TimeTrade SilverCloud, the industry leader in customer engagement solutions, today announced the launch of its self-service support offering that enables banks and credit unions to rapidly increase digital adoption and improve the online experience of their customers. The package provides extensive and easily accessible self-service support that works within a financial institution’s existing channels, enabling banks and credit unions to provide quick, consistent, and actionable answers to support questions, customers’ product and technology without the help of staff.
The growing demand for instant services and responses and the need for exceptional customer engagement solutions have driven many financial institutions to accelerate their digitally driven investment strategies. This means frequently adding new services and features, such as live chat, video banking, chatbots, and mobile and online banking upgrades, to create a portfolio of digital tools that accelerate free-to-play. customer service. While consumers expect more self-service options, financial institutions often lag behind. For example, of the 70% of customers who want to use self-service, only 9% are able to get the response they need according to Gartner, Inc. When customers cannot receive a resolution on their own , they need the help of an employee, which contributes to longer and more costly processing times for the financial institution and to customer frustration. In response to this disconnection, TimeTrade SilverCloud developed the Self-Service Support Package, a personalized knowledge base that surrounds customers with access to information through interactive tutorials, comprehensive research, FAQs and a chatbot deployed on the existing digital channels of an FI.
âFor financial institutions, the answer to exceptional self-service is to empower consumers to access the information they need, provide account holders with online tools that answer simple and complex questions, and Direct them to the right channel and the right person when more specialized support is needed, âsaid Bill Clark, CEO of TimeTrade SilverCloud. âThe Self-Service Support Package gives banks and credit unions the tools they need to empower customers to help themselves and optimize their self-service experiences. Financial institutions with asset sizes between $ 1 billion and $ 2 billion, working with TimeTrade SilverCloud and following best practices, are able to respond to hundreds of thousands of customer inquiries per year through open-source channels -service, which saves them several hundred thousand dollars per year.
Implemented in as little as 30 days, the self-service support package can maximize interactions and reduce costs by providing a personalized knowledge base that answers 95% of the most frequently asked questions of banking customers. Integrated with digital customer service tools and third-party chatbots, the package includes interactive step-by-step tutorials, comprehensive research designed for banking services, contextual FAQs built right into high-value pages, using a chatbot specific to the bank and consistent responses across all channels, including website, mobile banking and third-party applications. By reducing call volumes by over 20% and dramatically improving first contact resolution, the self-service support package is available immediately and is priced based on the size of the institution’s assets.
âAs the use of online and mobile banking services increases, consumers increasingly rely on digital channels,â said Sidra Berman, Marketing Director of TimeTrade SilverCloud. âAccount holders have changed the way they interact with their financial institution. To stay relevant and ensure future growth and success, banks and credit unions need to take their self-service capabilities to the next level. This is the key to bridging the gap between the promise of digital first and the reality of digital customer experience. “
According to TimeTrade SilverCloud’s Digital-First Banking Trends Report, self-service activity on bank and credit union websites increased by 69%; the use of self-service content on mobile banking applications increased by 82%; and chatbot usage on financial institution websites and mobile apps increased by 272% from March 2020 to March 2021. The report examines usage trends related to digital self-service and appointments during of the first year of the pandemic and is based on usage data. from more than 400 financial institutions.