What is expected from financial provider customer service

14 Aug What is expected from financial provider customer service

Living up to customers’ expectations is one method of future – proofing your business and industry. The Financial provider customer service has to be excellent as the customer puts faith in these providers.

customer Service

Accenture.com has compiled research on customer service expectation for 2014, which gives insight to where companies and industries need to direct their efforts to remain viable. Read on on the biggest factors set to affect financial sectors when it comes to customer service.

Biggest factors of customer expectations

Switching Culture
Customers in 2013 were 5% more likely to change service providers in the US than in 2012. 51% of U.S. consumers switched service providers in the past year due to poor customer service experiences, up 5% percent from 2012. Switching rates were highest among retailers, cable and satellite providers and retail banks. Globally, these figures are also up by 4% from 2012, with 66% of customers switching from services they are unhappy with.
Against the high percentage of customers reporting they had switched providers in the last year, 81% said that the company could have done something differently to prevent them from switching. And while the survey showed that price still plays an important role in the choice of provider, the customer experience is equally important. Investment in customer service and understanding could save you customers, and even gain new customers against competitors.
The global figures from financial sectors show that 20% of global customers switched banks in 2013, a trend that is increasing year on year.

The survey found that customers are increasingly frustrated with the level of services they experience: 91% respondents are frustrated that they have to contact a company multiple times for the same reason; 90% by being put on hold for a long time and 89% by having to repeat their issue to multiple representatives. In addition, there are also frustrations with marketing and sales practices: 85% of customers are frustrated by dealing with a company that does not make it easy to do business with them, 84% by companies promising one thing, but delivering another; and 58% are frustrated with inconsistent experiences from channel to channel.

Solutions to these common frustrations lie in streamlining customer service, taking a broad view of the customer experience and striving to constantly improve service based on feedback. Consider the methods of communication your institution offers to customers? Do all channels communicate the same message? Is information clear and easy to understand?
Are communication methods and processes easy to complete, with fast response times and resolutions?

Rewards for loyalty
This survey has proven that were programs exist in financial sectors to reward customer loyalty, customers are less likely to switch service. Globally, 31% of banks had at least one program in place rewarding customer loyalty, and persuasion of customers to remain at their service was at 58%, up on 2% from 2012.
Valuing customers and rewarding them for loyalty aids customer retention efforts, and can help in reducing budgets for attracting new customers.
Customer service as an integral part of any industry, is becoming more important as methods for communication expand, competitors emerge year on year, and customers are willing to search for better deals and experiences. Understanding customer service, in all its facets, will benefit any company seeking to improve profit margins and customer base.

To get the full research click here.

If you would like to know more about the financial provider customer service, Download our ebook Here

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