Why is it important for a finance company to earn its customers’ trust? So that they see the value in your company and return. Additionally, returning customers hold the ability to bring new customers to your company. So, what can you do to earn trust for your finance company?
Finance Companies: Top Ways to Earn Trust
There are a few different ways of earning customer trust and respect. These range from improving the way your business and its employees interact with clients to using technology and marketing to your benefit. Here we look at 5 practical ways to earn trust in the financial services industry.
1. Value and Focus on Customer Interaction
This should come as a given. The best way to retain customers and earn their trust is by giving them a reason to trust your company and its services. Care for your clients. Focus on ways to improve client relations and increase positive experiences. Don’t let technology replace human interaction. At the end of the day, customers trust humans more than automated services. Make sure that clients and prospects reaching out through email and phone receive the same (or similar) treatment as they would in a face-to-face meeting.
2. Improve Transparency and Credibility
The best way to earn trust with current customers is by being forthright and transparent with them. Gaining new customers is more expensive than retaining existing ones. And therefore, your finance company should focus on customer satisfaction and retention. In other words, what can you do to provide honest, ethical, and good customer support?
Avoid hidden agendas and surprises in payments and billings. Run through your terms and conditions with them in detail. Explain early termination fees and other fees they should be aware of. Help them understand ways they can avoid damages and unnecessary payments.
By doing so, you will be creating a reputation for your company as one that provides honest work and actually cares for their customers’ concerns and benefits. By informing your customers and clients, the more they understand and value your work, and the more they trust your services. This further helps build credibility and trust.
As your financial services firm builds credibility with customers, it’s important to be in compliance with local and international regulations. Recent laws like MiFID II require all VoIP calls to be recorded. Penalization is among the worst things that could happen to a new financial services business.
3. Take Advantage of Digital Advancements
Any finance company that is not using digital and technological advancements is behind in the game. These advancements can help make processes easier and bring your services to your customers’ fingertips. Some ways you can incorporate digital advancements are:
- Optimize your website for smartphones
- Allow for better digital payment methods: mobile payments or payments, renewals, and account verification through an automated IVR system
- Create an easy-to-navigate app with helpful and informative resources
- Use the latest cybersecurity to protect your clients and their information from fraud
4. Manage Reputation and Demonstrate Expertise Through Marketing Resources
Market creatively and for the benefit of your target audience. Your marketing strategies can determine how the public views your finance company and its reputation and credibility. Therefore, this is a good way to demonstrate your expertise and good customer service practices.
Produce informative and educational content on your website and optimize it for search engine results. Use social media to highlight important financial advice and information and connect with younger audiences. Generate newsletters with current news and promotions rewarding existing customers. Include reviews and testimonials.
Showing how your company conducts its business and that your employees are experienced and know what they are doing can help earn trust. Use marketing strategies to manage your reputation and improve the way customers view your services
5. Make Your Business Accessible
Lastly, being a financial services company, your company must remain accessible. A well-functioning and reliable business phone service can help you stay connected. Open multichannel communication such as phone, email, live chat, social media, and SMS (instant messaging).
You may even consider getting a toll free number so that prospects and customers can call your office for free. Additionally, if you get virtual business numbers with call forwarding, then you can have calls forwarded to different offices or lines.
Global Call Forwarding can help you set up a reliable business phone system with premium communication features that help in improving customer relations. To learn more, call us at 1 (888) 908 6171.