Financial institutions try hard and overcome various challenges to understand their clients and stay in touch with them. A strict banking structure leaves minimal space for integrating new ways and technologies, while client details are strictly confidential due to limitations of one-to-one interactions. Different communication mediums have incorporated consumers’ lives. Hence it becomes crucial for banks to understand its implications. However, the question is, what can be the best way to understand clients while advancing communication and technology? Communication surveillance is one of them. Let’s see how.
Role of Surveillance in Customer Interaction
Surveillance tools enable a financial institution to understand its customers’ preferences, requirements, and opinions. By monitoring their mentions of the brand, services, keywords, topics, and even the competitors, the bank may gain insight into valuable data, like:
- The sentiment of mentions, as to whether they mentioned the institution in a positive, negative, or neutral way
- Reach and number of mentions
- Topics that they frequently link with the institution and its services
- Communication mediums where the clients are most active
- Top communication platforms and users that mention the query
- Competitors’ comparison
- Insight into the competitors’ pros and cons from end-users perspectives
All this information benefits the financial institution greatly in understanding its clients and re-evaluating its strategies.
Useful in Market Research
Communication surveillance helps a financial institution identify where its users are most looking for details. Firstly, they gain an insight into what their clients are looking for. If the current offers do not match their desires, the bank may modify them to make them more attractive. Identifying the clients’ most commonly used communication medium proves to be an excellent input for the marketing team as well. It may target its ads for those exact locations to make them real hits.
Improves Customer Service
Clients may advise, recommend, or express their anger and gratitude through different communication mediums. Identifying these platforms and monitoring the customers’ opinions gives an excellent chance to improve customer service. Traditionally, financial institutions executed customer service through email or phone. Now, people use various mediums to interact with their banks in direct, informal ways.
Engaging with the customers through these mediums helps resolve issues simple and fast.
Identifying customers’ bad experiences and resolving their issues helps build a good brand image for the financial institution. Regular monitoring helps pinpoint a negative buzz in time before it spreads like wildfire. Once the bank resolves their problem and the client leaves positive feedback, it builds a positive image of serving its customers better than others. Real-time alerts enable a bank to be proactive and quick, allowing it to take the required steps to prevent a crisis.
In summary, communication surveillance is an excellent asset for financial institutions to understand their clients better. Wondering how to make it happen? Start with looking for monitoring experts that gather data from different communication mediums, analyze the details, and provide the needed metrics to filter unimportant data. Prioritizing customers and serving them what they are interested in the most helps build a reputation and gain more customers.