Customer Service for Financial Services

Providing excellent customer service in any company is a necessity of successful business these days. While customer service basics transcend any industry, product or service, some companies may have to up their game and tailor interactions with clients to address specific needs and goals.

Husband and wife meeting with financial professional.Financial Services is no exception. Since we work in an industry built on trust, providing excellent customer service may be the key to keeping your customers happy and loyal to you.

When developing a customer service program for your business, be sure to incorporate these six essential traits in your plan. To ensure your customers and clients receive the best possible customer service while you’re meeting their financial needs, you need to know that everyone in your organization:

  • Is all in and committed to customer service excellence.
  • Follows the customer service program to the letter.
  • Through repetition and dedication, ensures putting the customer first is top of mind. Always.

The 6 Essential Traits of Good Customer Services

  1. Knowledge: If you’re going to provide effective customer service in the financial services industry, you simply must know what you’re talking about.
    Be able to answer the basic questions your clients and customers will ask. Seek to learn a little more each and every day. And, if you do get caught in a conversation with your client, learn how to say the following honestly and reassuringly,
    • “You know? That’s a really great question. I want to be sure I only give you information that I’m 100% certain of. Let me research that as soon as I get back to my office and follow up with you with a definitive answer.”
  • Honesty when you don’t know and confidence in your ability to find the right answer will go a long way in building trust with your clients.
  1. Empathy: Any time you’re talking about money, you’re always close to a nerve. But, if the statistics about money and Americans are any indication, you, or someone very close to you, have probably been in a bit of a financial pickle of your own at one point or another.
  • Being able to relate to where your clients’ are, showing genuine empathy, and providing them with personal, as well as professional counsel, will help you build solid relationships with your clients and customers.
  1. Emotional Intelligence: Not to be confused with IQ, “EQ” (also know as emotional intelligence) is defined as the ability to identify and manage your emotions and the emotions of others. Having a high EQ with your financial services clients means that you can work through their money emotions to engage in problem solving and eventual resolution.
  1. Sensitivity: Showing sensitivity to your clients’ financial situations and handling conversations about their money with care and concern is paramount. You most be extraordinarily careful when storing records with highly personal and private information, such as social security numbers, banking and routing numbers, tax documents, and past financial successes or failures. Show excellent customer service by treating this information as if it was your own, and ensuring your recordkeeping is safe and secure, and never misused.
  1. Transparency: One of the worst experiences a customer can have occurs when dealing with a company or sales representative who isn’t being up front or honest with them. People know when you’re being disingenuous.
  • Quality customer service in financial services requires transparency with your customers and clients. Be open. Be upfront. Don’t make empty or unreasonable promises that will set you up for failure and result in your client feeling disappointed on the other side. Once you gain a reputation for honesty, integrity and transparency with your clients and customers, continue to nurture and build upon it every single day.
  1. Individualized and Specialized: The financial services industry is not a one-size-fits-all fix. Each person and his or her financial situation should be treated as unique, no matter how common the problem. Show your customers that you’ve listened and acted based upon their unique needs.
  • Demonstrate a tailor-made approach whenever possible with phrases like,
    • “Normally I would recommend XX, but because of your particular needs and situation, I’m recommending we do YY.”
  • More than people wanting to hear they are not alone, your customers will appreciate knowing you listened to them and their needs closely enough to offer just the perfect solution for them.

Gentleman reviewing proposal with financial professional.

Providing excellent customer services in financial services through widening your knowledge base, showing empathy, sensitivity and transparency, while maintaining a high EQ with your customers goes a long way in building your reputation as a winning sales representative. Through stellar customer service, you’ll be able to retain clients longer and more confidently request referrals from existing customers.

The value of excellent customer service in the financial services industry can’t be underestimated. Strive each and every day to embody these traits in your business, put your customers and clients first, and you won’t be disappointed with the results!