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Industry Research : Financial Services Centers Perform Poorly on Customer Experience
Toronto, ON, Dec 6, 2012 -- The Taylor Reach Group, Inc. (Taylor Reach) and Contextual Strategy Group, LLC (CSG) announces the release of a CX Snapshot? report on Financial Services call centers. Taylor Reach and CSG completed calls employing an ‘acquisition scenario’ and assessed the call center ability to connect with callers on an Emotional and Rational level, as well as the effort a customer has to expend to complete their task.
While no dimension exceeded 50% for the industry, the strongest performing area for Financial Service contact centers was connecting to their customers on a rational level. This area relates to knowledge, training and systems. The sector score was 42.4%. Colin Taylor of Taylor Reach commented, "These calls were plagued with jargon, unsure agents and direct contradictions. It was surprising that on an acquisition call less than half of the centers made consistent and logical attempts to match the right product with a customer’s need and close the sale."
Customer Effort had the lowest scores with an overall sector score of just 27.6% and a large variance between centers. The assessment showed long wait times of up to 110 seconds; hold times exceeding 5 minutes; complicated IVR’s transfers and hangups.
Bruce Lebowitz of CSG commented, "given that these calls were all acquisition calls, where the financial institution had a chance to secure a new customer, these results are disappointing indeed. For some institutions it was even difficult to find a toll-free number to call in the first place!"
Financial Services centers scored better on achieving an emotional connection and American Express lead all others across the ten areas assessed. The overall sector score was 40%. There was a direct correlation between scores, location of call centers and the use of third party vendors, with on-shore, proprietary call centers achieving the highest scores. Overall sector performance across all dimensions ranged from a low of just 29% to a high score of 51%.
Posted by Veronica Silva Cusi, news correspondent
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