Customer service programs that fuel measurable profitability improvement are those that are integrated into a bank’s overall operating rhythms.
Well executed service quality programs can have a significant positive impact on revenue and bank earnings. So why do so many banks believe they provide excellent customer service but still experience lackluster customer retention numbers, ho-hum net promoter scores and limited business growth? Continue reading →
It’s time for banks and credit unions to consider the potential of providing mobile banking customers single-click live customer support similar to Amazon’s Mayday button that is embedded on the latest Kindle Fire HDX tablets. Similar to a virtual version of Apple’s store-based Genius Bar, without needing to wait in line or leave your house, a banking version of Mayday could provide both basic customer support as well as specialized or advisory services that could revolutionize both mobile and online banking. Continue reading →
This is a story about bad customer service and lessons it holds for financial services firms.
At the risk of disclosing more than anyone might want to know about my personal finances, my last round of home refinancing brought me to Charles Schwab, where I took out a conforming first mortgage and a HELOC. Schwab then sold the servicing rights to Quicken Loans, who styles itself as the “Home Loan Provider of Charles Schwab Bank.” Continue reading →
Banks and credit unions realize that there is a strong correlation between customer satisfaction, portfolio growth and financial results, yet recent studies of customer satisfaction indicate there is still a major gap in performance between the financial services industry and other verticals. Continue reading →
While the use of social media is critical in today’s business landscape—for retailers, entertainment, tech companies, and other businesses—social media engagement is one of the more underrated tools used in the financial industry. A bank’s reputation is the foundation of its success, and with millions of consumers publicly voicing complaints about negative experiences with products and services, financial institutions face genuine risks of attrition and diminished brand perception. Continue reading →
The banking industry has been slow to adapt to changing expectations and new ways of serving customers. Here’s what banks must do now to lead the industry.
How would the customer-centric bank of the future differ from today’s bank? Here’s one possible scenario. A customer of a U.S. bank calls from London to say she’s lost her credit card. The customer service representative quickly scans the customer’s complete history with the bank and reviews relevant data pulled from social media channels. He notes that the customer is a frequent traveler. Her Facebook page says she is out of country and she has tweeted about activities in London. Continue reading →
Judges of the BAI-Finacle Global Banking Innovation Awards say innovation,
particularly in mobile technology, will help improve public trust in banks by
improving the customer experience.
With the global financial crisis of 2008-2009 mostly in the rear view mirror,
banks around the globe can focus more on the future, which means improving the
customer experience through innovation, particularly in the delivery of mobile
services. Continue reading →
If I had a nickel for every time a credit union executive said his or her CU’s competitive advantage was its “superior member service” I wouldn’t be sitting here writing crappy little blog posts. I’d be flying around the world on my private jet, spending my billions of dollars. Continue reading →