5 things impacting the future of case management in the Financial Services sector

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Capita Customer Management 20th April 2018 5 minute read

5 things impacting the future of case management in the Financial Services sector

The financial services (FS) sector is a world of exceptions, complex case management, and many unique requirements. But how will customer experience and management in this highly regulated sector be shaped in the near future? And how can organisations make sure they are creating sustainable practices that help to exceed customer expectations and improve brand perception?

At Capita we work with a number of leading FS clients. Here, we explore just some of the factors that FS organisations will need to be aware of in the coming years.

1. Greater reliance on data and an evolving skill-set

As automation delivers more rules-based activities, contact centres will continue to handle the more complex interactions. This will change the game considerably. Customer-facing case handlers will become the key to ensuring that customers are treated fairly, and organisations will need to ensure that their agents can judge cases correctly to reach fair outcomes and provide exceptional customer experience. Contact centres in the future will have to continue to recruit talented individuals, and a compelling employee proposition will help to attract them. Organisations must also ensure they have optimised career paths for their current employees that allow them to progress, which will help them to retain invaluable knowledge and use it to add greater value as services develop.

2. Quality assurance holds the key to the future

Compliance, data security and quality assurance are a license to do business. An increase in complex interactions and a need to get it right first time will mean that quality assurance will become increasingly important for contact centres. The need to provide real-or-near-time feedback in particular will become more pressing. This requirement can be achieved through the type of training and development provided to agents, by recruiting new and specialist roles to the sector, and by enhancing any supporting technology infrastructure. This will all combine to ensure that processes are kept efficient, future-proof and rigorously focused on compliance and assurance.

3. Help yourself, anytime and any way you like

In recent years the FS sector has pushed functions such as IVR self-service, SMS, Optical Character Recognition and customers uploading their own data. This type of technology is becoming increasingly commonplace, and Capita routinely use it for our own customers.

The level of data security and regulation surrounding payment issuing typically means that the customer needs to verify their identity before the payment can be made to them. If FS companies automate this process, they will not only enhance the customer experience, but allow for more effective resource management.

The concept of self-serve will only gather momentum over the coming years. As technology develops and organisations become open to less traditional methods of customer contact, the FS sector will shift its focus to expanding the omnichannel experience and delivering greater flexibility to its customers. FS organisations will be following the example set by the historically more customer-focused sectors of retail and utilities (sectors that are more typical Capita Customer Management clients).

4. The power of the brand

The FS industry has been impacted by negative perceptions about trust, brought about by numerous mis-selling issues and the subsequent need to pay financial redress. Organisations are having to compensate their customers on an industrial scale, and there is a subsequent risk that these brands will develop a poor reputation. However, demonstrating outstanding care and attention to customers throughout the process can help transform a potential negative into a positive.

As the FS sector becomes increasingly competitive, brand perception can be a significant differentiator. Future trends point towards this becoming even more prominent over the next five years, as organisations recognise that they must drive brand and customer loyalty.

5. ‘I do’

As the introduction of the new GDPR laws becomes imminent, we will see changes to data protection that will significantly change the way companies handle personal information. While plenty has been said about the risks of not being ready for GDPR, there has been less discussion about the benefits the laws could bring to the FS sector. Individuals will have greater confidence in organisations’ ability to handle their personal data, and could let these organisations have simpler access to their data in the future. Customers will ultimately be able to tailor the service they receive, allowing for an enhanced customer experience. The introduction of Open Banking is an indicator of the change consent has already brought to the sector.

To read more about the future of customer experience, check out our March 2018 edition of Intelligence on our Intelligence hub page.

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