Contact Center Solutions Featured Article

Study Shows Banks Lacking in Customer Service Deliverables

February 21, 2008

Customer service should be essential in all industries, especially in the banking industry. After all these organizations are handling a consumer’s most prize possession – money. While many of them excel in service over the phone and in the call center, it is the other channels that appear to be lacking.

According to the American Bankers’ Association, the banking industry holds in excess of $7.17 trillion in loans, including the billions of dollars in mortgage, credit card, auto loans and commercial loans.

As products and services are being rapidly commoditized and the cost of switching is low, customer service is now a primary competitive differentiator banks are striving to have over one another.

A just released audit commissioned by online customer service specialist Talisma Corporation (News - Alert) reveals significant service failures by the top 50 banks in North America.

A mystery shopper exercise conducted during November 2007 queried the top banks on how to open an account and what kind of products and services are available for individual customers.

This audit reveled that 36 percent of customer e-mails went unanswered by the banks; 94 percent of those audited did not offer live chat as a communication channel; and 94 percent of banks did not offer a tune dynamic, flexible knowledge base, the majority of banks offered little more than a list of static FAQs.

During this study, Talisma awarded each bank a score out of 100, based on a range of customer service criteria, such as speed of response, accuracy, completeness of information provided, and the personalization of interactions.

"Meeting expectations through customer service is a distinct trust issue with consumers in today's competitive marketplace," said Steve Cox (News - Alert), Vice President, Council of Better Business Bureaus, in a Thursday statement.

"The Talisma report clearly highlights that our nation's leading banks need to examine, and then take action to improve, performance on customer service practices that build consumer confidence, loyalty and trust."

"We hope this report will be a catalyst that sparks an improvement in online banking customer service," said Dan Vetras, President & CEO, Talisma, in a Thursday statement.

"While it is encouraging that banks are providing good customer service via the phone, with the mass adoption of online banking it is imperative to offer a variety of online customer service touch points in order to attract and retain business. In addition to providing these online customer service channels, responses must be consistent, timely and accurate."

Switching banks has become too easy for customer service to be an afterthought. The industry is suffering significantly right now with profits shrinking and downsizing becoming standard business.

As a result, these banks must take an internal look at processes and understand how they match with consumer demands for service. Only then can a bank effectively execute a strategy for effective change.

----------

Susan J. Campbell is a contributing editor for TMC (News - Alert) and has also written for eastbiz.com. To see more of her articles, please visit Susan J. Campbell’s columnist page.

For all the latest enterprise IP communications, unified communications, and contact center news, please click here.

Don’t forget to check out TMCnet’s White Paper Library, which provides a selection of in-depth information on relevant topics affecting the IP Communications industry. The library offers white papers, case studies and other documents which are free to registered users.

Today’s featured White Paper (News - Alert) is titled Security Considerations for an IP PBX and Contact Center, brought to you by Interactive Intelligence (News - Alert).

Article comments powered by Disqus

Related Contact Center Solutions Articles

Thomas Cook Moves Workforce Management to the Cloud with NICE WFM Solution

Leisure travel group operator Thomas Cook has completed a significant migration to the cloud. The company has moved its on-premise NICE Workforce Management (WFM) solution to the cloud in the hopes of becoming more competitive and responsive to customers while also reducing ownership costs. [ Read More ]
04/27/2015

Interactive Intelligence Launches PureCloud Services in Australia and New Zealand

The rolling thunder of Interactive Intelligence enhancement and globalization of its PureCloud Amazon Web Services (AWS)-based, multitenant enterprise-grade collaboration, communications and customer engagement software and cloud services solutions continues to pick up speed. [ Read More ]
04/27/2015

Altocloud Jumps in the Smyths Toys Toybox to Bolster E-Commerce Presence

Those not immediately familiar with Smyths Toys can be forgiven, particularly if they don't live in the U.K or in Ireland, where Smyths Toys has at last report 80 stores to its credit. But Smyths Toys might well be easier find thanks to a new connection with Altocloud, which will bolster Smyths Toys' online presence and make e-commerce that much easier to carry out. [ Read More ]
04/22/2015

US Contact Center Jobs Continued to Increase in the First Quarter of 2015

The number of new U.S. contact center jobs was on the rise in the first quarter of this year, according to a jobs4america report. [ Read More ]
04/21/2015

Events

Weekly Live Demo
Contact Center Solutions

Register Today!


Weekly Live Demo
CaaS Small Center

Register Today!