The financial services industry and today’s world at large is defined by an unprecedented pace of change. However, despite the technological transformations taking place, it’s worth remembering that other aspects of our working environments don’t change quite so much.
One universal truth, across sectors and industries, is that the more satisfied your team is, the more productive they become – and this is especially true in financial institutions. Take for example this Forrester report published in 2013, which claimed that strong agent collaboration has a direct impact on first contact resolution. Six years later, the same analyst published a new report exploring how happy customer service agents boost customer satisfaction. And it’s not just Forrester. In 2022, EY published an article claiming that the key to success is treating your staff like you do your clients – specifically with regard to measuring employee satisfaction.
Unlike almost any other aspect of modern business, there is a consistent, provable correlation between employee satisfaction and productivity. The State of the Global Workplace: 2022 Report by Gallup found high levels of employee stress and low levels of engagement, which impacted customer retention and contributed to a combined loss of $7.8 trillion worldwide.
What’s necessary to boost employee satisfaction and engagement?
That said, businesses and organizations, including those in the financial industry, are beginning to take steps to address this. The World Economic Forum has dedicated time and resources to improving employee happiness. New positions such as Chief Happiness Officer have quickly become a staple of today’s workplace landscape.
It’s true that HR-related issues such as satisfactory compensation, a positive workplace environment, and wellbeing play a significant role in achieving baseline happiness. However, there’s no escaping the fact that employees are there to work – and the main problem we’re confronting is a lack of engagement. In fact, according to Gallup, only 21% of employees claim to be engaged with their work. Yoga classes, free snacks, and company retreats are nice perks, but they don’t address the issue at heart.
Unblu Conversational Engagement Platform for increased satisfaction
Returning to financial institutions, what is it that customer service teams want when doing their job? Assuming their baseline needs are taken care of, to perform at their best they need the right tools at their disposal. This means offering potential customers with real-time help or an overall digital customer service that is seamless and easy to use for the agent and the customer.
We’re well aware of the impact of customer pain points on business success as frustration deters conversions, leaves customer queries unsolved, or boosts drop off levels. To a certain extent, the same is true on the organization side, except that agents don’t have the option to drop off when they hit a pain point. Whether accessing a disorganized knowledge base or attempting to explain complex concepts using inadequate communication tools, the reality of an agent’s day-to-day experience has a substantial effect on their satisfaction levels.
This is exactly what we found at Unblu. When using the platform – with special emphasis on the Co-Browsing tool – agents reported a 70-80% increase in efficiency to achieve faster resolutions. Co-Browsing or collaborative browsing is secure software that allows the agent and customer to interact with the same documents, web pages, or applications in a remote environment.
Leveraging Co-Browsing technology to improve team performance
We’ve spoken before about the role that Co-Browsing technology can play in improving the customer experience by adding visual representation. But every conversation is a two-way street. So, how can Co-Browsing technology improve your customer service team’s satisfaction, boosting performance and revenue as a result?
One of the main benefits of a Co-Browsing session is in boosting efficiency during complex transactions or more in-depth service situations in real time. With Co-Browsing tools activated, instead of relying solely on phone calls or video chats for explanations, the added visual component – including a range of whiteboard or highlighter tools – allows the customer to better understand what’s going on.
Not only is this safer than screen sharing but, in terms of efficiency, it is particularly useful when it comes to providing real-time assistance for certain simple issues. Say, for example, a customer is finding it difficult to make a transfer from the banking app. For such a simple query, a long Average Handle Time can feel excessive and lead to frustration, particularly when it can be solved with hands-on assistance and an interactive experience.
Embedded Co-Browsing software tools allow the agent to view the app with any sensitive information safely blurred and walk the customer through the process. Without the visual engagement tools, the agent would have to do it purely through phone conversations or on a video chat, which can lead to confusion and take longer to complete.
More positive customer interactions
The ideal profile for customer service representatives is an individual who genuinely enjoys dealing with people and helping. However, certain realities of customer-facing roles can prove challenging, even for team members with excellent interpersonal skills. If the customer is placed into a frustrating situation, even if it’s no fault of the agent, it can quickly lead to a negative experience for both parties.
The high level of interaction made possible by Co-Browsing serves to streamline the service experience whenever communication-related friction occurs. As the agent has the power to better guide the customer when filling out complex forms, there is a higher number of positive interactions throughout the day to increase satisfaction, customer loyalty, and boost sales as a result.
Education to reduce repeat issues
Repetition is a characteristic of almost every job to a greater or lesser extent and it can prove disheartening for the worker over time. When a customer comes to a service agent with an issue, it’s highly likely that the agent will have seen this pain point before.
With a Co-Browsing solution, not only can the agent resolve the customer issue more efficiently and with heightened security features, but, over time, will be able to identify common follow-up issues. Without leaving the Co-Browsing session, they can then proactively educate the customer on these issues, reducing the number of repeat callers as a result.
The ability to cut down on unnecessary repetition is a strong component in ongoing customer success as well as team satisfaction. Customer support agents can use proactive education to boost efficiency in contact centers, allowing agents to spend more time on complex processes and ensure a personalized experience.
Leverage the moment of truth
An estimated 20% of customer interactions lead to 80% of a company’s revenue. These conversations represent a moment of truth in the customer journey and are potentially seconds away from making a decision.
The sales or customer support team undergoes a similar experience in parallel. They know that the outcome of this conversation could lead to a new sale or not, depending on how they handle the situation. Any sales team member or customer service agent trying to upsell knows that the smallest friction or customer effort can change the course of the conversation.
Unlike screen sharing, Co-Browsing sessions ensure the smoothest experience in real time possible to reduce last-minute drop offs. With the ability to fill out form fields and even get legal signatures, agents are better able to close deals and drive performance across the team. What’s more this positive experience continues into the customer onboarding phase, a key time in the journey that impacts customer retention rates later on.
Mastering digital customer engagement for customer-centric teams while boosting performance and satisfaction is not a simple issue. Cultivating a positive work environment requires a holistic approach that brings together various departments and areas. While the trends towards employee wellbeing should be encouraged, it’s important to also provide staff members with the correct tools to carry out their jobs.
Learn more about how Unblu Co-Browsing software can boost customer engagement and supercharge your team’s performance.