Customer satisfaction has become important like never before. Businesses, including the ones in the banking and financial sector, are looking for ways to move ahead of the competition by cutting costs and enhancing the team’s efficiency and productivity to please the customers in the best possible way. It can’t be ignored that the effectiveness of field operations in banking and financial services has a direct impact on customer satisfaction and loyalty.
But field service management has its own set of unique challenges. Most of these challenges prevail because the operations are spread across wide territories and workforces are distributed in different locations, so managing them effectively is a difficulty.
Financial management software is an effective tool to subdue these challenges. Following are some of the key challenges faced by field reps and managers working in the financial sector and check out how financial banking software helps in addressing those challenges.
Challenge 1: Customers have a high expectation
The market has become customer-driven. Every player in the market is making efforts to win the customers. This has given the customers an upper hand, and as a result, their expectations from a service provider have also sore high. Nowadays, the customer wants the service providers to work on the customer relationship beyond the initial sale.
More precisely they want a level of preventive service. For instance, it is expected by the customers that their financial service provider will send them timely updates such as the due date for premium payment, the last date to file ITR, a reminder for tax declaration, promotion of offers, and age-specific investment financial products, etc.
So, the customer wants the service provider to do all the note-keeping for them. Meeting all these expectations without the right technology in hand is a difficult job. Financial management software is an automatic tool to manage customer profiles. It sends automatic timely updates to the customers so that they feel connected throughout.
Challenge 2: Service delivery optimization
No more there is room for loopholes like delay in service time, inefficient sales reps with poor know-how, manual processes for customer care and customer connect services, poor follow-ups, and week communication. The customer seeks optimized services, wherein sales reps can visit them at the convenience of their time, has good financial know-how, and should be able to address customer queries with first visit effectiveness.
Also, the reps should be handy with new-age digital solutions like on-site invoice generation, e-payment settlement, soft copies of product brochures, digital capturing of data like form filling, etc. All these digital solutions are made feasible by financial management software. Also, it features automated job scheduling and real-time access to the centralized data repository, both the features improve the efficiency and productivity of the field reps, enabling them to be on time every time.
Challenge 3: Real-time support
Communication is a key requirement of field service management. Finance management app installed on the personal devices of the sales reps, equip them with field automation, that provides on-time support necessary for the proper execution of their duties.
For instance, they get timely updates and reminders regarding their appointments can check the optimized route plans to reach the client’s location without getting caught in a traffic jam and all, can communicate with the back office, managers, seniors, and colleagues in a transparent way, and much more.
