Customer Experience Featured Article

Study: Consumer Confidence Needs More in Banking Sector

September 26, 2014

According to the most recent U.K. Customer Satisfaction Index (UKCSI) scores, banking customer service has been on a steady decline.

“The increased loyalty and trust that good customer service brings is essential to a banking sector where account switching is becoming easier and more frequent,” said Jo Causon, CEO of the Institute of Customer Service in a statement about the report. “Nevertheless, many banking organizations perform below the all sector average offering further scope for improved business performance through customer service.”

Here are some of the numbers:

  • Banks finished 7th out of 13 in the overall index, falling by 0.4 points
  • Half of the fourteen banking organizations included in UKCSI scored below the all sector average

Why is customer service such a big deal when it comes to the banking industry, and why should the customer experience matter so much? In a nutshell, satisfaction predicts future financial results, revenue and even stock prices.

Regardless of the business, customer service is so vital and significant to consider. When it comes to the financial business sector, banks face the challenge of integrating their systems, fee structures, and overall processes into a coherent, efficient infrastructure, while delivering the highest level of customer service.

Banks in general should look for new insights from the existing customer data. Most financial-services companies either don’t mine their data enough or don’t do it in a way that allows the information to reach product development, and by looking at the bigger picture, banks can get a better idea of what products work, what techniques are better in terms of marketing, and of course, how their customer service reps are measuring up.

Dissatisfaction amongst customers has a significant financial outcome for businesses, especially those in the financial industry, and by focusing on bettering customer service practices, banks can make the moves to correct and establish good processes that will lead to increased revenue, customer retention and customer loyalty.

When banking customers are happy, it’s reflected in more than just the bottom line. By identifying any mistakes you might be making with your customers, you can take swift action to remedy them and ensure that customers keep returning to your bank to service their financial needs. 

Edited by Alisen Downey

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