Why finance teams are integral to the customer experience 

While finance professionals aren’t traditionally associated with the customer experience, in some organisations, such as insurance companies, they are playing a crucial role in this area. When you consider that the finance department tends to be the final step in the buying process, it becomes less surprising that they are as vital to the customer experience as the sales department. Consequently, ensuring they provide a good level of customer service is essential to encourage repeat custom, particularly as it costs companies six to seven times less to retain a customer than to acquire a new one. With research from PwC finding that almost a third (32%) of customers will stop doing business with a brand after just one bad experience, businesses need to make offering an improved level of service a priority. Here are three ways finance teams can help their organisation provide elevated customer experiences:

 

Customer segmentation

Anything that makes things easier for customers will ultimately improve their experience and this is something finance departments can do through the use of customer segmentation. Although its use is more commonly associated with improving the credit control processes, it can also be instrumental in enhancing the customer experience. As finance departments are primarily focused on receiving payment for invoices, tailoring services to customer needs and doing everything possible to enable them to pay on time are a must. Therefore, the more the finance team knows about the customer, the better. This information can be used to adopt a personal approach based on identified needs and requirements. For example, it’s possible to find out how customers want to be contacted, whether that’s via email, phone or perhaps even WhatsApp, and how they like to pay.

This data can also be used to group customers into segments and create corresponding workflows which determine how the business interacts with individuals, for instance.By segmenting customers, the finance team can build a better understanding of them and therefore better meet their needs,maintain satisfaction and build a close, long-term relationship with them.

 

Streamline processes

Additionally, to improve the customer experience, it is pivotal that finance departments remove friction from and streamline the payment process. The most effective way to achieve this is by offering better digital capabilities and more varied payment options, such as via direct debit or by sending a link to a payment platform. Additionally, more finance departments are adopting technology which allows them to automate repetitive processes that until now have been done manually. As a direct result of this, more time can be spent providing better customer service and focusing more closely on the higher value accounts or those experiencing financial difficulties.

Source - Read More at: www.financedigest.com