one if you want to survive in a cut-throat market.

So what are some unique benefits you’ll get with chatting software ONLY?  

  • Bye-bye calls! Calls are a nuisance in customer support for many reasons (you know them). But up to sometime back, you had to call to clarify matters. Until live chat came, and with the level of interaction in today’s chat platforms, you can reduce phone calls almost to zero.
  • Chatting allows you to multitask. It enables an agent to consult while offering assistance, and a customer to inquire when doing other things. 
  • You can do shared-browsing. Co-browsing is when an agent shares the screen with a client to help them navigate through their website or explain different functions. 
  • Real human interaction. For some clients, engaging on a one on one is everything. Without it, they won’t appreciate your brand. One way to be there for your customers is through chat agents.
  • Chatbot assistance. And though social interaction matters, bots can chip in to help meet the 24-hour service needs of your dynamic customer base.
  • Client Data security. When sharing confidential customer information, safety is priority number one. The best chat solutions feature high data security standards and depend on protected servers to ensure all the information shared remains private.  
  • You can Detect Fraud. These systems can tell where a client is logged in from like their nation and city. That way, agents can detect and stop possible Fraud. 

Finally, chatting software is known to boost customer satisfaction. According to a study featured in Forbes, it is the most preferred by customers compared to other avenues.

Use Live Chat to Solve Customer Complaints Round-the-Clock

Being active round-the-clock all-year-round may not be feasible, but financial services strive to try to be available for their customers for as long as possible.

Here are three reasons why;

  • Customers want to contact you, and nothing makes them happier than knowing they’ll always find help when they reach out. It builds customer trust.
  • Clients hate to wait too long for a reply; long waits ruin customer experience and can cause churn.
  • Proactive support can lead to positive reviews, referrals, repeat buying and more
  • It reduces a piling workload of unsolved customer requests

Like it or not, live chat is increasingly becoming a useful tool in resolving customer queries, and it turns out that you have to be active for as long as your clients need you to enjoy its full benefit.  

Whether you outsource chat operations, take charge as the business owner, or prepare a crew of support staff to hold the fort for you, figure out how to be there for your customers.

Final words

Lastly, do not forget to train your customer support team to make the most of the newly added live chat feature. Training will go a long way in ensuring your new tech speeds up instead of slowing down your activities.