The pandemic is accelerating digital transformation and a need for greater customer engagement in many verticals, and banking is a prime example. We look at the current state of banking customer service, based our latest search.
The rapid rise of digital channels and mobile devices means it’s easier than ever for consumers to engage and ask questions of brands they want to do business with. But many companies – and even whole industry sectors - are struggling to cope with the sheer volume of customer contacts and queries, according to the 2017 Eptica Multichannel Customer Conversation Study
In today’s fast changing world consumer expectations are continually rising. This means that delivering the right levels of customer satisfaction is a journey not a destination. Companies have to keep investing in improving the service and experience they offer if consumers are to remain satisfied. It seems that these investments are beginning to pay off...
Banks and other financial service providers are facing unprecedented challenges. Not only are regulatory pressures increasing, but a new wave of financial start-ups is entering the market, using technology to transform everything from loans to payment processing. Whether it is new branch-based banking, different ways of raising finance through crowdfunding sites such as...
From Berlin to Bermuda, and San Francisco to Singapore, consumers increasingly demand a superior customer experience from the organizations that they choose to buy from. Across every industry there has therefore been a major focus on delivering this customer experience as well ascontinually improving it to match rising expectations.Providing an excellent customer experience is a journey,...
Twenty years ago, the majority of banking was carried out face-to-face through an extensive branch network and most consumers remained with the same bank for much of their lives.Three factors have dramatically changed this. Firstly, new channels such as the internet have transformed how consumers interact with their banks, while increasing the range of services that they can carry out themsel...
The reputation of banks with consumers has suffered a dramatic fall in recent years. Branch closures, misselling cases such as those around PPI and, of course, the part that banks played in the financial crisis have all contributed to low consumer trust in the sector. At the same time the UK government has made it much easier for consumers to switch providers, attracting new entrants to the m...
Over the last ten years customers have become less and less likely to put up with poor service. Social media provides a platform to air concerns and the internet and deregulation of many industries has opened up a much wider choice of providers. So, if you don’t like your existing supplier it is theoretically easier to take your business elsewhere.However while switching in some industries (...
Customer service at banks is again in the spotlight. Firstly, an undercover reporter from The Times found shortcomings at one of Lloyds Payment Protection Insurance (PPI) complaints handling centres. Staff were allegedly being taught to reject potential complaints and ignore potential fraud by Lloyds salesmen. The bank has said that it identified shortcomings independently and has retrained staff ...
The UK banking industry has often been criticised for complexity, high charges and poor choice for consumers. From misselling Payment Protection Insurance (PPI) to IT problems at RBS/NatWest there have been a steady stream of issues that have weakened consumer confidence in the banking sector.Many have pointed to a lack of choice and the perceived difficulty of switching accounts as being responsi...