September 15, 2022 Importance of Customer Portal for Bank and Financial Organizations

Though Banks and Non-banking financial companies are differentiated by their offerings of the different banking services or financial services, the core purpose of customer portals – a vital domain of the digital transformation strategy, is to serve customers digitally making their journey seamless and uninterrupted. 

Nowadays, banks are targeting self-service customer portals where the customer can access all the services and their information from a single place. Providing a high-quality user experience helps companies to improve their retention rates hastily.

Read through the blog to understand how empowering customers with self-service is important

There are many use cases where the companies using legacy systems present a set of limited capabilities and inconsistent experiences to the customer which leads to an unsatisfactory customer experience. Whereas there are cases where the companies fail to create a community around their brand in terms of reinforcing the customer to believe that they have chosen the right decision when using the services of the company.

Another way of setting the importance of customer self-service is to be proactive in filling the gaps in the journey and anticipate the customer needs meanwhile saving the company money and time. For instance, generating a card or welcome letter as soon as the user registers on the portal and provides its delivery address.

Some of the effective results that can be achieved with a customer self-service portal are – 

• Decrease volume of support calls – Ease of access to support and information in a single window, thus decreasing the call volumes of financial consultants.
• Increase in client activity – Establishing credibility and trust around the customer increases client activity.
• Decrease in response time – Access to information leads to a decrease in response time as most of the information is being published on the portal itself.
• Increase in total volume handled by the company – Total support calls decrease enabling the companies to handle a load of customers in lieu of the support budget.
• Decrease in total support costs – The support budget decreases by half enabling the company to provide a seamless experience to the customer at the same cost.
• Increase in client satisfaction – Positive customer experience results in an increase in client satisfaction and gives power to a customer to find a solution to their query by themselves.

These are some of the ways in which many organizations are keeping themselves apart from competitors and understand the long-term benefits of using self-service portals.

Customer self-service portals are one of the vital digital transformation solutions. Customer Portal with self-service functionality is prevalent in organizations across industries. We at ContCentric have been digitally transforming organizations on the global front and we have a portfolio of companies that are benefiting with the help of our solutions on digital transformation with Liferay DXP. Reach out to learn more!