The importance of digital customer service in banking to businesses

by Kristen Jason and Jenn Markus, Alacriti

As customers become more tech-savvy and demanding, their higher expectations extend to when they go to work and represent their businesses. This has become especially true in recent years, as the pandemic created more pressure for banking transactions to be completed digitally. A seamless experience and convenience in banking is key to businesses of all sizes. And it starts right from the beginning. 42% of U.S. based businesses view onboarding experiences at fintech companies to be more efficient than those at their banks.

Businesses are an ever-growing opportunity. A decade ago, 2 million businesses were formed per year. Before the pandemic, it was 3 million. Now, by the end of 2022, 5.4 million new businesses are expected to be formed. Neobanks and challenger banks are of course capitalizing on this market, making it vital for traditional financial institutions to compete with their digital capabilities. And these capabilities are significant. Small firms are avid users of digital channels. For instance, almost half (46%) of surveyed small business stakeholders use their mobile banking app daily. For surveyed larger firms, online self-service was the most important factor that business clients cited when weighing a bank’s digital offering.

Alacriti’s partner, Glia, offers digital-first experiences, including Alacriti’s payment technology, for financial institutions to connect to their customers or members. We sat down with Jenn Markus, Director of Technology Partners at Glia to discuss how important digital customer service is in banking to businesses.

1. According to Aite-Novarica Group, 5-10% of new online treasury product applications never get completed due to poor onboarding capabilities and experiences. With online customer service like co-browsing, imagine not missing any business because you can help continue to deliver the online experience, even when assistance is required. What other ways would you say financial institutions should leverage online customer service to increase revenue?

 

continue reading »