With tax season fast approaching, financial institutions face an onslaught of inquiries that bring bucketloads more work but also a unique chance to boost their reputation for excellent customer experience (CX).
Every complex (and often urgent) question from customers is an opportunity to demonstrate accuracy, speed, and empathy for this stressful time, showcasing the brand’s commitment to quality service.
When customers expect fast guidance, there’s no time for amateur hour—financial institutions need teams full of experts who are well-versed in tax laws and financial products. In short, they don’t need customer service representatives; they need trusted “Ambassadors” who can take on the role of financial advisors.
Along with talent, operational flexibility is a massive differentiator during tax season. Financial institutions must be ready to scale their operations up or down based on customer inquiry volumes, ensuring no question goes unanswered. Protecting customer data should also go without saying nowadays, especially with tax information—maintaining the highest security standards is essential to establish trust and retain customers.
The best way to achieve all this during one of the busiest times of the year is with a remote CX outsourcing partner. Here’s why.
What is Remote Customer Experience Outsourcing (CXO)?
In a nutshell, remote CXO is when brands partner with third-party companies to handle customer service—but the benefits go much deeper than that.
CXO partnerships with remote providers let banks and other financial businesses provide help and support through phone, email, chat, or social media without doing it all in-house. This method enables brands to manage customer issues more efficiently, often improving service quality and reducing costs.
The remote element is appealing because it offers unfettered flexibility and scalability. Companies can adjust their customer service capacity based on demand without being limited by physical office space or in-house staff numbers. The result? Better service during busy periods without the extra cost of maintaining a large permanent staff.
Plus, remote outsourcing offers access to a larger talent pool, ensuring around-the-clock customer support in multiple languages, more potential candidates with financial experience, and a resulting enhancement to customer satisfaction.
Impact of Remote CXO During Tax Season
During the busy tax season, remote CXO can significantly enhance customer support services in several ways:
- 24/7 Support for Last-Minute Filers: Many Americans procrastinate on their tax filings until the April 15 deadline looms. Remote CXO enables banks to offer round-the-clock support, assisting customers who are rushing to get their tax-related questions answered outside of standard business hours.
- Scaling for the April Rush: Inquiries significantly increase in the weeks before the April 15 deadline. Remote CXO can swiftly augment the number of financial advisors to handle this influx, ensuring that every customer gets timely assistance, whether they’re asking about IRA contributions or how to report interest income.
- Multilingual Support: The diverse population in the US means a demand for multilingual support, especially when dealing with complex tax issues. Remote CXO companies have brand Ambassadors ready to assist in multiple languages, making tax season less daunting for non-English speakers.
- Expertise in US Tax Code: CX outsourcing partners can bring in specialists knowledgeable about the intricacies of the US tax code, offering precise advice on everything from standard deductions to tax credits for education or energy efficiency.
- Cost-Effective Flexibility: With remote CXO, financial institutions can adapt their staffing levels to the seasonal demand of tax season without the overhead of hiring temporary in-house staff. This approach also ensures that the quality of customer service remains high during one of the busiest times of the year.
Getting Started: Best Practices for Partnering with CXO Providers
Finding a CXO provider with a solid background in financial services and a solid grasp of the US tax system is the first step. This foundational expertise is essential for tackling the complex questions that come up during tax season.
Training remote CX teams should go beyond the basics, too, as Ambassadors need detailed knowledge of your products and tax regulations with a level of precision that ensures customers get the right advice when they need it most. Regular performance reviews are vital here, as are customer feedback and metrics that help pinpoint exactly where improvements are needed.
On the tech side, integration between your systems and the CXO provider’s must be seamless. Easy access to customer data allows for personalized and efficient service, keeping satisfaction levels high. Security is non-negotiable, so make sure the CXO provider meets the highest security standards to protect this sensitive financial and tax information.
Scalability is also vital during tax season since inquiry volumes tend to spike rapidly, so make sure your remote CXO provider can adjust its service level accordingly. Lastly, offering support in multiple languages is a great way to serve all customers effectively, boost satisfaction and engagement, and meet the needs of a diverse US market. If your CXO partner can offer support in multiple languages, that’s another excellent boon in tax season!
That deadline is looming. Is your company ready to support its customers?
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Speak to us at Activus Connect today, and we’ll help you prepare your CX for a busy tax season.