15 customer service tips for the financial industry
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21 September 2023



15 customer service tips for the financial industry

How can you achieve better customer service performance as a financial services firm? Find out here.

Customer service is now the prime differentiator between financial services companies. How you treat your customers makes you stand out in a commoditised industry.

Private banking for the ultra-rich is a prime example of this in action. Wealthy clientele enjoys second-to-none customer services, even if the basic banking is identical to high street banks.

With technology constantly evolving, what can companies in the financial industry do to improve their customer service?

Well, you’re about to find out. This post explores fifteen tips to improve competitiveness as a building society, insurance company, broker, or fintech startup through customer service channels.

1. Continuously Improve

Customer service isn’t something your organisation perfects overnight. Instead, it is something that improves with time.

Making small changes regularly enhances the customer experience and proves to your clientele that you care. Updating your phone manner, providing internet service options, and publicising how you listen to feedback can all help.

2. Stay Up To Date With Regulations

At the same time, you should stay up to date with regulations. Ensure you understand how new rules and compliance standards affect your clients. Customer service reps should be able to explain these when asked.

In 2022 alone, the “Edinburgh Reforms” introduced a package containing 30 announcements, bringing together existing regulatory initiatives and making significant changes. The rules are likely to change again, affecting how your reps operate.

3. Be Empathetic

You also want to be empathetic. Showing compassion to clients improves their perception of the quality of your services, particularly if they are going through challenging times.

You can make your organisation more empathetic by training staff to:

  • Be good listeners and take onboard customers’ concerns
  • Smile during face-to-face interactions
  • Affirm the customer’s feelings
  • Indicate that they understand the customer’s frustrations

4. Offer Multichannel Support

Offering multichannel support is another excellent way to provide customers with world-class customer service. Allowing them to contact you via multiple channels, including phone, email, online chat, and in-person meetings, is an excellent way to show them you care.

If you want to know how to add a chat feature to your website with omnichannel support, Click4Assistance can help. Our Messenger integrates with numerous apps, letting customers communicate with you through their chosen method.

5. Protect Customer Privacy

Quality customer service should protect sensitive financial information and adhere to data protection regulations. Customers should feel confident that their personal and financial data is secure.

6. Handle Complaints Gracefully

Handling complaints well is another excellent tip for any firm operating in the financial services industry. Adding a human touch prevents your organisation from seeming cold and clinical.

If you are dealing with complaints, always:-

  • Reassure customers that you are addressing them quickly
  • Be transparent about your processes and what might have gone wrong
  • Thank them for their feedback and the opportunity to improve
  • Be honest about what you can and can’t do

7. Be Patient

You should also train customer service reps to have patience. Financial services products can seem complex and overwhelming for some clients. Being patient and taking the time to explain things as necessary can help build trust and confidence in your products.

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8. Proactively Educate Your Clients

Financial services customer service teams should also proactively educate clients. Informing them about new products and financial concepts can help them make better choices about what to do with their money.

9. Focus On Retaining Existing Customers

Data suggest banks and insurers lose between 22 and 25 per cent of their customers annually. Therefore, customer service reps should also receive training on what to do to retain existing customers.

To improve retention, follow the advice in this post. Provide customers with multichannel support and be empathetic, understanding the situation from their perspective.

10. Personalise The Customer Journey

Personalising the customer journey is another strategy to help differentiate your firm from the competition. Using data to detect their needs before they arise immediately makes you stand out.

You can personalise the customer experience by:-

  • Offering custom investment strategies
  • Providing consultations on demand
  • Asking customers for feedback and how you can improve your services
  • Gathering more information about them and using it to predict their needs
  • Segmenting your client base according to various characteristics, such as risk appetite, letting you recommend specific products
  • Investing in CRM software to track client interactions

11. Improve Customer Loyalty

Customer service reps should also be working to improve customer loyalty. Encouraging clients to stick with your brand drives acquisition costs down and may improve margins.

Agents should view themselves as ambassadors for your brand. Colleagues should work tirelessly to improve the customer experience to leave customers satisfied, regardless of the issues they face.

Adjust your training to account for this reality. Daily remind reps that they don’t need to become personally invested in clients’ issues: just that they need to work towards loyalty through whatever means necessary.

12. Update To The Latest Industry Trends

Updating to the latest industry trends empowers your people to be proactive and make the best possible decisions during interactions. Ideally, you should focus on improving agents’ soft and hard skills based on the industry data you receive.

You should also consider upgrading to the latest customer service technologies. Using customer relationship management tools to categorise client information helps to make your service more seamless.

13. Communicate Clearly

Another priority should be to communicate with your customers clearly. Use plain English (or whichever language is relevant) when speaking to clients about products or concepts. Avoid using jargon or technical language because it can put them off.

It may also be more efficient. Customer Service Manager Magazine reveals that talking in plain language results in less customer confusion, reducing call volume by 19 per cent.

14. Ensure Your Staff Are Knowledgeable

Ensuring your staff are knowledgeable also helps build your brand and generate loyalty. Customers are more likely to trust companies that field people who understand products inside out and can talk about them without needing to rely on a script.

15. Be Responsive

And, finally, be responsive. Twelve per cent of customers expect a response within 15 minutes of contacting you. Make sure you get back to them quickly once they ask a question.

It’s worth noting that the best financial services customer service goes beyond single interactions. Top firms continually strive to build lasting relationships with their clientele that go the long haul.


UK providers of live chat software and online communication tools to a range of industries, we offer a cutting edge, resilient and proven live chat solution backed-up with first class support and advice.


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Click4Assistance is the UK's premier web chat provider, providing online instant messaging software for more than 10 years.


UK providers of live chat software and online communication tools to a range of industries, we offer a cutting edge, resilient and proven live chat solution backed-up with first class support and advice.


Photograph of the author


Click4Assistance is the UK's premier web chat provider, providing online instant messaging software for more than 10 years.


Cost-effective live chat software, proven to increase lead generation and customer satisfaction. Easy to implement and customise, the solution supports your business out of hours with the ‘leave a message’ feature.


Integrate our compliant solution with your existing systems for a seamless implementation. Intelligent chat routing ensures multiple department capabilities. Measure your ROI and monitor operators’ KPI’s with the Advanced Reporting Suite.


Increase productivity, reduce resource costs and improve customer satisfaction by answering multiple enquiries simultaneously with live chat software. Mitigate budget restraints, support digital transformation and help customers during online processes.

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