StrategicNYCSocial

Customer Service and Customer Loyalty

Good customer service has been ranked as the most significant factor for customer loyalty within the financial service arena. The World Retail Bank Report 2012 conducted by Capgemini and Efma found that the number one reason for customers leaving their banks was poor service; followed by fees, ease of use and quality of advice. The report surveyed 18000 customers in 35 countries across 6 geographic regions, making it the largest study of its kind. 

To further evidence the importance of service, the study found that although 65% of participants claimed that they were satisfied with their bank, only 51% have no plans to leave. Reports by Aspect and Accenture earlier in the year showed similar findings. Of the people surveyed in Aspect’s report into the attitude of customers towards financial service providers, 38% cited customer service as the major influencer when choosing a bank. Only 25% named fees as deciding factor.

The call center is the main focal point for customer service. Aspect found that customer’s complaints about a bank's customer service often originated from the call center. Poor service here also prevents cross-selling and up-selling opportunities, therefore it is essential in retaining current and gaining new customers that effective training and efficient processes are provided to staff in the centers.

Overall, customer satisfaction with banks is currently quite high-78% in the US and public trust and confidence in financial institutions is shown to have risen by 7% from 2011 in North America. 

Strategic Communications Group offers a range of customer service training and employee engagement programs. To see how these programs can help your business contact Strategic at info@scgnyc.com/ 212 802 0800