New FCA rules double pressure on traditional banks to provide seamless customer experience

The Financial Conduct Authority (FCA) has enforced new rules requiring providers of personal and business current accounts to publish information that will help customers to compare bank accounts from different providers.

Under the new rules, banks will be required to publish details such as contact centre numbers, opening hours, complaints records, and security breaches, as well as specifying how long it will take to open accounts. With one in five Britons having considered switching  their current account for better customer experience, traditional institutions are facing significant pressure to ensure a high level of customer service.[1]

As customers have more visibility and banking options than ever, finding new ways to improve customer service is top of mind for banks in order to maintain their reputation as trusted, customer- centric institutions. To do so, many are looking for novel ways to raise the standard of customer communication says Puneet Taneja, Head of Operations at Intelenet® Global Services.

Mr. Taneja comments: “In the age of the customer, it is crucial that banks can provide advice and support that is truly in the customers’ best interest. Keeping up with new technology is vital to maintaining a sustainable relationship between banks and their customers. Artificial Intelligence tools can help personalise banking for the customer and automated processes free up staff to focus more on customer service and relationship building.

Mr. Taneja continues: “For instance, voice recognition software can be paired with customer records and analytic tools to identify a specific customer and confirm which department they require before sending them there directly. This dramatically improves the customer experience and, for one multinational bank, reduced the average handling time by 40 percent.

“Enhancing customer accessibility through innovative technology can significantly reduce complaint records and complaint resolution time, enabling banks to remain competitive and fend off any competition as customers are presented with wider range of banking options and a higher level of transparency.”