5 Ways Chat for Financial Services Enhances Customer Experience

chat for financial services

Today’s most driven financial services are quick to realize customer connection strategies paired with robust security standards. Peace of mind is key for financial service customers, and this means quick and insightful conversations, as well as self-service options. By implementing live chat for financial services, your business will create meaningful customer relationships and thrive. 

It’s imperative that organizations in the financial industry convey trust and uncomplicated communication. Otherwise, current and potential clients will think twice on trusting your business with their money and livelihood. Live chat and automation make these two core pillars more attainable than ever in a digital environment. 

Customer relationships are built on trust and transparency – this means easy-to-access information

Utilize purpose-built tools to immediately address customer questions and concerns. With an ideal chat solution, you have the ability to route clients to the correct branches or teams without any delays, and focus on relationship-building conversations to reduce churn and drive loyalty.  

Live chat can unify your customer experience, remove departmental data silos, and streamline all staff workflows. Address questions and concerns instantly and create meaningful, cross-departmental relationships with your visitors that drive retention, satisfaction, and revenue.

chat for financial services

“These changes [with SnapEngage live chat] have shown improvement to phone and chat answer rates with UW chats at 97.8% answer rate with a 90% survey rating. Our ECOMM agents that have embraced chats immediately were able to surpass their sales goals (some by 300%) and have a conversion rate over 50%.” – James Wally, Pronto Insurance

Live chat for financial services dismantles the disconnect between you and your customers and improves the customer experience. Even then, human connection isn’t the sole benefit of a chat solution. So what can chat do? Well, quite a few things. 


5 ways to leverage chat and improve your customers’ experience

1. Trusted security for you and your customers’ information

A great live chat solution offers robust security options, whether it’s compliance with GDPR, CCPA, or HIPAA. Security is a top priority for all in the financial industry – without it there would be essentially no reason for prospective customers to trust your business with their money. 

Excellent security standards attract new business and maintain current customers, and there’s no reason not to maintain security while engaging with your customers in conversations. 

Ensure customer data is always secure and protected with SnapEngage’s end-to-end encryption. Our secure data transfer guarantees safeguarded business operations, including secure banking data, data masking, and PCI-compliant live chat. You, and your clients, can always rest assured knowing that all data is secure.


2. Reduced churn by providing a quick, conversational method of finding answers 

Chat allows your customers and prospects to quickly enter conversations with your agents, or bots. They can do this without ever having to dial up and call in. Communication is entirely in their hands, enabling them to reach out via their preferred channels. 

Your agents can transfer this conversation between departments and other staff members on your own side. A united front is presented and the customer never has to undergo the traditional and frustrating transfers that occur all too often when calling in manually. 

Your customers won’t need to ever repeat information with an omnichannel experience in place with live chat for financial services. Communicate with clients wherever they are – no transfers, no barriers – and improve customer satisfaction

Companies with robust omnichannel customer engagement retain on average 89% of their customers, compared to 33% for companies without it.


3. Self-service channels offer customers the means to access needed information in just a couple clicks

Are your customers wanting to find simple information on their own? Besides the ease-of-access offered through quick conversations, customers can also find their own answers and information through uncomplicated self-service options. Through the automation capabilities of live chat, customers can do just that. 

By leveraging Guide Bots, customers can bypass the need to communicate with agents and through Bot prompts, find the information they need – all in just a couple clicks. 

“Chat has given us the opportunity to automate different functions within our claims and Underwriting departments. Our claims customers have the option to file a new claim online and the Guide Bot directs the customer to the website page automatically. Since adding this option we have seen online claims increase by 5%.” – James Wally, Pronto Insurance


4. Merge Guide Bots with your agents

SnapEngage Guide Bots merge in real-time with your agents and your reporting dashboards, giving customers a single and integrated touchpoint for interaction. Leverage chatbot functionalities to provide agents the ability to focus primarily on quality conversations and pressing tasks – and spend less time on routine questions. 

You can also scale your team without adding headcount using bots and never miss a single chat, cutting overhead costs at no cost to you. They can also conduct end-of-chat surveys to extract valuable customer insights and propel your business to the next level. 


5. Reduced resolution time using smart, custom mapping and conversational technology

Offer tailor-made journeys for all kinds of specific visitors. You envision it, you can make it. SpanEngage’s hyper-flexible mapping makes it relievingly uncomplicated to address customer concerns and requests.

“SnapEngage has helped our team operate more efficiently by enabling us to help multiple customers at once. With the ability to service several chats simultaneously we have significantly reduced wait time and improved customer service. Chat allows our customers to leverage another contact method when a phone call might not be possible and we can communicate with our customers over their preferred method of contact.” – CheckCity


Curious how else live chat for financial services can upgrade your business practices? Check out our free webinar specifically tailored to financial services, and hear how live chat has measurably impacted an insurance provider.

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