Contact center software maker Convergys
has announced the results of a new relationship management survey that shows specific opportunities for retail banks to increase their understanding of today’s customers. The company reportedly surveyed 5,000 customers on their attitudes towards their primary bank, both before and after last summer’s downturn.
Convergys’ Recent Trends in Retail Banking report indicates that around 22 percent of respondents believe that banks are responsible for current economic conditions. But this attitude is not significantly impacting customer loyalty that is directly related to good customer service. The report clearly indicates that around half of customers’ loyalty to their primary bank is driven by services offered by bank employees and issue resolution.
The majority of the respondents (29 percent) said that resolving customer issues the first time was the most important factor in the primary bank relationship. This is very important since nearly half of all calls into the contact center are related to an issue or dispute. Four in 10 customers contacted the bank through the web, the phone, and by visiting a branch in the last year. Eighty nine percent of customers who contacted their bank online in the last 12 months were satisfied with the service. But the majority (seventy two percent) of all banking activity reportedly occurs in the branch.
Fifty five percent of the respondents prefer staying with their bank even if they were offered an incentive to switch by a competitor. Also, 40 percent of bank customers said they like to consider new products and services such as financial/estate planning and online brokerage services.
Jim Boyce, president, global business units for Convergys indicated that the banks have to balance cost of service, focus on customer satisfaction, and build loyalty and profitability under all kinds of business environments.
He advises banks to be nimble in supporting their customers regardless of service channel while also providing their customers with a very high level of security and identify theft protection.
“When the economy begins to flourish again, banks with the right combination of customer-driven customer care, technologies, and processes in place will be poised to increase their wallet and market share. Relationship management is critical to emerging from the economic environment in a position of strength,” he said.
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