Contact Center Solutions Featured Article

Convergys Helps Retail Banks Better Understand Why their Customers Hate Them

July 17, 2009

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’ (News - Alert) 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.

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.

Anuradha Shukla is a contributing editor for TMCnet. To read more of Anuradha’s article, please visit her columnist page.

Article comments powered by Disqus

Related Contact Center Solutions Articles

JD Power VoX: Holistic Approach to Customer Experience Monitoring and Management

One of the more interesting challenges in a world where enhancing the customer experience is now at the top of C-level lists everywhere is how to analyze and optimize those experience to drive financial results. For over 45 years, Westlake Village, California-based J.D. Power has specialized in helping organizations better understand the voice of the customer, and they have just introduced something that is sure to capture executive attention. [ Read More ]
03/27/2015

AsiaPay Partners with Semafone for Secure Telephone-based Payments

Asia-Pacific electronic payment service provider AsiaPay recently announced that it has partnered with Semafone, a secure payment technology developer, to allow AsiaPay customers to complete telephone-based payments in its operating regions. [ Read More ]
03/24/2015

Cisco Brings Omnichannel Context to its Contact Center Solutions

Cisco Systems has expanded its contact center solutions with the addition of Context Service. The new cloud-based service, which Cisco is offering at no additional charge to its contact center platform customers, provides organizations with a complete view of their customers by aggregating customer information across all channels. [ Read More ]
03/17/2015

Interactive Intelligence Launches Latest PureCloud Services

Since revelation of its Amazon Web Services (AWS)-enabled multi-tenant enterprise collaboration and communications PureCloud platform in June of 2014, customer experience solutions provider Interactive Intelligence has been right on target with the announcement of new platform functionality. In January PureCloud Directory? was announced, and the rollout continues with the announcement of its latest additions: PureCloud Collaborate? and PureCloud Communicate?. [ Read More ]
03/16/2015

Events

Weekly Live Demo
Contact Center Solutions

Register Today!


Weekly Live Demo
CaaS Small Center

Register Today!