In the normal run of events, customer service failures (long waits on hold, being given the wrong information, bouncing around from agent to agent) are ample fodder for water cooler conversation and complaints. In a crisis, they can be devastating to customers (individuals and businesses alike) in distress, who need fast and accurate responses. The ongoing COVID-19 pandemic has upended so many aspects of day to day lives and getting in touch with financial services providers is part of the process of managing what is, for many, a very risky landscape.

Many tech providers and Fintechs are responding to the current crisis in a variety of ways. One  company that is tackling this customer service challenge is our partner, Bold360 by LogMeIn. They have launched COVID-19 FAQ Web Widget to help their customers, employees and partners cope with the sheer volume of requests for support and information and to empower their employees to provide that support, whether that is enabling self-service or more effective human support.

Bold 360’s FAQ Web Widget includes:

• Web Icon that can be placed on any website to notify users about FAQs related to business impact from the Coronavirus and other organisation information.
• Search Box that opens on the page allowing users to type in questions and get immediate answers without having to leave the page.
• Knowledge Base to manage answers (articles) and view usage trends. The KB Includes a pre-populated list of suggestions but is customisable for specific plans and answers.

Financial institutions need to keep pace with what is a fast-evolving situation and a new raft of policy measures and processes to implement. For many, systems have been rapidly overwhelmed as stories of being kept on hold for hours or requests to simply not get in touch are commonplace. This is a real risk to companies that are unable to service their customers effectively but, likewise, there is a real opportunity to support customers in a time of serious need.

More than ever, financial services companies need to provide fast and accurate information to anxious customers. However, the digital journey for many is not complete and they are struggling to link up internal silos and make the necessary updates at speed. The result, poor customer experience that may well translate into a permanent breakdown in the customer relationship and, ultimately, loss of revenue.

The power of partnership and collaboration between start-ups, tech providers and established institutions has never been more important and, potentially, impactful. Many companies are currently building partnerships and working with innovative providers in order to be able address the challenges. Being able to deliver solutions to customers when and where they need it will be key to winning hearts and minds and loyalty.

The level of support that customers are able to access when they most need it will leave a mark that lasts long beyond the current crisis. The financial services industry can’t deliver miracles, but it can, at the very least, deliver timely and accurate information.