The latest Customer Satisfaction Benchmarking Report for the banking and insurance sector from TTi Global Research looks in depth at the leading causes of consumer frustration, and asks ‘What financial services providers can do to turn this around?'
The latest insights from the customer satisfaction surveyreveals that both traditional and challenger banks are falling short when it comes to customer expectations, even with over 70 million accounts currently being managed by UK banks.
High customer effort = low customer satisfaction
In the latest snapshot from the survey, which scores companies out of 10 on a range of interactions for both customer satisfaction and customer effort, highlighted ‘resolving current account problems’ and ‘discussing the value of my premium’ as the leading causes of customer dissatisfaction in the financial services industry.
One area that organisations struggle with across all sectors is improving call centre wait times. While many have introduced IVR (Interactive Voice Response) technology to reduce costs and waiting times, customers recognise that IVR is a queue management system rather than a fix for shortening hold times.
Glyn Luckett, Commercial Director at TTi Research, commented:
"Creating a fast, frictionless customer experience is highly desirable and critical for generating customer loyalty. While many banking and insurance companies have introduced online chat and self-service transactions to support this, customers still expect to be able to speak to a customer agent quickly if they encounter a problem or want to swap from digital to human interaction."
The Million Dollar Question…
What do banking and insurance customers really want?
The latest report from TTi Global shows that financial services customers want, above all, better call management and transparency from the start when it comes to getting the best insurance deal. Loyal customers feel their loyalty goes unrewarded and that in turn damages the brand and effects customer retention and recommendation.
Glyn Luckett added:
"Our research highlights the need for banks and insurers to evolve with the changing needs and higher expectations of their customers. Perhaps a shining light in all this is that our survey showed that the change in customer feeling is not significant. Small but impactful improvements to core customer processes and staff training will ensure a consistent customer experience."
Voice of the Customer
Customer comments relating to their banking and insurance frustrations included:
- No menu
- Wanting it to be easier to contact the provider by telephone
- Desiring a shorter wait time
When asked what their ideal customer service would look like, customers’ comments included:
- Immediate contact on the phone rather than pressing a dozen buttons
- Easy and quick to contact
- Operator is quick to understand problem and a solution offered / fixed the first time
CX is vital for traditional and disruptor banks.
Providing a great customer experience (CX) is crucial for all companies, but particularly for organisations in the fiercely competitive financial sector and financial organisations must start bridging the gap between the expectations of their customers and the service reality.
Posted by Veronica Silva Cusi, news correspondent
About GP Strategies:
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Published: Friday, February 7, 2020
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