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Industry Research : Canada’s Banks Lose Appeal with Younger Customers, J.D. Power Finds

#contactcenterworld, @JDPower

While overall customer satisfaction with Canada’s large and midsize banks increases slightly this year, the banks are losing some appeal with customers under the age of 40, according to the J.D. Power 2019 Canada Retail Banking Satisfaction Study,SM released today.

Overall satisfaction with Canada’s retail banks increases to 785 from 782 (on a 1,000-point scale) in 2019. However, satisfaction among customers under age 40 declines to 777 from 780, while satisfaction among customers age 40 and older increases to 792 from 785. A five-point satisfaction difference between the two age segments in 2018 has grown to a 15-point difference in 2019.

The decline among customers under age 40 spans every factor, with the biggest declines in: in-person bank branch service (-14); problem resolution (-13 points); automated phone service (-13); live phone service (-10); and assisted online service (-10). Satisfaction declines are smaller in automatic banking machines, online and mobile banking service.

The study shows that the number of digital-centric1 retail banking customers increases 6 percentage points, while the number of branch-dependent customers declines 6 percentage points. While customers are expanding their use of digital banking services and use branches less often, these customers experienced service quality declines during problem resolution, branch and telephone interactions.

"The findings highlight a key battleground for banks," said Paul McAdam, Senior Director of Banking Intelligence at J.D. Power. "Younger and digital-centric customers are vital to future business growth, but younger customers are more likely to receive inconsistent service levels. Banks have invested heavily in convenience, in digitizing transactions and in making products easier to use. Service quality, however, is not keeping pace in omni-channel interactions. Banks that don’t address the gaps in service expectations are at an increased risk of client departures."

According to the study, younger customers are three times more likely to switch banks than older customers. During the past year, 9% of bank customers under the age of 40 say they have switched banks, compared with 3% of those age 40 and older.

Following are additional key findings of the 2019 study:

- Products and fees deliver: Year over year, overall customer satisfaction with bank products and fees has increased significantly, driven by improved satisfaction with the reasonableness of fees and the competitiveness of interest rates on chequing and savings accounts. Customers cite reduced incidences of paying fees, and customer understanding of bank fee structures improves from 2018.

- Frequent communication appreciation: Another category showing an increase in satisfaction is communication and advice. Communications improves between banks and their customers—especially in terms of relevancy and frequency.

- Problem resolution is…problematic: The incidence of customer problems declines slightly, but satisfaction with bank problem resolution also declines due to lower ratings for the ease of getting problems resolved and with the knowledge of bank representatives involved in problem resolution.

- Telephone service declines: Satisfaction with live representative telephone service declines due to lower ratings for the speed of completing transactions and the knowledge of phone representatives. Customers also cite higher incidences of being placed on hold as well as lower incidences of phone reps providing their name and greeting customers by name.

Study Rankings

The study measures customer satisfaction with Canada’s large and midsize banks. The scores reflect satisfaction of the entire retail banking customer pool of these banks, representing a broader group of customers than in just the branch-dependent and digital-centric segments.

Among the Big 5 banks, TD Canada Trust ranks highest with a score of 789. RBC Royal Bank (784) ranks second and BMO Bank of Montreal (782) ranks third.

Among midsize banks, Tangerine ranks highest for an eighth consecutive year, with a score of 827. ATB Financial (815) ranks second and Desjardins (803) ranks third.

The Canada Retail Banking Satisfaction Study measures customers’ satisfaction in six factors (listed in alphabetical order): channel activities; communication/advice; convenience; new account opening; problem resolution; and products/fees. Channel activities include seven sub-factors (listed in alphabetical order): assisted online service; ABM; branch service; call centre service; IVR/automated phone service; mobile banking; and online banking. The study is based on responses from more than 15,000 retail banking customers of Canada’s largest and midsize banks regarding their experiences with their retail bank. It was fielded in two waves from June 2018 through January 2019.

#contactcenterworld, @JDPower

Posted by Veronica Silva Cusi, news correspondent
Source: https://www.jdpower.com


About J.D. Power:
Company LogoEstablished in 1968, J.D. Power and Associates is a global marketing information firm that conducts independent and unbiased surveys of customer satisfaction, product quality and buyer behavior. Today, the firm's services include industry-wide syndicated studies; proprietary (commissioned) tracking studies; media studies; forecasting; and training services, as well as business operations analyses, and consultancies on customer satisfaction trends.
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Today's Tip of the Day - Where Is The Problem?

Read today's tip or listen to it on podcast.

Published: Monday, May 20, 2019

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2021 Buyers Guide Inbound Call Handling Services

 
1.) 
2Ring

2Ring Gadgets for Cisco Finesse
2Ring Gadgets for Cisco Finesse, offered in three bundles (standard, enhanced, premium), empowers supervisors and enables agents to become more efficient.

Supervisors are able to handle everyday tasks on their own from within Cisco Finesse: reskill agents, view detailed information about agents and customer interactions in real-time, receive alerts about important call center events (RONA, Calls in Queue, ..), send messages to agents, or even change wallboards on the fly. Be flexible to provide help when needed.

Agents gain all the features that they need to serve customers faster - repetitive tasks are automated, alerts about important call center events pop-up on top of all the appli...
(read more)

2.) 
3Fiftynine

Branches
Calls are received by the right person or department. The right corresponding information is shown to the agent which makes that appointments are handled quicker and more secure.

3.) 
Agara

Agara is an autonomous virtual voice agent powered by Real-time Voice AI. It is designed to have intelligent conversations with your customers, vendors, and partners without any assistance from human agents. It can handle a wide variety of calls including inbound customer care calls, outbound lead generation calls, appointment scheduling calls, and overdue payment recovery calls.

Agara is available for several industries including banking, insurance, retail, e-commerce, airlines, and telecom. Powered by advanced Real-time Voice AI that understands speech in real-time, automatically determines the right process to follow and guides the caller along in the process with natural conversation.

4.) 
Call Center Studio

Call Center Studio
Call Center Studio is the world’s first call center built on Google and is one of the most secure and stable systems with some of the industry’s best reporting. It is one of the most full-featured enterprise grade systems (with the most calling features, one of the best call distribution, outbound dialing features and integrations—including IVR, AI Speech Recognition, blended inbound/outbound calling and includes Google’s new Dialogflow and Speech API. Call Center Studio is the absolute easiest to use (with a 10 minute setup), and is the price performance leader with lower equipment cost and less setup time.

5.) 
Connect Assist

Contact Centre Services
We’re a specialist Contact Centre business and market leaders helping socially focused organisations deliver quality support to their clients and service users. We do this by providing 24/7 helplines, software solutions and consultancy services.

Since launching in 2006, we’ve operated at the sharp end of customer service, supporting some of society’s most vulnerable people. We’ve pioneered in our space to become a specialist in helplines, whilst using the most advanced communication and database technologies available.

Our social mission has remained a constant throughout, providing many meaningful career prospects and growth opportunities to people within our local communities and fur...
(read more)

6.) 
Jointly International Inc.

Front Office Solutions
Front office is your Company’s first line of customer interaction and serves as the mirror of your business. Focus on your core business and let our competent staff handle your various front office needs such as:

* Customer Service via chat, email or phone
* Technical Support via chat, email or phone
* Helpdesk
* Virtual Assistant/Receptionist
* Answering Service
* Lead Generation
* Appointment Setting
* Verification
* Surveys
* Debt Recover, Collections

7.) 
MattsenKumar LLC

Contact Center Outsourcing
By catering valuable, usable and enjoyable customer service, businesses can increase their CSAT Score and Customer Retention Rate. We help organizations to provide quality customer service through varied channels like email, phone and live chat. Ensuring quality after-sales support is our USP and we rely on proven approaches to ensure quality customer service.

8.) 
OpsTel Services

SPEED
The SPEED solution solves for service level issues while cost optimizing the environment with automation.

Provides an enhanced way to speed up & optimize invoking temporary agent skills configuration changes into the contact center environment.

Speed allows you to schedule both future changes & temporary changes that auto-revert back to the original state when scheduled time expires.

Speed features:

*Automated / Scheduled Temporary Agent Skills Configuration Management
*Immediate Temporary or Reoccurring Schedule Skills Configuration Changes
*Easy to Use/Operations Administration Focused
*Descriptive Monitoring Activity Dashboard
*Detailed “End to End’ Audit Trail and Performance Monitoring

9.) 
Vads

VADS Inbound Contact Center
VADS Inbound Contact Center Services provide live operators who answer incoming calls as you would yourself. A team of professional script writers is available to help you script a greeting and experience programmers will set up a time and money saving program. Our unique approach to call center services is client-focused, and takes each project’s unique needs into account to our client’s satisfaction. We offer solution as part of our service to keep you in touch with your client and drive sales.

- Customer Service
- Walk In Center
- Service Desk

10.) 
Tru29 Outsource Solutions Inc.

Front Office Solutions
Any part of your business operations that requires constant end-customer facing task is an essential part of your business.

This task requires a good customer experience results for every customer interaction. Our extensive experience in handling Front Office related tasks can help you focus on your core business while being cost-efficient at the same time.
 

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