The cost of living crisis is a major concern for individuals and families in the UK. According to a 2022 study conducted by the Financial Conduct Authority a staggering 60% of all UK adults (equivalent to 31.9 million people) are struggling to keep up with their domestic bills and credit commitments (FCA, 2022). In this blog post, we will discuss the pivotal role that companies with a financial connection to consumers play in supporting individuals during these trying times, and the significance of providing an elevated customer experience.
The role of businesses
Businesses linked to consumers through financial ties have a pivotal role to play in times of economic uncertainty and hardship. They not only provide financial assistance but can also offer a much-needed lifeline for customers who find themselves in financially vulnerable situations. Managing customer experience becomes paramount as it can mean the difference between a consumer facing a stressful, overwhelming ordeal or one where they feel genuinely supported and empowered.
The value of increased customer engagement
While customer engagement is important for all consumers, it holds even greater significance for vulnerable individuals. By fostering stronger connections and communication, companies can gain a deeper understanding of their customers' needs and concerns. This deep level of engagement empowers companies to tailor their services and offer essential support, delivering fair value and providing the necessary information for customers to make well-informed decisions.
Delivering impactful customer experiences with Financial Cloud
Financial Cloud is here to assist you in delivering impactful customer experiences. We offer a comprehensive view of your customers' financial situations, providing you with a holistic understanding that empowers you to identify trends, spending patterns, and financial challenges more effectively. By leveraging these insights companies can tailor their services to meet the specific needs of each client, such as offering personalised budgeting advice, or debt management solutions. These customised approaches can help clients navigate the rising costs of living more effectively.
Through Financial Cloud's centralised data management capabilities, all relevant data is consolidated into a single unified platform. This empowers agents with the information they need to deliver a more personalised service to each customer and their unique situations, resulting in a positive customer experience.
Assessing vulnerabilities is a critical step in understanding an individual's unique circumstances and the potential impact it may have on their financial situation. With the help of Financial Cloud, the assessment process becomes effortless through the utilisation of dynamic assessment forms. These interactive forms enable organisations to gather essential information, not only to assist their customers but also to ensure compliance with necessary regulations.
Automation is a game-changer when it comes to increasing efficiency. By automating repetitive and time-consuming tasks, Call Center Agents have more time to focus their attention on addressing the financial concerns of their clients.
Financial Cloud has successfully helped our customers scale their business operations and empower their customers to work towards achieving a state of financial stability. To learn more about how Financial Cloud can benefit your organization, you can request a demo here.
