So whose customers dislike them most, at least in the contact center? Who aggravates callers the most and has some of the lowest customer satisfaction rates?
That dubious award would have to be bestowed on banks and insurance companies, according to new research from call center solutions provider Aspect. And it doesn't end with antagonized customers. The research also shows that this frustration reaches deep into the customer relationship and affects cross-selling and up-selling opportunities and results in loss of customers.
The Aspect study in question asked a sample of UK consumers about their attitudes towards their banks and insurance providers. When asked how satisfied they were with the customer service received, specifically from the contact center, 48 percent reported themselves as dissatisfied. Even worse for these organizations, two-thirds (66 percent) of respondents said they have considered moving to another insurance provider in the last 12 months, and over four in ten (43 percent) considered changing banks.
While not everyone follows through on these threats – it is, after all, a hassle to change insurance companies or banks – a worrying 42 percent actually did move to another insurer. Only eight percent followed through and moved their accounts to another bank.
Overall, the study found that a third of people in the UK are unhappy with the customer service they receive as a whole from their banks and insurance providers.“Cross-selling and up-selling to existing customers is a critical revenue stream for banks and insurers but our research demonstrates that these institutions are losing a high percentage of accounts and policies every year,” said Peter Nicol, VP of Northern Europe for Aspect, in a press release. “A proportion of consumers are clearly getting frustrated with their financial services providers due to the quality of service they receive through the contact center,” he added.
So where's the disconnect happening? When asked what their number one irritant was with their insurance providers’ customer service, respondents most often cited “call center staff unable to perform necessary transactions,” “do not return calls” and “take too long to answer the phone.” These are fixable problems, says Aspect, with a little effort and guidance.
“These issues stem from inefficiencies in support systems and simple integration of more effective technologies, processes and training - all contributing to a better customer experience,” said Nicol. “Contact center agents must be equipped with these tools in order to service customers well, and whilst many financial services providers have embraced these measures, there are clearly further improvements for some to be made,” he said.