Working within the financial sector around the world has demonstrated to us at MGI the importance of three key customer service skills for all in the frontline to master. To create positive customer experiences, build trust, and retain customers requires an excellent balance of both people and technical skills and knowledge. Whether it’s handling a routine query, resolving a concern or delivering unwelcome news, a customer service representative’s approach makes all the difference in the relationship between the customer and the organisation. 

In this environment, three essential skills stand out: expressing empathy, welcoming and responding to feedback, and the ability to deliver disappointing news. Mastering these skills ensures that customer service professionals are effective in their roles and capable of fostering lasting customer relationships. 

1 – Expressing Empathy: Recognising impact, not just understanding feelings 
 

Empathy is a cornerstone of excellent customer service, especially in the financial sector. Traditional training in how to express empathy focuses on recognising the emotion that a customer may be feeling. In fact, this approach can sometimes feel dismissive or scripted to the customer. A powerful and appropriate alternative to express empathy in business is to acknowledge the impact of the situation on the customer before quickly moving on to sharing the action you or they can take to improve the situation.  

For example, if a customer calls in because of a discrepancy in their bank account, rather than saying, “I understand how frustrating this must be for you,” a more effective response would be, “I can understand how this situation is very concerning for you, especially when it’s affecting your account balance. Let’s work together to resolve this as quickly as possible.” 

This approach goes beyond echoing the customer’s emotions. It shows that the service representative recognises the real-world implications of the issue at hand. It also opens the door to problem-solving, reassuring the customer that they are in capable hands. Expressing empathy in this way creates a sense of care and support, reinforcing that the organisation values the customer’s business, and cares about their overall well-being. 

2 – Welcoming and responding to all feedback 

In our experience working with Banks and other financial institutions, using MGI’s proven approach to welcoming feedback has resulted in increased customer satisfaction, including Net Promoter Scores.  

Glad > Sure > Sorry, is an invaluable three-part tool from our proven Mindset, Language & Actions Toolkit which is often referred to by participants on our training programmes as a tipping point for satisfactorily resolving complaints. You can download a Guide to this tool here. It allows you to immediately demonstrate that you welcome the complaint, while also being clear that you intend to take action to find a solution and, if necessary, apologise. Here is an example: “I’m glad you told us about this situation so that I can help. I’m confident we can work together to find a solution and I’m sorry this has happened.” 

Using all, or even some, of the steps of Glad > Sure > Sorry equips frontline team members with the confidence to welcome any feedback. When they try it out, they will experience for themselves how powerful it is in managing any complaint or feedback situation. 

3- Delivering disappointing news while building trust and a positive relationship 
  

Equipping your team with the ability to confidently deliver disappointing news or say ‘no’ to a customer is a vital part of any customer service training programme. Every day we experience examples of team members appearing stressed or defensive when needing to undertake this vital communication. Whether it is negotiating a repayment solution on an existing debt, declining a home loan or explaining why a family member is unable to discuss their relative’s financial circumstances, these conversations can either be approached with confidence or uncertainty by service-givers.  

Delivering disappointing news can be an opportunity to build a stronger and more trusting positive relationship if managed with options and alternatives and with empathy. By using positive first communication focusing on what is possible first, an empathetic statement or an alternative before clearly stating what is not possible enables front-line staff to preserve trust even when the outcome is not what the customer wants. 

For instance, instead of stating, “Unfortunately we can’t waive that fee,” a representative could say, “I can appreciate the impact this situation has had for you. We are unable to waive this fee today. Would it be helpful for me to discuss some ways it can be avoided in the future?” This type of communication shows the customer that even if their immediate request is not possible, the organisation is still interested in helping them with their finances going forward. 

From observing service-givers using this approach it is proven that customers value transparency and fairness, which strengthens the relationship despite temporary disappointments. 

Building lasting relationships through positive communication 
  

Mastering the skills of expressing empathy, welcoming and responding to feedback, and delivering disappointing news with positive first communication is essential to equip frontline teams with the skills and confidence to do an excellent job. This confidence and capability helps to maintain customer trust and satisfaction. 

Find out how our Mindset, Language & Actions Toolkit supports effective customer service delivery in the finance sector. 

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