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.
Banking, like many other sectors, is undergoing a period of disruption and change. Government legislation is committed to making it easier than ever for customers to change banks and interest rates remain low, meaning that service is a primary differentiator between companies. How are UK banks delivering when it comes to customer experience?
With an increasing amount of our time spent online, company websites are now more often than not the first port of call for consumers looking for information from brands. Being able to find answers to their questions quickly is therefore a vital part of the customer experience. According to the latest Eptica Multichannel Customer Experience Study, the good news is that most companies understand
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...
Every six months the Institute of Customer Service publishes its UK Customer Satisfaction Index (UKCSI). Run since 2008, the UKCSI both provides a snapshot of current performance by organizations across the country, and allows longer term trends to be measured. The latest index has just been released and is based on over 39,000 responses from more than 10,000 people, cover...
The amount of time – and range of activities – that consumers carry out online continues to grow. It is now the first port of call for everything from shopping and banking, to researching and buying insurance policies, switching telecoms supplier or booking a holiday. No wonder that in 2014 UK ecommerce sales broke the £100 billion barrier for the first time, making up ...
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...
A generation ago, financial services products were primarily sold face to face, either in branches or door to door, with documents manually filled in and posted to their destination. Customer service was dealt with through the same, physical, channels. This has changed radically, with the introduction of first the phone, then the web, and now social media, as sales and support channels. Managing t...
Whatever part of the financial services sector you operate in, delivering an excellent customer experience is becoming a vital part of differentiating, increasing sales and retaining customers. However consumers are growing ever more demanding and less and less loyal. They want an excellent experience, whichever channel they chose – and they want it delivered quickly. Fail to deliver and the...
This week saw the re-emergence of a new name in British banking, with the creation of TSB. Formed from 600 branches of Lloyds Group, it has 5 million customers and promises to focus on local customers and businesses.The divestment of the branches was mandated by the EU as part of the state bailout of Lloyds during the banking crisis. Originally due to be sold to Co-Operative Bank, when that deal f...